2117 VIRGINIA AVE 2018-01-02 MF Import

FHA MORTGAGEE NO. FHA S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT CASE;- r` FEDERAL HOUSING ADMINISTRATION I. N0. ') t CONDITIONAL COMMITMENT FOR MORTGAGE INSURANCE UNDER THE NATIONAL HOUSING ACT EISEC. 203(b) C SEC. GAGEE COMMITMENT TERMS MQ%.,MORT.AMT.$ h-) NO. 2117 VLL•,LS:a i,.-vitua ..vOLY'tts VA. v1, 201 CLOSING COSTS VALUE OF PROPERTY$ Closing Costs ........ S TOTAL (For Aforrgagc - iTIMATE Ins.... 8 Repairs COMMITMENT Issued: .j /b 19� Esplres: /� — 17 19 i EXISTING❑ PROPOSED n (Sec fen. Cond.,a,3) Improved INFORMATION Li.inp Area / Q 7 % So - the estimates of fire insurance, taxes, maintenance/repairs, heat/utilities and closing costs are furnished for mortgagee's and mortgagor'r. information. They may be used to prepare FHA Form. 2900. A. Dlication for Credit Approval, when a film commitment is desired. GENERAL COMMITMENT CONDITIONS MAXI'dUM MORTGAGE AMOUNT AND TERMS - (a) OCCUPANT MORTGAGORS: The mortgage amount and term set forth in the heading are the maximum approved for this prop. erty assuming a satisfactory owner -occupant mortgagor. The maximum amount and term in the heading may be changed depend- ing upon FHA's rating of the borrower, his income and credit. (b) NONOCCUPANT MORTGAGORS: If the mortgagor does not occupy the house, the low limits the maximum mortgage amount to not to exceed 857. of tho maximum amount available to an eligi. ble mortgagor who will occupy the house (85%. of value if Sec. 203(1) or 221). In the case of nonoccupant mortgagors, the firm commitment when issued will reduce the mortgage amount and terms below than slated in the heading. (c) COMMITMENT CHANGES: The Commissioner may, upon re- quest of the approved mortgagee, change the mortgage amount and term set forth in the heading. If the application is accom. panted by a VA CRV, changes will be made only if VA issues an amendment. FIRM COMMITMENT: —A firm commitment to insure a loan will be issued upon receipt of an Application for Credit Approval, FHA Form 2900, executed by an approved mortgagee and a borrower satisfactory to the Commissioner, 3. COMMITMENT TER\I: This commitment shall expire SIX MONTHS from the issue date in the ease of an EXISTING HOUSE or ONE YEAR from its dale in the case of PROPOSED CONSTRUCTION. (F//A classifies all cases as either "EXISTING" or "PRO. POSED" for the purpose of determining when a commitment rA- pfres. Accordingly, a house, even though still under cor:.atrur- ties, may be classified as an existing house if it was not approved by FNA or VA prior to the beginning of construction.) 4. CANCELLATION: —This commitment may be cancelled after 60 data from the date of issuance if construction has not started, unless the mortgagee has disbursed loan proceeds. S. PROPERTY STANDARDS: —All construction, repairs, or altera- tions proposed in the application or on the drawings and specifi- cations returned herewith, shall equal or exceed the FHA Mini. mum Property Standards, or the deviations agreed upon pursuant to purpose and scope provisions of General Revision No. 6, dated August, 1968. SPECIFIC COMMITMENT CONDITIONS (Applicable when checked) I. BEALTH AUTHORITY APPROVAL: —Execution of Form 2573 b file llealth Authority indicating approval of the water supply and, or sewage disposal Installation Is required. (Approval by letter or Health Authority Form may be used.) ' TERMITE CONTROL: —(a) EXISTING HOUSE - Furnish certificat from a recognized termite control operator that the house show no evidence of an active termite infestation. (b) PROPOSED CON STRUCTION . Furnish original and two copies of Termite Sol Treatment Guarantee FHA Form 2052. i. SUBDIVISION REQUIREMENTS: —Comply with Requirement No. from Report dated for— I BUILDER'S WARRANTY: —The builder shall execute FHA Forn 2544, Builder's Warranty, 5. PROPERTY INSPECTIONS: —A notice of construction stale shall be glvcn by Form 2289X, letter or telephone at the tim, indicated below: (a.) ALL PROPOSED CONSTRUCTION CASES: (1.) Q At leant two work days before "beginning of construction." (2.) When the building is enclosed, structural framin completely exposed and roughing -in of plumhinf heating and electrical work installed and visibi (3.) O When construction completed and property mad tar occupancy. (bJ REPAIRS: Notify FIIA upon completion of require. repairs. (c.) O CERTIFICATE OF COMPLETION: A cert(ficat slating that file mortgagee has examined the propose or required repairs and that they have been saUsfac tortly completed will be accepted. 6• VA INSPECTIONS:—Fumish a copy of a clear VA final report. 7• ASSURANCE OF COMPLETION: —If the required repairs cannot 0 be completed prior to submission of closing papers, a Form 2300 escrow in the smount of $ (or such additional amount as the lender desires) may be established as the means to assure completion. S. SECTION 235 AUTHORITY: (a) Q This commitment may be converted to section 23.5(i) upon receipt of an application covering an eligible borrower. Contract authority for this purpose has been obligated. (b) Q If contract authority is available, this commitment may be converted to section 235(i) upon receipt of an appli. cation covering an eligible borrower. 9• EXPIRATION DATE: —The Total Value stated above is based Q on Veterans Administration Certificate of Reasonable Value, case number ,dated_ . Regardless of General Commilmeul Condition Number 3, above, this commitment expires on 1�. S a special conditions No. below or oil attached shout. MpY 1`11972 •• „--_--_iCllll Pl la•In1•rR011 rr 4, r'I"••nvl•rSI,... ,