Form Rd 1940 41 PDF Details

In the realm of rural housing support, the Form RD 1940-41 plays a pivotal role, especially within the context of loan assumptions and Credit/REO sales. Issued by the United States Department of Agriculture's (USDA) Rural Housing Service, this document, last revised in July 2005, serves as a comprehensive Truth in Lending Statement. It is crafted to transparently present the financial responsibilities and rights of those seeking to assume a loan or enter into a credit sale subject to Real Estate Settlement Procedures Act (RESPA) regulations, including the right to cancel. Specifics from the form reveal critical financial figures such as the annual percentage rate (APR), the total amount financed, the total of all payments expected, and the finance charge, aimed at offering a clear understanding of the overall cost of credit. Beyond these key figures, the form also delineates terms regarding the total sale price, itemization of the financed amount, payment schedules, insurance requirements, security interests, and conditions concerning late payments, prepayment, and loan assumption. Such details ensure applicants are well-informed of their obligations and the terms of their agreement, fulfilling the USDA's mandate to provide clear and concise lending information. Additionally, the form acts in compliance with the Paperwork Reduction Act of 1995, displaying a valid Office of Management and Budget (OMB) control number and thus verifying its legitimacy and requirement. Through its comprehensive nature, the RD 1940-41 form embodies the USDA's commitment to transparency and borrower rights in the financial aspects of rural housing transactions.

QuestionAnswer
Form NameForm Rd 1940 41
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesRD1940 41 usda assumption truth in lending form

Form Preview Example

% of the payment.

Form RD 1940-41

UNITED STATES DEPARTMENT OF AGRICULTURE

(Rev. 07-05)

RURAL HOUSING SERVICE

 

TRUTH IN LENDING STATEMENT

Form Approved

OMB No. 0575-0172

Loan

Assumption Credit/REO Sale subject to:

RESPA

Right to Cancel

To:

 

Lender: USDA

 

 

 

Loan Type

Date

ANNUAL

Amount

Total of

 

FINANCE

PERCENTAGE

Financed

Payments

 

CHARGE

 

 

 

 

 

 

 

 

 

 

RATE*

The amount of credit

The amount you will have

 

The dollar amount the

 

 

 

 

 

 

 

 

 

 

The cost of your credit

provided to you or on

paid after you have made

 

credit will cost you.

 

 

 

 

 

 

 

 

 

 

as a yearly rate.

your behalf.

all payments scheduled.

 

 

 

%

 

$

 

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sale Price

The total cost of your purchase on credit, including your down payment of

$

$

(Credit Sales)

*The annual percentage rate does not take into account any deposit you may have been required to make by USDA.

You have a right at this time to receive an itemization of the Amount Financed.

 

 

 

 

 

 

I want an itemization

 

 

 

I do not want an itemization

 

 

 

 

 

Your payment schedule will be:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of payments

Amount of each payment

 

 

When payments are due

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance: You may obtain insurance against loss or damage to property, or against liability arising out of ownership or use of the property, if required, from any recognized insurer you want.

Security: You are giving a security interest in:

 

the property being purchased

 

 

 

 

 

 

 

 

 

 

 

 

(brief description of other property)

Late Charge: If a payment is late, you will be charged

Prepayment: If you pay off early, you will not have to pay a penalty.

Assumption: Someone buying your house may, subject to conditions may not assume the remainder of the mortgage on the original terms.

See your loan documents (mortgage of deed of trust, promissory note, payment assistance, subsidy repayment agreement) for additional information about prepayments, default, and any required repayment in full before the scheduled date.

(NOTE: The above disclosures do not take into account any subsidy which may be granted, subject to conditions, in the form of payment assistance.)

I acknowledge receipt of the above disclosures. I received an original of this statement prior to becoming legally obligated to the lender. I under- stand that numerical amounts shown on this form are estimates only and that this is not notice of loan approval.

(Applicant)

(Applicant)

According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information collection is 0575-0172. The time required to complete this information collection is estimated to average 5 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.

$
$
$
$

Itemization of the Amount Financed of $

 

 

 

 

 

 

 

 

$

 

 

Amount given to you directly.

$

 

 

Amount paid on your account,

 

 

 

 

 

 

 

Amount paid to other on your behalf:

to (public officials) (credit bureau). to (name of other creditor).

to (other).

Prepaid finance charge.

Page 2 - RD 1940-41

How to Edit Form Rd 1940 41 Online for Free

When working in the online tool for PDF editing by FormsPal, you can fill in or edit Form Rd 1940 41 right here. Our team is continuously working to improve the editor and make it much better for users with its cutting-edge functions. Enjoy an ever-evolving experience today! Here's what you would need to do to get started:

Step 1: Open the form in our tool by hitting the "Get Form Button" in the top part of this webpage.

Step 2: This editor gives you the capability to change PDF documents in various ways. Change it by including your own text, adjust existing content, and include a signature - all possible within a few minutes!

With regards to the blank fields of this particular PDF, here is what you want to do:

1. Whenever submitting the Form Rd 1940 41, ensure to incorporate all of the important blank fields within its associated part. This will help to facilitate the work, making it possible for your information to be processed fast and correctly.

Tips to prepare Form Rd 1940 41 step 1

2. Once the previous section is completed, you're ready to add the essential particulars in The annual percentage rate does, You have a right at this time to, I want an itemization, Your payment schedule will be, I do not want an itemization, Number of payments, Amount of each payment, When payments are due, Credit Sales, Insurance You may obtain insurance, Security You are giving a security, the property being purchased, Late Charge If a payment is late, of the payment, and brief description of other property so you can progress to the 3rd part.

Form Rd 1940 41 completion process outlined (stage 2)

3. Completing Late Charge If a payment is late, Assumption Someone buying your, may subject to conditions may not, See your loan documents mortgage, NOTE The above disclosures do not, I acknowledge receipt of the above, Applicant, Applicant, and According to the Paperwork is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

How you can fill out Form Rd 1940 41 portion 3

People often make mistakes while completing Assumption Someone buying your in this section. Be certain to review what you enter here.

4. Filling out Itemization of the Amount Financed, Amount given to you directly, Amount paid on your account, Amount paid to other on your behalf, to public officials credit bureau, to name of other creditor, to other, and Prepaid finance charge is paramount in the fourth section - you'll want to be patient and be attentive with every blank area!

The right way to complete Form Rd 1940 41 portion 4

5. The very last point to finish this form is critical. Be sure to fill in the necessary form fields, particularly , prior to submitting. Neglecting to accomplish that could lead to an incomplete and potentially unacceptable paper!

Step # 5 of filling out Form Rd 1940 41

Step 3: Immediately after looking through your fields and details, hit "Done" and you are done and dusted! Sign up with us now and instantly obtain Form Rd 1940 41, prepared for download. All alterations you make are preserved , making it possible to change the file at a later stage when required. FormsPal guarantees your data privacy via a secure method that in no way records or shares any type of private information provided. Rest assured knowing your documents are kept safe whenever you work with our editor!