11 Pennsylvania Transaction Guide--Legal Forms § 185.210

Summary

• [1] Comment.
  • [a] Use of Form.

    This form is an addendum to the Uniform Residential Loan Application [see 185.200] and must be submitted to the Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA), as applicable, to obtain approval of the applicant for a HUD-insured or VA-insured loan.

  • [b] HUD-Insured Loans.

    If the application is approved, HUD will issue a commitment to provide insurance, specifying the maximum eligible amount of the loan, the maximum term of years, and the maximum interest rate and monthly installment. If the loan is for construction, the commitment may also specify structural requirements and inspections. The commitment will remain open for a specified period [see p. 3 of form]. If the stated conditions are met within the specified time, HUD will insure the loan [24 C.F.R. § 200.47]. For a discussion of the organization and functions of HUD, see Section 185.40. Requirements for HUD-insured loans receive coverage in Section 185.111. ...