|
\.11 IIIA
<br />U.S. VEPAR IKilt Or tIOlalud A,. "All IIEVELOPMOIT CASE
<br />riorRAL orcuSING Amuiusmiiou „n C r I .') ry
<br />CONDITIONAL COMM11MENT PROPERTY ADDRESS
<br />FOR MORTGAGE INSURAIICE UNDER 1727 Volnut at.
<br />THE 14ATIO14AL HOUSING ACT Cvcrett, VIA. 9,3?01
<br />E
<br />r.�lu:ra:3Dll L GGGrt9,
<br />2612 tt;.(carc+ Gvr n�
<br />P.O.
<br />LSTIMATE OF VALUC' AND VOHTULY CXPENSE
<br />CLOSING COSTS ESTIMATE
<br />•\ Fire Im.. • . s_i
<br />VALUE OF PROPERTYS- /J/ /'ram To........ S_
<br />-- F
<br />CI.,Ios Co,b ........ S A1.In. d R.Poh, S_ l
<br />i ne. TOTAL (For Ife"r-re r
<br />biz u,nn rr Ihnpn, r,1,.,5 / /' '-� Heorf Urilirias S
<br />APPROYI:D FOR COMMITMENT COMMITMENT
<br />IMMITMENT j:FyM;S;%li X. MOAT. AMT. S_ N,, 9e)n N0. F1051L2—MA %.It/T EREST 7 b
<br />Gen.
<br />INFORMATION • 11_10.g Area /�L,j' Sic.
<br />ao eslimnles of fire Insurance, taxes, mnlnlenance/repnire, heat/utilities and closing costa are furnished for mortgagee's and mortgagor's
<br />dornmtion. They may be used to prepare FIIA Force 2900. Application for Credit Approval, When a firth commitment is desired.
<br />GENERAL COMMITMENT CONDITIONS
<br />AIAXIMUM MORTGAGE ASIOUNT AND TERMS -
<br />(a) OCCUPANT MORTGAGORS: The mortgage amount end term
<br />'set forth in the heading are the maxi, ium npproved for this prop.
<br />erly nrsuoiini; a owner -occupant mortgagor. The
<br />maximum amount and term In the heading may be changed depend.
<br />Ing upon FHA's ruling of the borrower, his income and credit.
<br />(b) NONOCCUPANT MORTGAGORS: If the mortgagor does not
<br />neenpy the house, the law limits the mnxirmlm mortgage amount to
<br />not to exceed FS'/. of the maximum amount nvndahle to an eligi-
<br />ble mortgagor who will occupy the house (135% of value if Sec.
<br />203(i) or 221). In the case of nonoceupnnl mortgagors, the firm
<br />commitment when issued will reduce the mortgage amount and
<br />terms below that stored in the heading.
<br />(e) COMMITIE14T CHANGES: The Commissioner may, upon re-
<br />quest of the approved mo:tgagee, change the mortgage amount
<br />and term set forth in the heading. If the application is accom-
<br />panied by s VA CRV, changes will be mode only if VA issues
<br />an amendment.
<br />FIRM CO:dMITh1ENT:-A firm commitment to insure a loan will be
<br />issued upon receipt of an Application for Credit Approval, FIIA
<br />Form 2900, executed by an apnroved mortgagee and a borrower
<br />uatisfaetory to the Commissioner,
<br />3. COMMITML'NT TERM: Thl. commilmcnf ehall expire SIX MONTHS
<br />from the issue dale in the ease of on HXIST'ING HOUSE or ONE
<br />YEAR from its date in the case of PROPOSED CONSTRUCTION.
<br />(IIIA clnssifics all cases as either "EXISTING" or "PRO.
<br />POSED" for life purpose of determining when a commitment ex.
<br />pil
<br />es. Accordingly, a house, even thPug
<br />h still under construe.
<br />tion• may be classified as an existing ho'is
<br />r if it zoos not approved
<br />by FIIA or 11A prior to the beginning of can struciion.) •
<br />4. CANCELI.ATION:-This eommllmedl mny be cancelled niter 60
<br />days from the date of issuance if construction has not slatted,
<br />unless the mortgagee has disbursed loan proceeds,
<br />S.. PROPERTY STANDARDS: -All construction, repairs, or Allera.
<br />tionn proposed in the application or on the drawings and specifi-
<br />cations returned herewith, shall equal or exceed Ole FIIA Minl-
<br />mum Property Standards, or the deviations agreed upon pursuant
<br />to purpose and scope provisions of General Revision No. 6, dated
<br />August, 1968.
<br />SPECIFIC COMMITMENT CONDITIONS (Applicable luhen checked)
<br />HEALTH AUTHORITY AI'PI20VAL:-Execution of Form 2573 by
<br />the Health Authority indicating upprocal of Ole water supply and/
<br />or sewage disposal installation is required. (Approval by letter
<br />or Health Authority Form any be used.)
<br />TERMITE CONTROL: -(a) EXISTING HOUSE - Furnish certificate
<br />from a recognized termite control operator that the house shoes
<br />no evidence of an active termite infestation. (b) PROPOSED CON-
<br />STRUCTION - Furnish original and two copies of Termite Soil
<br />Treatment Guarantee FIIA Form 2052.
<br />SUBDIVISION REQUIREMENTS: -Comply with
<br />from Repoli dated
<br />ubdivir.ion.
<br />DUILDER'S ll•ARRANTY:-Thc builder thrill execute FIIA Form
<br />2544, Builder's Warranty.
<br />PROPFRTY INSPECTIONS: -A notico of construction status
<br />shell be ei'.en by Form 22V9X, letter or telephone at the time
<br />Indicated Is!,w:
<br />(a.) ALL PROPOSED CON3TRUCTION CASES;
<br />(1.) Q Al lend two work days before "beginning of
<br />consliucli�n."
<br />(2.) 1] When the building is enclosed, structural framing
<br />completely exposed and roughing -in of plumbing,
<br />hexing and electrical work inslnlled and visible
<br />(3.) 1] When comtructon completed and property ready
<br />for occupancv.
<br />(b.) 1/.�l REPAIRS; Notify FIIA upon complrticu of required
<br />repairs.
<br />(c,) Q CERTIFICATE OF COMPLETION: A certificate
<br />staling that the mortgagee hn n examined the propoocd
<br />or required repair!; and that they hnvo been satisfac.
<br />torily completed will be accepted.
<br />6. VA INSPECTIONS: -Furnish a copy of a clear VA final report.
<br />77.. ASSURANCE OF COMPLETION: -If the required repairs cannot
<br />be completed prior to submission of closing papers, a Form 2300
<br />escrow in the amount of S (or such additional
<br />amount as the lender desires) may be established as the means
<br />to assure completion.
<br />S. SECTION 235 AUTHORITY:
<br />(a) Q This commitment may be converted to section 235(1) upon
<br />receipt of an application covering an eligible borrower.
<br />Contract authority for this purpose has been obligated.
<br />(b) Q if conliact authority Is available, this commitment may
<br />be converted to section 235(i) upon receipt of an appli•
<br />cation covering an eligible borrower.
<br />9. EXPIRATION DATE: -The Total Value slated nbove Is based
<br />Q on Veterans Administration Certificate of Rcnsouable Value,
<br />case numbo: ,dnled ,
<br />Rcgaldless of General Commitment Condition Number 3, above,
<br />I
<br />his ccm; itmenl expires on
<br />10.
<br />S. special conditions No. /� �.a(, / rfr /;fir -2 i 3%13,
<br />_ ? �� 1 below or on
<br />attached shoot.
<br />r „
<br />/J•r I�/r �^.�it die � J'u-"`�
<br />r
<br />
|