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<br />lForm Approved
<br />-� OMiI❑e G3It10::!
<br />FHA A10 R*1, AGkC NJ. CASE
<br />FHA
<br />•� r,� - � U.S. DCPAPTUENI OF IIOUSOn; AND In. VCtOPISCNT
<br />- •V`-,r (` fLUtAAI IIOUSINC AOUIt11SIRA7IGN •'
<br />NO.
<br />CONDITIONAL COMMITMENT PROPERTY. ADDRESS
<br />I ` FOR MORTGAGE INSURANCE UNDER
<br />THE NATIONAL HOUSING ACT I ` s
<br />05CC.2031b) L-ISCC.
<br />COMMITMENi)4,Gd4 MAX.NORT.AMT.
<br />f LSiC.iATc'D VALUE I. MONTHLY EXPENSL CSTIMAiC
<br />OF PROPERTY . . j :��!. ('r.':J Fbe to ...... $-
<br />Imes . $ _
<br />.COMMIffiD FOR INSURANCE Coedo.Com.Erp. $ '
<br />f M.je,&Rapoirs $T_
<br />' tl ` k /t-+? � Heal L Uldaies S.
<br />�^'T ESTIMATEI
<br />Issued: /L•" — 19 %-r CLOSING
<br />Erpiros: 19 '%[/ rnrr,
<br />NO. MOS. -i'AX. INTEREST
<br />Gew.
<br />Improved /
<br />INFORMATION
<br />The estimates Of fire Insurance, taxes, maintenanceft Imirs, heatlulilltles and closing costs are furnished for mortgn,!ce a and moagagor's
<br />Information. They may be used to prepare FHA Form 2900. AppUcallon for Credit Approval, when a firm eomsohno.at is desired.
<br />GENERAL COMMITMENT CONDITIONS
<br />I. MAXIMUM MORTGAGE AMOUNT AND TER\SS
<br />(a)OCCUFANT AIORTGAGCRS:-Thc mortgage amount and term
<br />set forth in the heading are the maximum npp,.oved for this prop•
<br />er:y assuming a satisfactory owner -occupant mortgagor. The
<br />maximum amount and term In tiro heading may be changed depend.
<br />Ing upon F'HA's rating of the borrower, his income and credit.
<br />(b) NONOCCUPANT MORTGAGORS: -If the morigagordoes not
<br />Occupy the house, the law• limbs the maximum mortgage amount to
<br />not to exceed 65c. of the maximum amount available to no cligl-
<br />ble mortgagor w'he will occupy the house (85% of value If Sec.
<br />203(i) or 221). In the ease of nonoccupant mortgagors, the firm
<br />commitment when Issued srlll reduce the mortgage amount and terms
<br />below that stared In the heading,
<br />(c)COMMITMENT CHANGES The Comm)ss)oner may, upon re-
<br />quest of :he approved mortgagee, change the mortgage amount and
<br />term set forth In the heading. If the application Is accompanied by
<br />a VA CRV, changes will be made only it VA Issues an amendment.
<br />2, FIRM COMMITMENT: -Af..m eommitmentto insurca loan will be
<br />Issued upon realpt of an Application for Credit Approval, FHA Form
<br />1 2900. executed by an approved mortgagee and a borrower satisfactory
<br />to the Commissioner.
<br />3. COMMITMENT TIi M: This commilmentshall expire EOf L',C9;THS
<br />from the Issue bate in the case of no EXISTING HOUS:i or GNE
<br />YEAR from Its date in the case of PROPOSED CONSTR6=0N.
<br />(F11A elnssifics all cases as either "E%(STING" or "-7OPOSdD'
<br />for the purpose of determining when a commitment cnfre.. Accord-
<br />lat"1y, a ho"sa even though slit( under construction, ntny be class!-
<br />/led as an cristing house V it was not approved by F•1,rA Or VA prior
<br />10llm beginning o/eonslraclion.)
<br />4, CANCELLATION: - This commitment may be cancelled after GO
<br />days from the date of issuance If construction has not started, unless
<br />O:c mortgagee has disbursed loan proceeds.
<br />5. PROPERTY STANDARDS: - All construction, repairs, or alterations
<br />proposed in the Application or on the drawlags and ap a ifications
<br />returned herewith, shall equal or exceed the FHA Attnhnum Property
<br />Standards.
<br />SPECIFIC COMMITMENT CONDITIONS (Appiicablemhenc'hahed)
<br />1. HEALTH AUTHORITY APPROVAL:-Executlon of Form 2573 by
<br />Q the Henllh Authorlly Indicating approval of the water supply aced%
<br />or sewage disposal Installation is required. (Approval by letter
<br />or Health Authority Form may be used.)
<br />e- TF. RNI ITF. CONTROL; -(a)EX(STING 110 USE- Furnishmrdficale
<br />Q from a recognized lermite control operator that the house still
<br />na evidence of an active termite Infestation. (b) PROPOSED CON•
<br />ST)IUCTiON . Furnish original and two copies of Termite Soil
<br />Treatment Guarantee FIIA Form i'052.
<br />3. SUBDIVISION'
<br />No.
<br />from RcPort dared
<br />REQUIREMENTS: -Comply with Requirements
<br />4• BUILDER'S WARRANTY: -The builder shall execute FHA Form
<br />O 2544, Builder's Warranty.
<br />S. PROPERTY INSPECTIONS: -A notice of construction status
<br />shall be given by Form 2289X, letter or telephone at the time Indi.
<br />cated below:
<br />(a.) ALL PROPOSED CONSTRUCTION CASLS:
<br />(1.) Q At )east two work days before "beginning of
<br />construction."
<br />(2.) When the building Is enclosed, stmeturnl framing
<br />complelely exposed and roughing -in of plumbing,
<br />hea:ing and electrical work Installed and visible
<br />(3.) n When construction completed and property ready
<br />for occupancy.
<br />(b.) REPAIRS: Notify FHA upon completion of required
<br />repairs.
<br />(e•) CERTIFICATE OF COMPLETION: A certificate
<br />slating that the Mort,^,ages has examined the proposed
<br />or required repairs and that they have been satlsfae
<br />tor,ly Completed will be accepted.
<br />VA INSPECTIONS:- Furnish A rnpy of A clear VA final report
<br />7. ASSURANCE OF COMPLETION: -If the requlrcd repai= cannot be
<br />Q completes) prior to submission of closing papers,n Farm 2300 escrow
<br />In the amount of$ (or such additional amount
<br />as the lender desire$) may be established as the means to assure can-
<br />pletion.
<br />B. SELLER'S AGREENIENT AND ESCROW FOR EXISTING PROPER.
<br />0 TIES FINANCED UNDER SECTION 235- Section 516.
<br />This commitment Is issued on the condition that If the mortgage is to
<br />be Insured under Section 235, rim seller will execute an ugrcer,.cmt to
<br />reimburse HUD for expenses Incurred In repairing structural or o0icr
<br />defects with respect to the property being sold. The form of agresmcnt
<br />shall be prescribed by the Secretary and a seller who Is not the occupant
<br />of the properly will deposit 5 percent of the sales price In eaeroww'llh
<br />the mortgagee In accordance with the terms of the agreement.
<br />9. SECTION 223
<br />Q This Commitment Is Issued under Seelion Pursunn. Io Sc.,
<br />Ron 223e,
<br />10. CODF. ENFORCEMENT.
<br />Q Submit a statement from Public Authority that the subject property
<br />meeb Code Requirements.
<br />Il. REQUIREDCERTIFICATTONS.
<br />Q Electrical 0 Ilealing Q Roofing Q PlumblaS
<br />12. EXPIRATION DATE: - The Total Value slated above fs batzd an
<br />O Veterans Adminlstratbm Certificate of Reasonable Value, case
<br />number , dated
<br />Regardless of General Commitment Condition Number 3, above, 1!::
<br />commitment Cxplrea on
<br />See special conditions No.
<br />ocsow o[ c::
<br />atlnuhcd sheet
<br />Rev.I
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