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<br />�EOEflPL �IOIISIhG ApIdIplSiflPT10!i I ��+E
<br />NO.
<br />Sil.TELleNT Of APPF.AIS.J VAIUe F07
<br />�� A h10RTGAGE TO 6E INSURCD UNDiR
<br />THE NAiIONAL HOUSING ACT
<br />� S-C.20��6� ❑ SEC._
<br />OPEP7Y ADDRC55 � �. - � ,� r �
<br />• n � . `�} '�`. �(. , : � i
<br />.....i ...• �....� .�. . •-'J
<br />� _...,.__'_" 7.1.70Nill:v :..� �:.x JJ6�n�° I
<br />85iC�iATED VALUG �
<br />Q o�rJo �iY.. S �_ .. r�� I . ... � . _..____ �
<br />� la. .. n --.
<br />CO;dldIRFD FOR INSURANCC •_^_ . Ca 1[. •i�,p. S. _ __. I
<br />; -'_.._._ r.�,���,.v.u�:i�����. 5 _ .
<br />�� ' ' i Il,.��i r.i�i�la�..., S �I
<br />CON 11i:AEM C il! `ilt) . -.._� I
<br />�� L � ' r 19 ClV ING
<br />C I ` — / lo ', __- _. (OSi._'i' "__ '
<br />�[FINITIO�1 OF VALUE
<br />The Faderu! Ilousinl! Cammi.�'sianrr hus vrduad (hC aLaUC idenfi/ied properf�• 'IIcPlnceuwn� Cus� .., nn es�Lnnle nf lhe cnrtenl eo��l lo reprodnc� Ihe properly.
<br />/nr rnm'fgn�;e insuranec purpnses iq !hc mnnunf equnl(o f.hC sum af (hc eslimalcd IncWdin6 ������� 1:�boq eile enrvcy nnd mntkellnR �xpcn.c Lut exduJing puymenln
<br />unL�e o/prnperly p(us (he eslirnnled NosinR �as�• for prepnid expeneee such nf tnxes mid ineurnnce nnJ rlosing cusb.
<br />If Ih� <ontmc� pdu of Ihe properly le equnl Io or leee thnn "V�dve of Properiy',
<br />FiIA'a eellmnle oC 'Vnh�e" ("Repincemenl Coet" In Seclion ?i� or 9:0) dae> ond the buyer poye claeing coata, n pnrt of the doning mele enn Le Included in
<br />nol tlx- n ealea price, exeepl when the morlgaCe Is to 6e InwrcJ under seclian �Ae mor��;nge. IF 'flIIC CON'CR.\CT PItIC6 OF Tllh: i'iiol`61t'CS IS �lottF
<br />".�i(f); Joca not indicnlc F7L: upproc>I of a purchnscr ot the property; nor ��ip,; ^VALUIi OF PROPF.RTY" A�1D 'PIiG IIUYF.it PAl'S TIIF. CI.OSING
<br />doce i1 indicnte Iiie umounl af un insured morlC�6c liml wuuld be nppruveJ. CU9'f5, 7'IIti f7U5'SR IS I'Al'IYG SfOflli FOR TIIF. PROPt:RTY TIIAN PiIA'S
<br />I;STIJL\TF. OF ITS \'AI,I1F..
<br />^VALUI: OG I'ROCSitTl'" IS N1fA'5 li5';I\f:.TE OP'Ci18 VA7.UF: OP T{IF. 7'he low cequirre tlml FAA morlyngon receWc n sin�anrN o('nppralscd voluc`
<br />PIt01'P:ICPl'. prVor lo O�e anle of the prapeny. if Ihe enlce cmilrucl hua Lecn nl�ned hefofc
<br />'Closing Cosla le Ihe PIL1 ntimnte of tiv: msl ot elualnE n mon6nge iunn nn �he mortgogur reeei�•ee euch u elnlemenl, the canlrnet muet cuntnin, or muet be
<br />the property. Thene coels mny be pnld by cllher ILe buyer or Ilm seller. amendeJ lo Include, lhe fallawlnR �^�6mge;
<br />"i( .la. .. ngrecd ihnl�. ... the purcLnecr xhNl ml be obllF.oled lo
<br />complcle Ihe purchuee ... or lo Incur nny pennity ... wilcee ihe
<br />The mxximum morlgnC•e which FIIA cnn Ineure ie baeed on the eum of the vnluc eeller ha� Jellvered to Ihe purcLneer n wrlua� etulcmcnl eelling
<br />of Ihe prapeny plue Ihe eslim�te of cloein� eoate. Under Ihoee secllon+ uf Ihe forih ... 1he vnlue o( lhe property (exduding dneing cosis) nnt Icee
<br />I�aliunal }Ioue4ng Act (euch m 21S or 220) whcre tLe mnximum morlgnge 16an 5 . Thc purchneer ehnll hovc ihc Privilc6e
<br />emount mmt he Laeed on eelim��ed repineemenl coat, Ihe "Vnluc ot Property ... af proreeding with ... Ih�e mntrect wllhoul regard tu Ihe amouul
<br />ehnll be deemed lo menn replacemcnl eost for morignFe ineumnce purpoece.' of Ihe... valunllon."
<br />ADVICE TO H�
<br />ADVANCP•, CAYil1F,N'CS - TIDke extra pnymenU when able. You pny Icee im
<br />lercst nnd hnvc your homc pald for eooner, Noti(y Ihe 7endcr In wrl�In� nt Icaet
<br />30 doye before Ihe re6ulnr puymml dme on which you Intend to mnke nn nd•
<br />vence puyment.
<br />DELIKQUF.YT PAYhfF.NTS -\fonthiy PnymeNe nre due Ihc firel dny af ench
<br />manlL nnd shouid bc mnde on or 6cforc thnt dnlc. The Iender may makc n
<br />In:c churgc up to � cenle for cuch dollnr o! nny pnyment morc Ihnn 16 Jnye
<br />lute. If you fnli for 30 dny� to muke a puymcnl, or lo perform ony olher ogrcn
<br />ment In ihe morlgnde� your lcnder may fo[edoec. You could ]oae yuur homc,
<br />dumage your <redit, end prevenl your obtaining furthcr mongnge lonne. If
<br />extreordlnury c:reunutnncce prevenl your making paymente on time, eee your
<br />]mder ut once. If you ur_ IempornNly unehle �o mukc your pnymente becauee
<br />of Illnce�, Ioe� o( job, elc., your lendcr mny bc uLie to help you. Aek your
<br />lender to expinln FHA'e forbenrnnce poilcy. YOUR CREDIT IS A%1 IMPOR-
<br />TANT ASSET; DON'T LOSE IT THROUGH NEGIECT.
<br />\t01t'PC.AG }: I\5 U INNCF. PItF.\ll U\I — Thc FFIA chuc6ce n mort�n6e I�eurnnce
<br />premium in ihe nmounl of {5 of 1°/, a yenr on Ihe uve:nge ouletanding princlpol
<br />ob11�n1ion far the preceding 12 monthe withoul �ukin6N�o uceount ddtnquent pny
<br />menla or �repnymente. I/12 of the monF��6e Insurnnce prcmium duc ench ycnr I�
<br />enllrcied In Ihe Lnrmwer'n munlhly murlpnge pnymenl �o �Jlow ILc lender lo no-
<br />c�uniJul��, ����c manlh PrIuY lu �hc premhnn Juc JnIC� �ufOdmd fundn tn pny Iha
<br />u.ori8ugc hieurunccPremlum.
<br />TAX};5, dSSIi55\IPNTS, AND iNSUftANCti - Sendyourlmdcrbllia tor Inzce,
<br />specinl assessmente, or fire Inevrnnee Ihnt come lo you. The fire Inaurm�ce the
<br />lender reqWna you to enrry mu:dly covera only Ihe Aalm�m at the loan. Check
<br />Ihle u9th yout icndcr. Sou mny wleh lo tnkc aul nddlllonnl Insurnncc ea thnl
<br />I( Ihc hausc Is dmm�i;cd yaur loss will bc covcrcd nx wcll ne thc Icndcr's. I(
<br />your liomc le �mm�Ced by fire, wln�slorm, or o1Ler causc, wrllc yr.ur IcnJcr nt
<br />once. Tn�ca for Ilm euming yenr cnn't he knawn unlll lhe hllle urc rmclved.
<br />7( tney rxued �he nmoun: necumulateA frmn your puymenb, yoa wiil be nsked
<br />�o P�Y �c dl(terence. I( Ihcy nre Ices, 1},e difference will be cndlted to youe
<br />nccour.t. The amne 1� lruc of fire Inaurnnce Some Smtea ullow nomeslend or
<br />vclernn's tux excmptions. l�pplY for �ny exempllon lo whlch yuu m�y 6c en-
<br />❑llcd. \Vhen Il is ap. *ovcd, no�Vy your lendcr.
<br />CI.O51\C COSTS - In Ilic henuin6 �s FHA's estlmnte of onlicipnted closin6 �osle,
<br />euch ae fecs far prcparntion of monguge Inslrumcnte, nlmmeye' (cea, IIUe ln-
<br />eurnnce, orlgin:.11on fces :md docwacnlnry etnmp laxes. The eslhnnle doea mt
<br />Induue cLurges tur aucL prcpnynLle llems m tnxes, fire h�surnnce.
<br />NGIV CO\5'PRUCPIOr .\1'hen PIIA upproves planv imd epecificntions Lefore
<br />eonstruellon, the builder l.r requtred lo wnrrnnt limt thc house cunfurms lu ap-
<br />provcd , Inne. This warrunty le !or 1 year foliowlnF ���c datc on wYlch 1111c b
<br />conrcycJ to thc otiglnnl tmyer or thc dmc on whlch thc hnuvc x•ne firet oecupicd
<br />whichm•er oceuru firel. If during Ihc x•nrcunty pcdod you noticc dcfaclx for wLich
<br />JfAE DUYERS
<br />you Lelleve Ihe�bullder I� ceeponelble, uek hhn in wr111ng Io correcl ihem. If hc
<br />fnlle to do ea, notlfy Ila I{UD/F'IIA Flcld ofRee In vtlllnR� htentlon thc b'IL\
<br />enee num6er �hovn e6ovt. I( Inepeellon ehowe Ihe hullder to be nl fnuli, the
<br />FIIA wOl lry �o penunde hlm lo mnkc carrttllon. if hc'doce nol, you mny bc
<br />nble tu aCtuln IcRnl rclle( unJer Ihc bulldcr'e x�nrrnnty nnd al�,crc n slructurnl
<br />dcfecl Ie Involved �Le FHA hnn authorlty lo provlJe flnnnclnl n�Risinnce In
<br />cmi ieellun wlih mnkln6 carrttllone. Tfonl bulldcrn Inkc prlJc In ILulr work nnJ
<br />wiq make Juetitlo6le eo[rmUone. They canmt he ezpected lo rnrmct dumoge
<br />enuecd by ordinnry wenr nnd tear ot by poor mnintennnce. I<ceping Ihe hauee
<br />In gaod condlllon Y ihe owner7 rcepanelblllly.
<br />EXISTING CROPCR'PIE° - �Jhere lhe appll<ollan Invalves nn esblln6 prupecty
<br />F}{A makee an npprnleei :o delermine the p�operly'e volce. An npprubnl doca
<br />nol wntrenl the wnditlon of ihc property. Palenllel 6uyere ehoulJ ezimilne the
<br />pruperty cnrefully before eigning n purchnse <onlracl. The FIIA dacx nnl hnve
<br />autharily lo provldc fNnncloi r.nnle�nncc L� cannecllan wilh mnkinF nccdcd rr
<br />nnin. ezcenl wh:rc Ihe loon B Imured under Sectlnn 295. ;f Ihe lonn ie insured
<br />IF YOli St:1�L • If you eell wLlle Ihe mnrlN��N� rzlele, 1h< Lnyrr mny (Innucc
<br />eeVernl x•ny�. Underelnnd hoW Ihaa nrrnngrmenlm m�y nffrcl you. Cnn�ull
<br />your Icnder.
<br />1. 1'ou mey ecll to[ ell ceeh enti pny off your mongnge. Thl� enJe your
<br />liahllity.
<br />2. The 6uycr enn eeeume Ihe mortgnNe anJ pny thc dil@rmtt belween Ihc
<br />unpuld bnlonee and ihe eelling pdce In ennh. If tLe FIIA nnd Ihe lender
<br />nre wII11nR lo u<ttpl Ihe buyer ae u mun�ngar, you can Le rdeeued from
<br />further 11uhI1LLy. Thi� [cqWrc� Ihe epetl�e approvnl of Ihc Icndec nnJ Ihe
<br />FIiA.
<br />�EITNER OF THc A�OVE TWO METHODS IS PREFERAULE YO METHOD
<br />NU7d8EB 3.� �
<br />OPERATINC B%PliN5F.5 - In thc heuding nre F{(A tetimntce o( munthly caule
<br />ot tuxe�, henl ¢nd uWillee, 11re Ineurnneq mnintennnce nnJ :rpnlre. The eellmnled
<br />figuree wllt probnUly hnve to Le udJueled when you reeelve the ncinN LI9n. OEAit
<br />IN :GIND THAT IV i1905T COhlfAUNITIES TAXES AND OTHER OPERAT•
<br />ING COSiS ARE INCR'eASING. The eetlmnlee ehould �;Ive eome Idco of
<br />whnl yau cnn cxpttl Ihe caste lo be nl lhe 6eglnning. In eomc nrene } HA7
<br />cetimnte of texce may nleo IncWde chnrgee �uch n� ecwer churF�e, 6nrbnge mlice-
<br />Ilon fee, x•nler ralca, eta
<br />�. Tlie Luyer ¢m pay lLe difference In cneh nnJ purdmec euLJal lo ILe un•
<br />pnld moH{{fti:�LNnuce.FiiA or Iender npprovnl ln nnl nca�+r.nry 6UT 1'UU
<br />REi,1AIV LIACLE FOR TFIE DE.1T. IF THE 6U\'ER DEFAULTS, li
<br />COULD RESULT IN A DGFICIENCY IUDGMENT AND IMi'AIR
<br />YOUR CeTcDR STANDING.
<br />, __...__. _ .
<br />Ah10UNTTO�L 002I:OWED
<br />�\'hcn you barrow Io hny n homc, you p��Y �Ncreel nnd a�hee chnrRc� which ndd to your <m4 A Inrecr dowm
<br />puymrv�t wlll « in�ll in u mnnllef nurngngc. ilurruw nn Iltlle nn you nced und tepny In Ihe eLorket ILnc.
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