2726 PINE ST 2016-01-01 MF Import

' � . �,., � OMB No.2W2-0111 IExp.10/31ltl51 � � U.S.DEPARTMENTOFHOU� � ..NDUR�ANDEVELOPMENT •ACAS - MOUSING•FEOERALnOUSINGCOMMI5510NER ADUENDUM TO CONDITIONAL COMMITMENT I ut_aoca�n��na This form is required 6y law. It is a "Statemenc of Appraised�'alue"that bortowers who will be using HUD•insurcd financing must receive prior to the purchase o(the properiy.I(the sales contract has been signed bcforc the bottower receives such a statement,the contract must con[ain,or must be amended to include,Ihe following language: � 'Yt is express/y�eed that,nohvithstaMixg any otherprovisons ojthe contract,the purchasc�shd!not be obligated m mm- plete the purchare oj the property described herein or to incur any pew/p�by forjeiture ojeamest money depoxits or othn- µise unlers the sellcr has defivemd to the purchaser a written statement issued by the Federd Nousirsg Commissioner setNng . jorth th¢apprniud value oj the properry(excluding dosing msts/ajnor less than S which rtatement • the seUa he�eby agrees ro deliver to the purchase�promptly ajter such appraised vafue sratement Ls made availa6le to the � se!le�. 7he purchaser shdl,howrver,hnve the privifege and opNon of promeding wrth the consummarion oj the rnntmct wirh• ' � out regard to the amount oj the appmrsed valuarion made by the Fedemf!/ousir�Commissroner. The�onnixd valuation is � errived at to determine the maximum mortaa8e the Denartmmt of Housi�and Urb�n Develooment w�71 insure. HUD does not wamnt the value nor the condition of the vroperty. The ourchaser ihouid aatidy him�elf/haxlf that the pria md � oondition of the property arc acapfable.^ � ESiiMA'fED REASONABLE VALUE OF PROPERiY - - Is the same thing as the appraued value. Theu terms can be defined as the amount that HUD considers the propeny to be worth. The 11UD"Estimated Reasonable Value of Property"does not fiz a aales price,ez- . cept whrn tbe mortgage is to be inwred under Section 235(i), which is a hameownership assistance program. By providing this estimate, . HUD is not approving the purchau o(the property nor is HUD indicating the amounl o(an insured mortgage that will be approved. � REPI,ACEMENT COST --ls uud insiead ot value in the Section 213 and Section 2?0 programs. This is an estimate by NUD of the curtrnt y � _ cort to reFroduce the property including land, labor, site survey, materials and marketing ezpenses. The "Estimated Reasonabte Value of Property' shall be consiAered to mean repiacement cost under those two programs . �"� � � MAXIMUM MORTGACE AMOIJNT • - Is the maximum mortga�e which f1UD can insure and it is based on the sum of the "Estimated � Reawnable Value of Property plus lhe "Estimated Qosing Costs. ' IF Tlf6'PURC/fASE PRICE OF T/!E PROPERTY/S AIORE TNAN T//E "EST/MATED REASONABl.E VALUE OF THE PROPERTY,"AND YOU PAY CLOS/NC COSTS, YOU ARE PA 1'/NG MORE FOR TN6'PROPERTY T/IAN NUD CONSIDERS/T TO BE WORT/f. � � _ � � ' . . . � � ES77MAlED CLOSING COSTS --ls the amount HUD considers to be customarily paid bq the buyer in order to complete the mortsage � � Ioan tnnsaction. However, these costs m�y be paid by the buyer or the seller. They normally include items such as fees for preparing the ', mortgage ducumenls,title insurance,loan originat�on fees and transkr and rccording taxes. H PREPAID ITEMS•�•Arc charges that normally wi0 also be paid at closing and ue recurring in mture.They�inciude such itcnis as tunda tor � Z 4 real esbte taxes and hanrd insurance. Bf.CAUSE TI/E AMOUNT OF T/fESE 1TEMS W/LL YARY DEPEND/NG UPON TNECLOS/NC - � � DATF., /!UD DOC:S NOT PROV/O6'AN EST/MATF. WlTN TNIS STATEFfENT. � � � ' �..� � • ATTENTION HOMEBUYERS � � �' i EXISTING HOUSES-•/f YOU ARE BUYING A HOUSE WHICH HAS BEfN LIVED !N BEFORf, BE SURE THE HOUSE!S/N THE ' CONOITION YOU WANT BEfORE SlGNfNG A iURCHASE CONTRACT. HUD MAKES AN APPRAISAL ONLY TO ESTIMATE THE . � � � VALUE OF THE PROPERTY, THIS APPRAISAL DOES NOT GUARANTEE THAT THf HOUSE lS fREE Of DEFECTS HUD CAN- � � NOT G/VE YDU MONEY FOR REPAlRS SO YOU MUST PROTFCT YOURSELF BEFORE YOU BUY. YOU SNOULD fNSPECT THf � PROPERTY CAREFULLY. /f YOU NEED HELP,A PRIVATE fNSPECT/ON SERVICE CAN BE HIRED lN MANY LOCALITIES LOOK ~ lN THE TECEPHONE BDOK FOR SUCH SERVICf$. — fAlR HO_US/NCa&EQUAL OPPORTUNITY Hotline: 800-4?4-8550 ' � I : � . ' '• ADVICE TO HOMEBUYERS ' � � &S(7ROWACCOUNT .=T6eis�spewlieeountUutyourkndavri7l ` "OTHER COS7S OF HOMEOWNERSHIP - - Utilities �rc usudly : � iceeponyourbehditos�vettieneaasryfundctopayoauinfutwebills. paid monihly to whomever pruvida the xrvice. Alm,you should � Yourmortgagepymeotw�llinclude,inaddifionroanamountforinterat saveaarminamounteachmonthtocoverrepairandmaintenance aed pri�ipal,amounts a mver such items u property tua�nd haard costs which will come up while you own your home. insurana.7'hex cAarga arc collected in advance so tlut your knder w�l havecnougAmoneyiothraaowtteapplytheclurgewhenitcomesdua ' LATE.PAYMENTS-• If you do not pay your mortgage payment Genenily,l/12otthenextutlrtuteddurgawi716e16e�mountoollected W��hinlSdaYsfromthelstday ofthemonth,youcanbecharged . � with uch of your monNly mortgage p�ymenrs.Bear in mind that in mast ' a penalty.This may be 4 eents for each dollar o(your payment. . eommunitiesuzesudotheroperaungoastsaroinaa.dng.Theatimuas � ' NEW CONSTRUC7'ION --When HUD approves plansand spectfi- � , stwuld give some idea of wLat you an upect the aosts w Sc at t6e , cations be(ore construction, the bu0der is roquired ro wanant that N ��;6eginning. (n some areai the HUD atimate of lues may also include � -�he houu conf'orms to approved plans. This warranry is for I year �..chs�a sucA u sewer charges,garbage cdlation fa,water rat�a,e1c. �. . following the date on which title is transferred ro tht origind buyer � MORTGAGE iNSURANCE PREMIUM--The unount ��o� or thc date on which the houu waz first lived in whichever happens N �+�B first. If during the warranty period you notice dekcts (or which f� iosurjng your mortgaga'I1k prcmium may be in the form of�one-time you belicve thc builder is responsible, ask him in writing to fix t 1* �cha�georamonthlychargedeprndingupontheseaionoftMeHousingAa them. Ifhedoesnotfixthem,writetheHUDFieldOffice.Mention under which your mortgage i�insured.Your lenda can pmvide you with the FFIA cau number shown above. If inspection shaws lhe spaific information about your tnnuction, builder to be at fault, HUD will try ro peauade him to fuc the de- lect. (f he does not vou mav ab e to obta'i legl rc'ef unde ESTIMA7ED MONTHLY EXPENSES • • Costs which arc associ• the builder�war�ply�SiS�SSJu al e ect s nv,��ve ated with I�omeownership wliicl� HUD believes the homeowncrs can rovide mone (or cortections under certain con itioi�... ou will have to pay when living in the property. Two exaznples of cannot expect t e u' er.to ix amage cauu y or mary wear "Estim�ted Monthly Expenus' are fire insurance and taxes,which and tear or by poor maintenance. Keeping the house in good are paid to your lender each mon�h as part of your mortgage pay condition is your responsibiliry. ment. � 'LfAO O'^WATCHUUTFOA'CEAD' ._ . --- - P�rt III - SEND TO MORTGAGEE FOR DELIVERV Pp� 3 of 3 Pqw HUD-92800-y(1�) TO MOMEBUYEH 1..��. _ _�'__--___'_"_'__'_. __ __ . _. . . . . ..