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14
<br />CONDITIONAL COMN,I1MENT
<br />FOR MOR7GAGE INSURANCE UNDER
<br />THE NATIONAL HOUSING ACT
<br />L; SEC.203;h1 LJ SEC.
<br />1 ioi PAL I,u•,d:y agYVl1S . xAl IOx
<br />CASE
<br />NO.
<br />_.., .. • Mil'. ;:7n
<br />ESTIMATED VALUE
<br />OF PROPERTY . $ _
<br />Fire In$ ..... S—= �—
<br />,_.'.'"' I.'^• COMMITTED FORINSURANCE
<br />Tau& ..
<br />Maln. A Repair,
<br />Hoof & Utilities f--
<br />COMMITMENT
<br />ESTIMATED
<br />Nautili r_' r 19
<br />CLOSING
<br />Expires: - 19 / • -
<br />COST. sees S ..
<br />•MAX.
<br />COtAMITN,ENTTERMS yMnn,rAOAI.AMt.S=' _NO.MOSINTEREST %
<br />Li EXISTING O PROPOSED
<br />(See Gen. Child .,I
<br />INFORMATION ILiving Area old T So. fl.
<br />TI a e: timales of fire Inwroncv, taxes, maintena-rr. repairs, heallutilillas and closing cost& are furnished for mortgagee& and tltnrlgngor',
<br />Information. They may be used to prepare FIIA Form 2D00, Application for Credit Approval, when a firm commitment Is desired.
<br />GENERAL COMMITMENT CONDITIONS
<br />Is MAX:NSUht VOILTGAGE ANIOUNT.INO TERNIS.
<br />(a)OCCUPANTMORTGAGORSI-The mortgage amount and term
<br />let forth in the heading are Ilse maximum approved for this prop.
<br />er'.y assuming a satisfactory owner -occupant mortgagor. The
<br />maximum amount and term In the heading may be changed depend.
<br />Ing up2n FHA's rating of the borrower, his Income and credit.
<br />(b) NONOCCUPANT MORTGAGORS: -If the mortgagor does not
<br />occupy the house, the law limits the maximum mortgage Too, hold
<br />to
<br />not to exceed 85% of the maximum amount nvillable to an cligi.
<br />bid mortgagor who will occupy the house (65% of value if Rec.
<br />2030) or 221). In the case of nonoccupnnl morigngoa, the firm
<br />commitment when Issued will reduce The mortgage amount and terms
<br />below that stated In the heading,
<br />(c)COMMITMENT CHANGES: -The Commissioner may, upon ad.
<br />quest of the approved mortgagee, change the mortgage amount and
<br />Term set tortn In the heading If the application Is accompanied by
<br />a VA CRV, changes will be made only If VA issues on amendmenL
<br />2. FIRM COMMITMENT; -A nrm commitment to Insure s Iran will be
<br />Issued upon recclpt ofun Application for Credit Approvul. FIIA Form
<br />2900. executed by an approved mortgagee and a borrower eallafnclory,
<br />to the CommLslmwr.
<br />3. COMMITMENT TERNL-This commitment shalt expire SIX MONTHS
<br />from the Issue date In the epee of an EXISTING IIUUSE or ONE
<br />YEAR from Its date In the case of PROPOSED CONSTRUCTION.
<br />(FJlA efnultia all mere as either F.A7STING• or •pROpORFO•
<br />or the purpose o/ determining mMn a commitment crpin•e. Arrord•
<br />ugly, a house, even though still under eominstion, nun• I" rinasi-
<br />tied as an :rlsfng hover it it was not approved by FIIA or VA prior
<br />Id, file beginning of construction.)
<br />4. CANCELLATION: - This commitment may be cancelled slide So
<br />days from the date of Issuance If eonsirucllon has not started, unless
<br />the mortgagee has disbursed loan proceeds.
<br />6. PROPERTY STANDARDS: - All construction, apalss, or alterations
<br />proposed In the application or on the drawing, unit specifications
<br />rd.r:icd herewith, arm]] equal or exceed the F)IA Minimum Proprr0•
<br />Standards.
<br />SPECIFIC COMMi,MENT CONDITIONS (Applicublemhrn elraaheirl
<br />I. HEALTH AUTHORITY APPROVAL: -Execution of Form 2373 by
<br />❑ the Health Authority Indicating approval of the water suppk, and/
<br />or sewage disposal Installation Is requires. (Approves by letter
<br />or Health Authority Form may be used.)
<br />2. TERMITE CONTROL: -(a) EXISTING IIOUSE. FurnlshcardOcatc
<br />❑ from a reeognleed termite control operator the' the house nbow,
<br />no evlJence of an active termite Infestation. (b) PROPOSED CLN-
<br />STRUCTION • Furnish original and two copies of Termile Sag
<br />Treatment Guarantee FHA Form 2062.
<br />3. SUBDIVISION REQUIREMENTS: -Comply with Requirements
<br />❑ No.
<br />Irmo Report dated fur
<br />Subdivision.
<br />4. BUILDER'S 1VARRANTY:-The builder shall execute FIIA Form
<br />❑ 2544, Builder's Warranty.
<br />G. PROPERTY INSPECTIONS: -A notice of construction status
<br />shall be given by Form 2260X, letter or telephone at the time had.
<br />cured below:
<br />(a.) ALL PROPOSED CONSTRUCTION CASES:
<br />(1.) ❑ At least Iwo work days before 'beginning of
<br />construction.'
<br />(2.) ❑ When the building Is enclosed, structural framing
<br />completely exposed and roughing -In of plumbing,
<br />healing and electrical work Installed and valble.
<br />(3,) ❑ When construction eompisted and properly, ready
<br />fore rooky.
<br />(b.) REPAIRS; Notify FHA upon completion of required
<br />repalts.
<br />(c.) ❑ CERTIFICATE OF COMPI,FTIONt A certificate
<br />staling that the mortgage ha, examined the proposed
<br />or revlulfed reptiles and that They how been aulisfac.
<br />tartly completed will be utce,ded.
<br />G. VA INSPECTIONS: - Furnish is copy of u clear VA 11I1nI ready.
<br />7. ASSURANCE. OF CONIPLFTION:-If the required repair* cannot be
<br />❑ eampleled prior to submission of clodrg popers,o Farm 2300 escrow
<br />In the amount of S (or much additional amount
<br />as the lender draPu) may be established as the means In issuer eons.
<br />pillion.
<br />8. SELLER'S AGREEMENT AND ESCROW FOR EXISTING PROPER.
<br />TIES FINANCED UNDER SECTION 236 • Section Sig.
<br />This commitment Is Issued on the condition that If the mortgage I, to
<br />be Insured under Section 236, the slier will execute an agreement to
<br />reimburse HUD for expenses Incurred In "pairing structural or other
<br />defect, with respect to the properly being sold. The form of agreement
<br />shall be prescribed by the Secretary and a seller who is not the occupant
<br />of Ih, properly will deposit 6 percent of the 11011 price In fellow with
<br />Iho mortgagee In aeeurdmlce with the term, Tillie ngrcrn¢nt.
<br />D. SECTION223
<br />❑ This CommBment b [.surd under Section ILnusnl to Sm.
<br />Iron 223e.
<br />Id. CODE ENFORCEMENT.
<br />C1 Submit a statement from Public Authority that the sulded properly
<br />mats Code Requirements,
<br />IT- RF.Q UI RED CERTIFICATIONS.
<br />❑ F,IMrk it M Treating ❑ Flooding ❑ Plumbing
<br />12. EXPIRATION DATE.: - The Total Value slated above to bused on
<br />❑ Velerans Administration Certificate of Reasonable Value, eau
<br />Regardless of General Commitment Condition Number 3, above. this
<br />commnmenT expire, on
<br />3. ^
<br />Sec special enndllm s No. r `/� '1
<br />!'� IL-/3-/�-.��-2'trluwaran
<br />allnched shot.
<br />..., .TIN
<br />eI.... U' 1...... .... 4", 1 r',,, a is is, ,, •,,, r 11, "."as1 ..1...
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