Form Hud 92800 5B PDF Details

The HUD 92800.5B form, officially titled "Conditional Commitment Direct Endorsement Statement of Appraised Value," plays a pivotal role in the financing process for homes under the jurisdiction of the U.S. Department of Housing and Urban Development (HUD). This document is an essential tool used by lenders to gain HUD's conditional commitment for mortgage insurance on properties that fall under the National Housing Act. Specifically designed for both proposed and existing construction properties, the form details the terms and conditions under which HUD agrees to insure a mortgage. These terms include the maximum mortgage amount and term, which can be adjusted based on the borrower's financial standing, along with property standards that need to be met or exceeded. The form also outlines specific conditions that must be satisfied before a Firm Commitment for Mortgage Insurance can be issued, covering a wide range of requirements from soil poisoning for termite control in new constructions to the provision of manufacturer warranties for various home systems. For homebuyers, understanding the implications and requirements laid out in the HUD 92800.5B form is crucial, as it affects the approval of mortgage insurance and ultimately, the purchase of a home. Additionally, the document serves as a reminder of the importance of thorough property inspection and the need for a comprehensive warranty, especially in new constructions, ensuring the buyer is protected before finalizing the property purchase. This form, which must be completed with current valid OMB control numbers, encapsulates a commitment to uphold property standards and enforce codes, thereby safeguarding the interests of both the mortgagee and mortgagor.

QuestionAnswer
Form NameForm Hud 92800 5B
Form Length6 pages
Fillable?No
Fillable fields0
Avg. time to fill out1 min 30 sec
Other namesconditional commitment direct endorsement form, conditional commitment direct endorsement statement of appraised value, fha conditional commitment pdf, 92800 5b

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Conditional Commitment

Direct Endorsement

Statement of Appraised Value

U.S. Department of Housing

OMB Approval No. 2502-0494

and Urban Development

(exp. 05/31/2017)

Office of Housing

 

Federal Housing Commissioner

 

General Commitment Conditions

1. Maximum Mortgage Amount and Term:

(a)Occupant Mortgagors: Mortgage amount and terms assume satisfactory owner-occupant mortgagor(s). They may be changed depending upon the rating of borrower, his/her income and credit.

(b)Changes: the Commissioner or Direct Endorsement (DE) Underwriter may, after reviewing pertinent information, change the mortgage amount and term.

2.Approval of Borrower: A determination for approval will be based upon receipt of acceptable application for mortgage credit analysis.

3.Validity Period: This document expires 120 days from the effective date of the appraisal or the appraisal update.

4.Cancellation: This document may be cancelled after 60 days from the date of issuance if construction has not started.

5.Property Standards: All construction, repairs, or alterations proposed in the application or on the construction exhibits returned herewith must equal or exceed applicable codes and HUD minimum property standards or requirements.

Information: The estimates of fire insurance and taxes are furnished for mortgagee’s and mortgagor’s information. They must be used to prepare the Addendum to the Uniform Residential Loan Application, form HUD-92900-A, when a firm commitment is desired.

Commitment Terms

Conditional Commitment for Mortgage Insurance under the National Housing Act, Sec.

 

 

See below

By:

 

Action Date

 

 

 

Lender ID

FHA Case No.

Sponsor/Agent

INSTCase Ref. No.

Mortgagee

 

Est. Value of Prop.$

Property Address:

 

Existing

 

 

Proposed

Monthly Expense Estimate

 

(see gen. cond. 3)

 

 

Fire Insurance

$

 

 

 

 

 

Taxes

$

Commitment Issued

 

 

Commitment Expires

 

 

Improved Living

 

 

Condo. Com. Exp.

... $

 

Area

Sq. Ft.

Total

$

Specific Commitment Conditions (Applicable when checked)

HUD’s commitment to insure a mortgage on this property is dependent on the completion of the conditions listed below. HUD Does Not Guarantee the work done to comply with the conditions.

Estimated Remaining Economic Life of this property is

years.

This property

 

is,

 

is not eligible for maximum financing (high loan-to-value ratio mortgage).

 

 

 

 

 

 

 

 

Manufactured Housing

Assurance of Completion: If the required repairs cannot be completed prior to submission of closing papers, form HUD-92300 made in

the amount of $(or such additional amount as the lender desires) may be established as the means to ensure completion.

See indicated additional items on attached:

See the following additional conditions on the back:

Lender's Copy

form HUD-92800.5B (6/2010)

 

ref. Handbook 4150.1

Public reporting burden for this collection of information is estimated to average seven minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and main- taining the data needed, and completing and reviewing the collection of information. This information is required to obtain benefits. HUD may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.

Section 203 of the National Housing Act authorizes the Secretary of the Department of Housing and Urban

Development to insure mortgages on appraisal and commitment/direct endorsement statement of appraised value on a designated property.

This form serves as the application for individual “proposed construction” and “existing construc- tion” properties.

The Conditional Commitment / Direct Endorse- ment Statement of Appraised Value (Form HUD- 92800.5B) sets forththe terms upon which the commitment/direct endorsement statement of appraised value is made and the specific conditions that must be met before HUD can endorse a Firm Commitment for Mortgage Insurance.

Responses to the collection of information are required to obtain mortgage insurance. Informa- tion contained in these collections will be used only for the purpose of determining the eligibility of a property for mortgage insurance. The informa- tion is considered confidential. While no assur- ances of confidentiality are pledged to respon- dents, HUD generally discloses this data only in response to a Freedom of Information request.

Specific Commitment Conditions (Applicable when indicated on the front of this form)

B.Proposed Construction: The builder or mortgagee must notify the assigned Fee Inspector as appropriate (see items 11, 12, and 13 below).

C.Warranty: Form HUD-92544 is required on all new construc- tion and shall be executed between the builder and the purchaser.

D.Section 223: This commitment is issued pursuant to Section 223(e).

E.Health Authority Approval: Submit local health authority approval (on a form or letter) indicating the individual water supply and/or sewage disposal system is acceptable.

F.Reserved.

G.Prefabricator’s Certificate: The Lender shall provide a prefabrication certificate as required by the related engineering bulletin.

H.Termite Control: (Proposed Construction) If soil poisioning is used, the builder shall complete form HUD-92052, Termite Soil Treatment Guarantee, and transmit a copy to HUD or the Direct Endorsement Underwriter. The Mortgagee will deliver the original and a copy to the mortgagor at closing.

I.Flood Insurance Requirement: This property is located in a special flood hazard area and must be covered by flood insuranceinaccordancewithHUD regulation 24 CFR 203.16a.

J.Carpet Identification: (as listed in Certified Products Direc- tory) Manufacturer recommended maintenance program must be provided to the homebuyer.

K.Termite Control (Existing Construction): A recognized ter- mite control operator shall furnish certification using form NCPA-1, or State-mandated form, that the house and other

structures within the legal boundaries of the property indicate no evidence of active termite infestation.

L.CodeEnforcement: The lender shall submit a statement from the public authority that the property meets local code require- ments. If the mortgage on the property is to be insured under Section 221(d)(2), a code compliance inspection is required.

M.Repairs: The lender shall notify the original appraiser upon completion of required repairs, unless otherwise instructed.

N.Lender's Certificate of Completion: The lender shall furnish a certificate that required repairs have been examined and were satisfactorily completed.

O.Manufacturers Warranties must be provided to the homebuyer covering heating/cooling systems, hot water heat- ers, ranges, etc.

P.Initial Inspection (2 working days) is requested before the “beginning of construction” with forms in place.

Q.Frame Inspection (1 working day) is requested when the building is enclosed and framing, plumbing, heating, electrical, and insulation is complete and visible.

R.FinalInspectionis requested when construction is completed and the property ready for occupancy.

S.Insulation Certificate must be posted in a conspicuous location in the dwelling.

T.The Insured Protection Plan Warranty Agreement shall be executed between the builder and the homebuyer.

U.The lender shall furnish a certificate of occupancy or letter of acceptance from the local building authority.

Conditional Commitment

Direct Endorsement

Statement of Appraised Value

U.S. Department of Housing

OMB Approval No.

and Urban Development

2502-0494 (exp. 05/31/2017)

Office of Housing

 

Federal Housing Commissioner

 

General Commitment Conditions

1. Maximum Mortgage Amount and Term:

(a)Occupant Mortgagors: Mortgage amount and terms assume satisfactory owner-occupant mortgagor(s). They may be changed depending upon the rating of borrower, his/her income and credit.

(b)Changes: the Commissioner or Direct Endorsement (DE) Underwriter may, after reviewing pertinent information, change the mortgage amount and term.

2.Approval of Borrower: A determination for approval will be based upon receipt of acceptable application for mortgage credit analysis.

3.Validity Period: This document expires 120 days from the effective date of the appraisal or the appraisal date.

4.Cancellation: This document may be cancelled after 60 days from the date of issuance if construction has not started.

5.Property Standards: All construction, repairs, or alterations proposed in the application or on the construction exhibits returned herewith must equal or exceed applicable codes and HUD minimum property standards or requirements.

Information: The estimates of fire insurance and taxes are furnished for mortgagee’s and mortgagor’s information. They must be used to prepare the Addendum to the Uniform Residential Loan Application, form HUD-92900-A, when a firm commitment is desired.

Commitment Terms

Conditional Commitment for Mortgage Insurance under the National Housing Act, Sec.

 

 

See below

By:

 

Action Date

 

 

 

Lender ID

FHA Case No.

Sponsor/Agent

INSTCase Ref. No.

Mortgagee

 

Est. Value of Prop.$

Property Address:

 

Existing

 

 

Proposed

Monthly Expense Estimate

 

(see gen. cond. 3)

 

 

Fire Insurance

$

 

 

 

 

 

Taxes

$

Commitment Issued

 

 

Commitment Expires

 

 

Improved Living

 

 

Condo. Com. Exp.

... $

 

Area

Sq. Ft.

Total

$

Specific Commitment Conditions (Applicable when checked)

HUD’s commitment to insure a mortgage on this property is dependent on the completion of the conditions listed below. HUD Does Not Guarantee the work done to comply with the conditions.

Estimated Remaining Economic Life of this property is

years.

This property

 

is,

 

is not eligible for maximum financing (high loan-to-value ratio mortgage).

 

 

 

 

 

 

 

 

Manufactured Housing

Assurance of Completion: If the required repairs cannot be completed prior to submission of closing papers, form HUD-92300 made in

the amount of $(or such additional amount as the lender desires) may be established as the means to ensure completion.

See indicated additional items on attached:

See the following additional conditions on the back:

Case Binder Copy

form HUD-92800.5B (6/2010)

 

ref. Handbook 4150.1

Public reporting burden for this collection of information is estimated to average seven minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and main- taining the data needed, and completing and reviewing the collection of information. This information is required to obtain benefits. HUD may not collect this information, and you are not required to complete this form, unless it displays a currently valid OMB control number.

Section 203 of the National Housing Act authorizes the Secretary of the Department of Housing and Urban

Development to insure mortgages on appraisal and commitment/direct endorsement statement of appraised value on a designated property. This form serves as the application for individual “proposed construction” and “existing construc- tion” properties.

The Conditional Commitment / Direct Endorse- ment Statement of Appraised Value (Form HUD- 92800.5B) sets forththe terms upon which the commitment/direct endorsement statement of appraised value is made and the specific conditions that must be met before HUD can endorse a Firm Commitment for Mortgage Insurance.

Responses to the collection of information are required to obtain mortgage insurance. Information contained in these collections will be used only for the purpose of determining the eligibility of a property for mortgage insurance. The information is considered confidential. While no assurances of confidentiality are pledged to respondents, HUD generally discloses this data only in response to a Freedom of Information request.

Specific Commitment Conditions (Applicable when indicated on the front of this form)

B.Proposed Construction: When utilizing a FHA Compliance Inspector, the builder or mortgagee must notify the assigned Fee Inspector as appropriate (see items 11, 12, and 13 below).

C.Warranty: Form HUD-92544 is required on all new construc- tion and shall be executed between the builder and the purchaser.

D.Section 223: This commitment is issued pursuant to Section 223(e).

E.Health Authority Approval: Submit local health authority approval (on a form or letter) indicating the individual water supply and/or sewage disposal system is acceptable.

F.Reserved.

G.Prefabricator’s Certificate: The Lender shall provide a prefabrication certificate as required by the related engineering bulletin.

H.Termite Control: (Proposed Construction) If soil poisioning is used, the builder shall complete form HUD-92052, Termite Soil Treatment Guarantee, and transmit a copy to HUD or the Direct Endorsement Underwriter. The Mortgagee will deliver the original and a copy to the mortgagor at closing.

I.Flood Insurance Requirement: This property is located in a special flood hazard area and must be covered by flood insuranceinaccordancewithHUD regulation 24 CFR 203.16a.

J.Carpet Identification: (as listed in Certified Products Direc- tory) Manufacturer recommended maintenance program must be provided to the homebuyer.

K.Termite Control (Existing Construction): A recognized ter- mite control operator shall furnish certification using form NCPA-1, or State-mandated form, that the house and other

structures within the legal boundaries of the property indicate no evidence of active termite infestation.

L.CodeEnforcement: The lender shall submit a statement from the public authority that the property meets local code require- ments. If the mortgage on the property is to be insured under Section 221(d)(2), a code compliance inspection is required.

M.Repairs: The lender shall notify the original appraiser upon completion of required repairs, unless otherwise instructed.

N.Lender's Certificate of Completion: The lender shall furnish a certificate that required repairs have been examined and were satisfactorily completed.

O.Manufacturers Warranties must be provided to the homebuyer covering heating/cooling systems, hot water heat- ers, ranges, etc.

P.Initial Inspection (2 working days) is requested before the “beginning of construction” with forms in place.

Q.Frame Inspection (1 working day) is requested when the building is enclosed and framing, plumbing, heating, electrical, and insulation is complete and visible.

R.FinalInspectionis requested when construction is completed and the property ready for occupancy.

S.Insulation Certificate must be posted in a conspicuous location in the dwelling.

T.The Insured Protection Plan Warranty Agreement shall be executed between the builder and the homebuyer.

U.The lender shall furnish a certificate of occupancy or letter of acceptance from the local building authority.

Conditional Commitment

Direct Endorsement

Statement of Appraised Value

U.S. Department of Housing

OMB Approval No.

and Urban Development

2502-0494 (exp. 05/31/2017)

Office of Housing

 

Federal Housing Commissioner

 

Attention Homebuyers This property is not FHA Approved and FHA does not warrant the condition or the value of the property. However, FHA will insure a mortgage on the property if certain conditions are met.

For Existing Houses: If you are buying a house which has been lived in before, be sure the house is in acceptable condition before signing a purchase contract. An appraisal is made only to estimate the value of the property. This appraisal does not guarantee that the house is free from defects. HUD cannot give you money for repairs so you must protect yourself before you buy. You should inspect the property carefully and you are encouraged to hire a private home inspection service. Look in the telephone book or the internet for such services.

FHA does not perform home inspections.

For New Homes: If you are buying a new home, HUD requires the builder to provide a one-year warranty. Please read carefully the information on the back of this form under the heading “new construction.”

Fair Housing & Equal Opportunity Hotline: (800) 424-8590

The law requires that borrowers using HUD-insured financing must receive a copy of this form prior to the purchase of property.

Grace Period: If this application is rejected, the lender may request reconsid- eration within 60 days of the last rejection date. Where a sales contract is signed prior to the expiration of the Conditional Commitment/Direct Endorse- ment Statement of Appraised Value, a lender has 30 days to process or submit an application to the Field Office for a Firm Commitment. A Firm Commitment with a term of 90 days may be issued.

Estimated Value of Property : The amount HUD considers the property to be worth.

Monthly Expense Estimates:The estimated amounts you will pay for hazard/fire insurance and real estate taxes. If you are buying within a condominium or planned unit development, this also includes the condominium or homeowners association fees that you must pay.

Commitment Terms

Conditional Commitment for Mortgage Insurance under the National Housing Act, Sec.

 

 

See below

By:

 

Action Date

 

 

 

Lender ID

FHA Case No.

Sponsor/Agent

INSTCase Ref. No.

Mortgagee

 

Est. Value of Prop.$

Property Address:

 

Existing

 

 

Proposed

Monthly Expense Estimate

 

(see gen. cond. 3)

 

 

Fire Insurance

$

 

 

 

 

 

Taxes

$

Commitment Issued

 

 

Commitment Expires

 

 

Improved Living

 

 

Condo. Com. Exp.

... $

 

Area

Sq. Ft.

Total

$

Specific Commitment Conditions (Applicable when checked)

HUD’s commitment to insure a mortgage on this property is dependent on the completion of the conditions listed below. HUD Does Not Guarantee the work done to comply with the conditions.

Estimated Remaining Economic Life of this property is

years.

This property

 

is,

 

is not eligible for maximum financing (high loan-to-value ratio mortgage).

 

 

 

 

 

 

 

 

Manufactured Housing

Assurance of Completion: If the required repairs cannot be completed prior to submission of closing papers, form HUD-92300 made in

the amount of $(or such additional amount as the lender desires) may be established as the means to ensure completion.

See indicated additional items on attached:

See the following additional conditions on the back:

This form must be delivered to the borrower promptly, but no later than at the time of the borrower’s signing of the Uniform Residential Loan Application (URLA) and Addendum (form HUD-92900-A).

Homebuyer's Copy

form HUD-92800.5B (6/2010)

 

ref. Handbook 4150.1

Specific Commitment Conditions (Applicable when indicated on the front

 

mandated form, that the house and other structures within the legal

 

of this form)

 

 

 

 

 

 

 

 

 

boundaries of the property indicate no evidence of active termite

B. Proposed Construction:

 

The builder or mortgagee must notify the

 

infestation.

 

 

 

 

 

 

 

 

 

 

 

 

L.

Code Enforcement:

The lender shall submit a statement from the

 

assigned Fee Inspector as appropriate (see items 11, 12, and 13

 

below).

 

 

 

 

 

 

 

 

 

public authority that the property meets local code requirements.

C.

Warranty: Form HUD-92544 is required on all new construction and

M. Repairs: The lender shall notify the original appraiser upon completion

 

shall be executed between the builder and the purchaser.

 

 

 

of required repairs, unless otherwise instructed.

 

 

 

D.

Section 223: This commitment is issued pursuant to Section 223(e).

N. Lender's Certificate of Completion:

The lender

shall furnish a

E.

Health Authority Approval: Submit local health authority approval

 

certificate that required repairs have been examined and were satisfac-

 

torily completed.

 

 

 

 

 

 

 

 

 

 

(on a form or letter) indicating the individual water supply and/or

 

 

 

 

 

 

 

 

 

 

 

O. Manufacturers Warranties

must

be

provided to

the homebuyer

 

sewage disposal system is acceptable.

 

 

 

 

F.

Reserved.

 

 

 

 

 

 

 

 

covering heating/cooling systems, hot water heaters, ranges, etc.

 

 

 

 

 

 

 

P.

Initial Inspection (2 working days) is requested before the “beginning

G.

Prefabricator’s Certificate: The Lender shall provide a prefabrication

 

of construction” with forms in place.

 

 

 

 

 

certificate as required by the related engineering bulletin.

 

 

 

 

 

 

 

 

 

 

Q. Frame Inspection (1 working day) is requested when the building is

H.

Termite Control (Proposed Construction): If soil poisioning is used,

 

enclosed and framing, plumbing, heating, electrical, and insulation is

 

the builder shall complete form HUD-NPCA-99-A, Termite Soil Treat-

 

 

 

complete and visible.

 

 

 

 

 

 

 

 

 

ment Guarantee, and transmit a copy to HUD or the Direct Endorse-

 

 

 

 

 

 

 

 

 

 

R. Final Inspection is requested when construction is completed and the

 

ment Underwriter. The Mortgagee will deliver the original and a copy

 

to the mortgagor at closing.

 

 

 

 

 

property ready for occupancy.

 

 

 

 

 

I.

Flood Insurance Requirement: This property is located in a special

S. Insulation Certificate must be posted in a conspicuous location in the

 

flood hazard area and must be covered by flood insurance in accor-

 

dwelling.

 

 

 

 

 

 

 

 

 

 

 

 

dance with HUD regulation 24 CFR 203.16a.

 

 

 

T. The Insured Protection Plan Warranty Agreementshall be executed

J.

Carpet Identification:

(as listed in Certified

Products

Directory)

 

between the builder and the homebuyer.

 

 

 

U. The lender shall furnish a certificate of occupancy or letter of accep-

 

Manufacturer recommended maintenance program must be provided

 

 

tance from the local building authority.

 

 

 

 

 

to the homebuyer.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

K.

Termite Control: (Existing Construction) A recognized termite control

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

operator shall furnish certification using form NPMA-33, or State-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AdvicetoHomebuyers If your application was processed by a Direct

Estimated Monthly Expenses:

These are costs associated

with

homeowner-

Endorsement (DE) lender, you should first contact them for assistance before

ship which HUD believes the home-owners will have to pay when living in the

calling HUD.

 

 

 

 

 

 

 

property.

Two examples of “estimated monthly expenses” are fire insurance and

Prepaid Items:

These are charges that normally will be paid at closing and are

taxes, which are

paid

to

your

lender each

month as part of

your

mortgage

payment.

These

are

put

into

your

escrow

account.

 

 

 

recurring in

nature. They include

such items as

funds for

real estate

taxes

and

 

 

 

OtherCostsofHomeownership:

Utilities

are usually

paid

monthly to

hazard

insurance.

The amount

of these items

will vary

depending

upon

the

whomever provides the service. Also, you should save a certain amount

closing

date.

No

estimate is provided with this

statement.

 

 

 

 

each month to cover repair and maintenance costs which will come up while

Escrow Account: This is a special account that your lender will keep on

you own your home.

 

 

 

 

 

 

 

 

 

your behalf to save the necessary funds to pay certain future bills. Your

 

 

 

 

 

 

 

 

 

Late Payments: If you do not pay your mortgage payment within 15 days

mortgage payment will include, in addition to an amount for interest and

from the 1st day of the month, you can be charged a penalty. This may be

principal, amounts to cover such items as property taxes, hazard insur-

4 cents for each dollar of your payment.

 

 

 

 

ance, and, for certain FHA programs, the mortgage insurance premium.

 

 

 

 

New Construction: After

specifications

are

accepted by

HUD

or a direct

These charges are collected in advance so that your lender will have

endorsement lender, the builder is required to warrant that the house substan-

enough money in the account to apply the charge when it comes due.

tially conforms to approved plans and specifications. This warranty is for 1 year

Generally, 1/12 of the next year’s estimated charges will be the amount

following the date on which title is transferred to the original buyer or the date on

collected with each of your monthly mortgage payments. Bear in mind that

which the house was first lived in, which ever happens first. If, during the

in most communities taxes and other operating costs are increasing. The

warranty

period,

you notice

defects for

which you believe the builder is

estimates should give some idea of what you can expect the costs to be at

responsible, ask him in writing to fix them. If he does not fix them, write your

the beginning.

In some areas the estimate of taxes may also include

lender or HUD. Include your FHA case number. If inspection shows the builder

charges such as sewer charges, garbage collection fee, water rates, etc.

to be at fault, your lender or HUD will try to persuade him to fix the defect. If

Mortgage Insurance Premium:

The amount for insuring your mortgage.

he does not, you may be able to obtain legal relief under the builder’s warranty.

The premium may be in the form of an upfront charge and/or a monthly

charge depending upon the section of the Housing Act under which your

Where a structural defect is involved, HUD can provide money for corrections

under certain conditions. You cannot expect the builder to fix damage caused

mortgage is insured. Your lender can provide you with specific information

by ordinary wear and tear or by by poor maintenance. Keeping the house in

about your transaction.

good condition is your responsibility.

 

Weatherization. Contact your local utility company or other qualified person or firm for home energy audit. If energy-related improvements are required, the value of your property may be increased to include the following: thermostats; insulation wrap for water heaters; insulation of ducts and pipes in unheated spaces of heating/cooling systems; attic insulation; insulation for floors and foundation walls; installation of weather-stripping/caulking; installation of storm windows/doors. The value may be increased by up to: (a) $2,000 without a separate value determination; (b) $3,500 if supported by a value determination by an approved appraiser; or (c) more than $3,500 subject to value determination by the VA/HUD, as applicable, and subsequent endorsement of the VA Certificate of Reasonable Value, HUD Conditional Commitment, or Statement of Appraised Value.

Sales Contract: It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accor- dance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the property of not less than

$. The purchaser shall have the privilege and

option of proceeding with consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable.

Amount to be Borrowed When you borrow to buy a home, you pay interest and other charges which add to your cost. A larger downpayment will result in a smaller mortgage. Borrow as little as you need and repay in the shortest time.

Homebuyer's Copy

form HUD-92800.5B

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