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Mortgage Contingency Clause Explained
The Mortgage Contingency Clause makes the real estate purchase contingent upon the buyer getting a specific loan. The type of loan could be a conventional loan, USDA, FHA, or a VA loan. The contingency is typically written towards the top of the contract: what loan, what loan type, and then also the amount on the loan itself. There are certain types of loans that make it more advantageous to the seller and so that is part of the negotiation packages.
Posted by Matt Curtis on
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