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<br />R1A MOMIGAGEk NO. �.S.OEPAflTMENT OF IIOUSINO ANO II�oAN OEVEIOPMENT �
<br />I FE�EIIALIIOUSINOAOMINISTNATION
<br />. y •••v� r�-n �
<br />�c` STA7EMENT OF APPRAISED V`ALUE FOR
<br />A MORTGAGE TO BE INSURED UNDER
<br />7HE NATIONAL HOUSING ACT �
<br />p SEC.107�6� ❑ SEC.
<br />:,::�'�.'�.1J :i i��✓_L'.i�� i:ll:�
<br />1�.(1• L'W::I;i�
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<br />a:.��otc. x,��r�s�:;;ra, a:�:�3
<br />FIIR
<br />CASE
<br />NO.
<br />., ; — � ..'i l.!M:r.:L
<br />...c.t!.c,� ,..,t:.:!a::''�� ::::.:GJ
<br />t]IIMMIcvrrr....�.�••— ES7IMATE
<br />CLOSWG COSTS Flre Ins.....
<br />. �:
<br />VAIUE OF PROPERTY f...�r �- r' � 7aros......
<br />Closln9 Casls • • • • • • •' S IAoln,6 Ropairs
<br />TOTAL (Fnrhfort6�P.� S r ! �' _ Hoai8Ulilllms
<br />1 �I
<br />I1IED FON maunNn..c
<br />. Ilssuad: � � � 19:
<br />.- ...�;�, �; �,:c'�:.7i e.npe:�; , . iv ,
<br />DEFINITION OF VALUE
<br />The Federal Xowing Commd�loner hw uoiued fhe a6oue fdenli/itd property
<br />/or mortgaga lnaumnce purpmo in (he amaunt ahowa
<br />FFiA'� esllmete o( 'Value" ('Rtplacemtnl Coel' in 9M�on 219 or 220) does
<br />ml (Iz a eelea p*Icq exttpt when lhe motlguge le to be imured under sectlon
<br />2J6(I); doc� nol Indlenle FHA eppcovnl ot a purchneer of the property; nor
<br />don It Indicele Ihe amoun� o( an Insured mortgoge lhnl wou11 be approved.
<br />THE ESTIMATE OF VALUE AND CLOSING COSTS AHOVE HAS T1iREE
<br />PARTS:
<br />•VALUE OF PROPER7'Y• IS FHA'S EST1Mt1TE OF THE VALUf: OF THE
<br />PAO?ERTY.
<br />"Clo� ny Co�u• U �ha FHA uWnate ot the coU ot clodng e modgage loen
<br />on thu prope:ty. Theie wtl� msy be pdd by elther the 6uyer or lhe �dlec.
<br />'To�il toc AtoctQeie Ia�u[�nce Putpo�o' lnc�udu holh Ihe velue ot lhe property
<br />arJ nlimeled c1o�Ng ca�b. The m>xlmum morigage whlch FHA can Imur<
<br />u he�ed on 16d B�:ounL L`nd<r thwe �ecllom o( Ihe Netlonnl Houeing Act
<br />(�uch a� 213 or 220) when the mnslmum mortgage emounl mu�l be haecd
<br />on eetim�ted replacemmt ro�t, the 'Value of I'�operty ehall 6e deemed to mean
<br />repl¢ttmml con far morlgage lmm�ptt purpor.b'
<br />•ileplucemenl CoeP le fln eetlmn�e a( lhe curcenl coel to reprodutt �e armenu
<br />Including iund, luhor, elle eurvey und mnrkelinR expeme bul ezcluSing p)'
<br />for pvepuld expeneee euch ae �area nnd Ineurunce nnd closln6 emts.
<br />(f the conlracl pdce of Ihe propedy le equnl lo or Icne thon "Vu�ue of P�aperty',
<br />mid Ihe buyer puye cluning coele, n pnrt uf Ihe clodng corle cun be Included hi
<br />Ihc mon6ngc. IP TIIB CON9'RACT I'R(CF: OF Tllli PIIOP6ItTY IS AIOIIE
<br />TIIAN "VAi.UE OF I'ROCEfITY" AND 'PHE OUYEII I4\YS'fI1E CLOSItIC
<br />COSTS, THG OUYER 1S PAYING 110RE FOIt TEIE PItOPEii7'Y TIL\N FHp'S
<br />ESTI�fATE OF 17'S VALUE.
<br />7'he law re5ulree Ihnl FHA moAgegon rccelve a elakmenl of "upproleed vnlue"
<br />prlac lo lhe eale o( lhe property. If the �aiee conuucl hae 6cen al6ned befurc
<br />Ihe morlgn6or rccclvee euch u elelemenl, tl�e contrucl munt cor.lnln, or mual 6e
<br />amended lo Include, Ihe folloalnN �anguage;
<br />9t le. .. egreed lhal�. ... lhe purchneer ehall m� be obl:gnted lu
<br />eomplele lhe purchnrt ... or lo Incar rny pennlly ... unlcee Ihe
<br />seller he� dclivered 10 Ihe purcho�er �. wrllten tlntemenl eeUing
<br />(o�p� ,,, Ihe vulue u( the pcuperly (exeluding closing caela) nut Iesr
<br />thon S . The Pumhasec ehull hnve the pc!vllege
<br />., of protteding wllh ... ��e contract wllhout regnrd lo the nmount
<br />o( lhe . . . volunllon."
<br />ADVICE i0 HOME BUYERS
<br />ADVANCE PAYMEPITB - Make estea paym�o�� wLen able. You pey lee� In• you bellevr. the bullder U reeponelhle, aek hlm In writing to correct Ihem. 1t
<br />tere�l and hrve your F.ome peld far�oona. Nallfy Ihe lender fn wrlling e� @n�l he falle lo do eo, noUfy Ihe FIfA Ineuring offlce In wdling. Tlentlon tht FIiA
<br />90 day� be(ore ihe roQular payment dete m w61ch yuu lntend to mnke nn nd- FHA^V'�^d,ry ���ereuude hlm1�'mnke'mrr <tlan.' II h11'doce1noley��u mny1hc
<br />vence peymenL nble ta obin6� Icgal rellef under lhe bullder'e wnrtnnly m�d whcre n slructurul
<br />� slelnnce In
<br />DELINQUENT PAYMENTS - Tfonlhly pa,ymen� are duc the flnl day of eech
<br />mont6 end �6auld be made on oc tebrc 16et dale. The lender may m+ke a
<br />lete charge up l0 7 anu for nc6 doller ef eny pnyment more Ihen 15 daye
<br />lele. It you fall tor 30 day� �o make a pnyment� or to pexform eny olh<r egree-
<br />menl In Ihe mortg�e0. your lende[ mey tore:lo�e. You could lo�e your hame,
<br />Jemege your eredll, snd prevent pour obinlning �e�mm� ongtlm<'�ec your
<br />txU�ordinary elocum�tance+ Pnvml Your mx�alnH P Y
<br />lender �l once. II you are lempocarlly unable lo mah< your peyment� 6eceuee
<br />uf Wn<e�, lo�� of Jo6, <Ic., your lender mey be aLle lo help you. A�k youc
<br />IenderloezplelnFHA'�fo:bearancepo��cy. YOUR CREDIT I$ AN IMPOR•
<br />TANT ASSET; DON'T LOSE IT THROUGH NEGLECT.
<br />ADJUSTED PREDt1UM CHARf:. • If you meke eslra PaYmen�' in %^Y Yeer
<br />of more Ihan l6x ot �he origlnal moNgege amount, you may have lo pny
<br />m adju�led premlum cherge. Th� cLac6e � 1% af We origlnal morlgege.
<br />FHP. I� authorized lo charee a premlum o! not leu �han y� ot Ix nac more
<br />Ihan 1x per year, bul ha� �et Ihe premlum al 15 of Ix aemming Il alil be
<br />peld over Ihe whoie mortenge lecm. When e mortgaee 1� p��d otI In advnnce,
<br />t6e premlum� collecled do not eover FHA cael und nn adJwted premlum fe
<br />cha�ged �o offeel the loee. I! Ihie chnrge were nol mnde� Ihe p[emlum would
<br />have to he hlgher. An adJwled premlum le nol m¢-.'e I[ a neW I�HA mortgege
<br />b pinced on Ihe pwperly� or I! tLe FHA In�ucance la W force fuc 10 yeure oc
<br />longer.
<br />� TAXES, ASSF.SSMENTS, AND INSURANCE - Sendyourlender6111t for tnxe�,
<br />�peclel eueumend� or Iice lmurnnce Ihal tame !o you. The flce lneucnutt the
<br />Irnder requlre� you la curry u�ually coven only Il�e balanre ot Ihe loen. Check
<br />thle wilh your lender. You mey wieL lo lake oul eddlllonal Ineu[euce �a thal
<br />I( Ihe hou�e 1� domaged your lou wlll be covered ne well ae Ihc lender'e. ]f
<br />antt hoTe�n foc�lhe com ng �yeerdcun't�he known unW Ihe LWs�are's cNved`
<br />1( Ihey exceed thc umounl eccumulukd (rom your peymenls, you wLLl 6c nekcl
<br />to pey lhe dWecence. I( �ey u�e kee� lhe dlI(etence wILL he ccedl�ed lo your
<br />ucroun�. The enme b true of (ire Ineuinnce. Some Slnles nllow fiomeslend or
<br />veleron'� Inx exemptlo�u. Apply lor nny ezempllon lo wLld� you may be en•
<br />tllled. �\'hen It la nppcoved, notlfy your lender.
<br />C605ING COSTS - In tlie heuding le F'fIA'a esl6nnle oI anllclpnle3 cloeing coele�
<br />euch e� feen ior prepnrullon of morlguge lnelrumentn, ullarneys' (ece, IIUe Im
<br />�urunce, oclglnutlon leee wn1 Jocumenlury elnmp Inxea, 'Phe eellmnle doee nol
<br />In.Wde cherge� fur �uch pr.pnyuble I�em� ua taxc.� Ilre Inaueuncc.
<br />NtiIV CONSTRUCTION -\1'hen F��A opprove� pl�a ar.d ePeciOcnllone be[ore
<br />construcllon, 1he bullder le mqulccd to warrnnl 6�a1 6e houee conlorme lo ap•
<br />pmved plum. Thb wnr�nnty I� far I yenr following lhe dnle on x•hlch lille la
<br />conveyed to the odglnul buyer or the dete on whlch lhe houee xv [Iret occupled
<br />whlchever occuu flrsl. II during lhe wnrranty pe*!od you notice dafecle (or whlch
<br />defecl ie Invalved lLe FflA hne uulhorll to rovlde fimncln ue
<br />com�ectlon wilh mnklnR cocrecllone. Ttoel halldera tuke p�ide In �helr �•udc nnd
<br />wlll mnke )uetlliuble correctlane. They enn�rot be enpecleJ lo mrract Jmnny�•
<br />caueed hy ordinury wear nnd lenr or 6y puot mnlnlenunce. I:ceping Ihc houee
<br />In good condlllon le lhc owner'e rceponalblllty.
<br />EXISTING PIt01'ERTfES • W6ere Ihe eppllcatlan lnvoivo an ezletNg property
<br />FI1A makc� an appruiaal lo delermine lhe property'e vuluc. An eppmlenl doee
<br />nol wnrr¢nl lhc wndlllon of Ihe proPcrly. Palenlinl buyen ehauld ezem�ne ILe
<br />pvoperly curetully before algnln6 � purchnee mntcnc4 The FHA does ml hnve
<br />nwhoruv lo a�ovlde Munclnl neel�lnnce In wnnecllon wllh mnking neided �'e'
<br />OPERATING EXPENSES • In lhe he¢ding are PFiA eetlmatce ot mmWly coete
<br />of Iaxee, heal nnd ulllltlee, flce Ineurnnce, mnlnlen¢nce and repnlre. 'CLe eellmnled
<br />(Igurea wlll pmtn6ly huve lo he ndJmted when you recelve Ihe uclunl b11is. OEAR
<br />ING'COSTSAARE INCSREAS N'GUTI�e'aetmnXESehoald giva somc�P� nno
<br />wlml you cnn expecl Ihe coste lo be nt tLe hcginning. In eome acene FIIA's
<br />enimnte o[ 1¢zea may ulao lnclude chac6ea euch ns aewer chnrHes, gncbnSe collec-
<br />❑on fee, �vutec rnlea, cla
<br />IF YOU SELL � 1! You �ell whlle lhe moclgu6o ezWU, 16e buyer muy tinance
<br />�evecnl wnye. Uaderetaud how tLeee ncrmgemenU muy ���� You. Coneult
<br />your lender.
<br />1. lou may ecll !or nll cenh nnd pay oft your moNeaBe Thie ende your
<br />llnbWty..
<br />2, T6c Luyer can nsuumc lhc modgnge nnd pay O�e dlffcrence helwcen tLe
<br />unpnil bnlnnce und lhe eelling pdc. hl cneh. If O�e F71A und the Iender
<br />• nxe wlWng lo a�cept tlie buyec m n modgugee. you enn be releneed from
<br />fucWCt llnbWly. ThW requl[ea ll�e epc^.Ifl: uPP�ovnl o( lhe Icndec und tlm
<br />r•ttn.
<br />�EITHER OF iHE ABOVE TWO METHODS IS PREFERAOLE TO METHOO
<br />NUMO[R 3.�
<br />9. TLe 6uyer can pny t}�e diffe�ence 1n caeL an1 puahuee euhJect lo U�e um
<br />pnld modyuge buluum. FFI:1 ac Icnder upprovnl lr nol neceaenry BUT YO U
<br />REMAIN LIABLE FOR THE DEBT, iF THE BUYER DEFAULTS, IT
<br />COULD RESULT IN A DEFICILNCY lUDGM[NT AND Ih1PAIR
<br />, YOUR CREDIT STANDING.
<br />AMOUNTTO BE BORROWED
<br />When you borrow l0 6uy a home, you pay Intacsl nn1 other clincgea which add lo Yout conL A Inrper down-
<br />peyment v+��l reeull in a emaller mo[ignHe. llorruw us IItUe m)•au nccd nnd rep�y In lhe ehoctcst lime.
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