Fannie Mae 3200 Form PDF Details

The Fannie Mae 3200 form, a cornerstone in the world of residential lending, plays a pivotal role in the American homeownership landscape. Crafted meticulously to ensure uniformity and clarity across various jurisdictions, this document outlines the borrower's unambiguous promise to repay a loan. At its core, it requires the borrower to make payments of principal plus interest, designating the lender and detailing the ramifications of any transfer of the note. The document goes beyond merely stipulating interest rates and monthly payments; it emphasizes the borrower's right to prepay without incurring penalties, under certain conditions, and clarifies the process and implications of doing so. Furthermore, it delves into loan charges, highlighting the borrower's protection against excessive fees, and delineates procedures in the event of failure to make timely payments, including potential charges, default notices, and the note holder's rights in such scenarios. Importantly, the form addresses communication protocols for notices, the collective obligations of multiple signatories, and waivers that relinquish specific borrower rights for efficiency in debt recovery. The Form 3200 is bolstered by a security instrument, ensuring the note holder is safeguarded against losses should the borrower default on their commitments. This document underscores the significance of compliance with all stipulated loan conditions, marking an essential step in the journey towards homeownership.

QuestionAnswer
Form NameFannie Mae 3200 Form
Form Length3 pages
Fillable?Yes
Fillable fields20
Avg. time to fill out4 min 45 sec
Other namesfannie mae note forms, fnma form 3200, fannie mae form 3200, fnma promissory note

Form Preview Example

NOTE

___________________________, ________

___________________________, ______________

[Date]

[City]

[State]

______________________________________________________________________________________________________

[Property Address]

1.BORROWER’S PROMISE TO PAY

In return for a loan that I have received, I promise to pay U.S. $____________________ (this amount is called “Principal”),

plus interest, to the order of the Lender. The Lender is ____________________________________________________________

_________________________________________________________________________________. I will make all payments

under this Note in the form of cash, check or money order.

I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the “Note Holder.”

2.INTEREST

Interest will be charged on unpaid principal until the full amount of Principal has been paid. I will pay interest at a yearly rate

of _______________%.

The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note.

3.PAYMENTS

(A) Time and Place of Payments

I will pay principal and interest by making a payment every month.

I will make my monthly payment on the _________ day of each month beginning on __________________, _____. I will

make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before Principal. If, on ______________________________, 20____, I still owe amounts under this Note, I will pay those amounts in

full on that date, which is called the “Maturity Date.”

I will make my monthly payments at _____________________________________________________________________

______________________________ or at a different place if required by the Note Holder.

(B) Amount of Monthly Payments

My monthly payment will be in the amount of U.S. $_______________________________.

4.BORROWER’S RIGHT TO PREPAY

I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a

“Prepayment.” When I make a Prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a Prepayment if I have not made all the monthly payments due under the Note.

I may make a full Prepayment or partial Prepayments without paying a Prepayment charge. The Note Holder will use my Prepayments to reduce the amount of Principal that I owe under this Note. However, the Note Holder may apply my Prepayment to the accrued and unpaid interest on the Prepayment amount, before applying my Prepayment to reduce the Principal amount of the Note. If I make a partial Prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes.

5.LOAN CHARGES

If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other

loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (b) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the Principal I owe under this Note or by making a direct payment to me. If a refund reduces Principal, the reduction will be treated as a partial Prepayment.

MULTISTATE FIXED RATE NOTE—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT

Form 3200 1/01 (page 1 of 3 pages)

6.BORROWER’S FAILURE TO PAY AS REQUIRED

(A) Late Charge for Overdue Payments

If the Note Holder has not received the full amount of any monthly payment by the end of ___________ calendar days after

the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be _____% of my overdue payment of

principal and interest. I will pay this late charge promptly but only once on each late payment.

(B) Default

If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.

(C) Notice of Default

If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of Principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means.

(D) No Waiver By Note Holder

Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time.

(E) Payment of Note Holder’s Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys’ fees.

7.GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by

delivering it or by mailing it by first class mail to me at the Property Address above or at a different address if I give the Note Holder a notice of my different address.

Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address.

8.OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this

Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note.

9.WAIVERS

I and any other person who has obligations under this Note waive the rights of Presentment and Notice of Dishonor.

“Presentment” means the right to require the Note Holder to demand payment of amounts due. “Notice of Dishonor” means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.

10.UNIFORM SECURED NOTE

This Note is a uniform instrument with limited variations in some jurisdictions. In addition to the protections given to the

Note Holder under this Note, a Mortgage, Deed of Trust, or Security Deed (the “Security Instrument”), dated the same date as this Note, protects the Note Holder from possible losses which might result if I do not keep the promises which I make in this Note. That Security Instrument describes how and under what conditions I may be required to make immediate payment in full of all amounts I owe under this Note. Some of those conditions are described as follows:

If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument. However, this option shall not be exercised by Lender if such exercise is prohibited by Applicable Law.

MULTISTATE FIXED RATE NOTE—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT

Form 3200 1/01 (page 2 of 3 pages)

If Lender exercises this option, Lender shall give Borrower notice of acceleration. The notice shall provide a period of not less than 30 days from the date the notice is given in accordance with Section 15 within which Borrower must pay all sums secured by this Security Instrument. If Borrower fails to pay these sums prior to the expiration of this period, Lender may invoke any remedies permitted by this Security Instrument without further notice or demand on Borrower.

WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED.

__________________________________________________________(Seal)

- Borrower

__________________________________________________________(Seal)

- Borrower

__________________________________________________________(Seal)

- Borrower

[Sign Original Only]

MULTISTATE FIXED RATE NOTE—Single Family—Fannie Mae/Freddie Mac UNIFORM INSTRUMENT

Form 3200 1/01 (page 3 of 3 pages)

How to Edit Fannie Mae 3200 Form Online for Free

3200 fannie mae can be filled in online in no time. Just try FormsPal PDF tool to perform the job fast. To maintain our editor on the cutting edge of convenience, we aim to implement user-driven features and enhancements regularly. We're at all times happy to get feedback - join us in revampimg PDF editing. It merely requires a couple of simple steps:

Step 1: Open the PDF inside our tool by clicking on the "Get Form Button" at the top of this webpage.

Step 2: Once you access the online editor, you will notice the document prepared to be filled in. Other than filling out different blank fields, you could also do various other things with the file, that is adding your own text, changing the initial textual content, adding images, putting your signature on the document, and a lot more.

This form will involve specific information; to guarantee consistency, you should pay attention to the next tips:

1. Whenever filling out the 3200 fannie mae, make sure to incorporate all essential fields within the relevant area. This will help to speed up the process, allowing for your information to be handled quickly and accurately.

fannie mae note forms conclusion process clarified (portion 1)

2. Once your current task is complete, take the next step – fill out all of these fields - A Time and Place of Payments I, I will make my monthly payments at, or at a different place if, B Amount of Monthly Payments My, BORROWERS RIGHT TO PREPAY, I have the right to make payments, I may make a full Prepayment or, and If a law which applies to this with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

fannie mae note forms conclusion process explained (portion 2)

3. This third step is usually easy - complete all of the empty fields in BORROWERS FAILURE TO PAY AS, A Late Charge for Overdue Payments, B Default If I do not pay the full, D No Waiver By Note Holder Even if, Note Holder will still have the, E Payment of Note Holders Costs, Unless applicable law requires a, and Any notice that must be given to in order to complete this part.

fannie mae note forms conclusion process described (stage 3)

4. To move ahead, this section involves typing in several form blanks. These include WITNESS THE HANDS AND SEALS OF THE, Seal Borrower, Seal Borrower, Seal Borrower, and Sign Original Only, which are crucial to moving forward with this document.

fannie mae note forms conclusion process detailed (step 4)

As to WITNESS THE HANDS AND SEALS OF THE and Seal Borrower, be certain you get them right in this section. Both these are definitely the key ones in this document.

Step 3: After taking another look at the entries, press "Done" and you are all set! Get your 3200 fannie mae once you join for a 7-day free trial. Readily access the document from your FormsPal account page, along with any modifications and changes being all synced! FormsPal ensures your information privacy with a protected system that never saves or shares any kind of private information provided. Be assured knowing your files are kept safe any time you use our service!