1900 52ND ST SE 2018-01-02 MF Import

i vAGi: INSURANCE UNDER THE NATIONAL HOUSING ACT 7SEC. 203(6) SEC.___ ESTIMATE OF VALUE AND CLOSING COSTS VALUE OF PROPERTY$ . Closing Costs ........ S TOTAL (For ,tlortgage FOR COMMITMENT 1 ZWAS -MAX. MCRT. AMT. $ NO. MOS. MAX. INTEREST %. Fire In.. S Toxas..... $/ Nain.B Repairs S /i HeotBUtilitios S COMMITMENT Issued: ,' - '; 19-. Expi,es:'. 19. DEXISTINGO PROPOSED lmp, ova' Laving Area Sn. INFORMATION The estimate^, of fire insurance, taxes, maintenance/repairs, heat/utilities and closing costa are fumisbed for mortgagee's and mortgagor's information. They may be used to prepare FHA Form 2900. Application for Credit Approval. when a firm commitment is desired. GENERAL COMMITMENT CONDITIONS MAXIMUM 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 law limits the maximum mortgage amount to not to exceed 851A of the maximum amount available to an eligi. ble mortgagor who will occupy the house (85% of value if Sec. 203(i) or 221). In the case of nonoccupant mortgagors, the firm commitment when issued will reduce the mortgage amount and terms below that stated 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- panied by a VA CRV, changes will be made only if VA issues an amendment. FIRSI COMMITMENTS A firm commitment to insure a loan will be issued upon receipt of an Application for Credit Approval, FIIA Form 2900, executed by an approved mortgagee and a borrow, r satisfactory to the Commissioner, 3. COMMITMENT TERM: This commitment s:mll expire SIX MONTHS from the issue date in the case of an EXISTING HOUSE or ONE YEAR from its date in the case of PROPOSED CONSTRUCTION. (F(lA classifies all cases as either "EXISTING' or "PEO. POSED" for the purpose of determining when a commitment ex- pires. ri ccordingly, a house, even though still under construc. tion, may be classified as an existing ho,.se if it loss not approved by FHA or VA prior to the beginning of construction.) 4. CANCELLATION: —This commitment may be cancelled after 60 days from the dale 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 or, 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. HEALTH AUTHORITY APPROVAL: —Execution of Form 2573' by the Health 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 certificate from a recognized termite control operator that the house shows no evidence of an active termite infestation. (b) PROPOSED CON- STRUCTION - Furnish original and two copies of Termite Soil Treatment Guarantee FHA Form 2052. 3. SUBDIVISION REQUIREMENTS: —Comply with No. from Report dated —for - Subdivision. BUILDER'S WARRANTY: —The bitilder shall execute FHA Form 2544, Builder's Warranty. S. PROPERTY INSPECTIONS: —A notice of construction status shall be given by Form 2289X, letter or telephone at the time indicated below: (a.) ALL PROPOSED CONSTRUCTION CASES: (1.) 0 At least two work days before "beginning of construction." (2.) Q When the building is enclosed, structural framing completely exposed and roughing -in of plumbing, heating and electrical work installed and visible (3,) Q When :onstruction completed and property ready rrr��jyy for occupancy. (b.) 1, REPAIRS: Notify FHA upon completion of required repairs. (c.) CERTIFICATE OF COMPLETION: A certificate stating that the mortgagee has examired the proposed or required repairs and that they have been satisfac- torily completed will be accepted. 6. VA INSPECTIONS Funliuh a copy of a clear VA final report. 77. ASSURANCE OF COMPLETION: —If the required repairs cannot Q be completed prior to submission of closing papers, a Form 2300 escrow in the amount of S (or such additional amount as the lender desires) may be establisi-ed as the means to assure completion. 8. SECTION 235 AUTHORITY: (a) Q This commitment may be converted to section 235(i) upon receipt of on application covering an eligible borrower. Contract authority for this purpose has been obligated. (b) [] 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 Vnlue stated above is based Q on Veterans Administration Certificate of Reasonable Value, case number ,dated . Regardless of General Commitment Condition Number 3, above, this commitment expires on 10. See special conditions No.121 ] %. _._ below or on attached sheet. 51I0b IQ IA1,PI1jA011 Hit 0 I+l/Iit4F!11. It Lt. I I_I f