Form Rd 3550-25 (Rev. 12-08) Rural Development
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3RURAL DEVELOPMENT
Form RD 3550-25
(Rev. 12-08)
SUBJECT: Loan Closing Instructions and Loan Closing Statement
RD Account No:
LEVERAGED/PARTICIPATION LOAN:
FOR:
(1)
$
Name of Borrower(s)
(2)
$
(3)
TO:
$
Name of Closing Agent/Attorney
Reference is made to Form RD 1927-4, ''Transmittal of Title Information,'' dated
.
Loan funds will be deposited in your escrow account via an Automated Clearing House transfer on or before the proposed closing
. Please notify the Rural Development local office if there are any changes in the proposed/actual
date of
, 20
closing date. Funds must be handled pursuant to RD Instruction 1927-B (7 CFR Part 1927, Subpart B) and other instructions enclosed.
Notify the applicant of all loan closing requirements and closing date. If the loan is not closed within 5 working days of the proposed closing date,
loan funds will be removed electronically from your escrow account.
Our requirements regarding the exceptions in your preliminary title opinion or title insurance binder No.
dated
are as follows:
, 20
No.
must be removed.
No.
must be changed as follows:
No.
must be subordinated to the lien of the United States which will be created at loan closing.
No.
may remain ahead of the lien of the United States which will be created at loan closing.
The applicable requirements checked below must be met at or before loan closing:
Verify balances secured by liens referred to in the following exceptions:
No.
must not exceed $
at loan closing.
No.
at loan closing.
must not exceed $
No.
at loan closing.
must not exceed $
Applicant must have provided to Rural Development a paid in full receipt for a one-year standard fire and extended coverage insurance
policy or binder, and flood insurance, if applicable. The "United States of America, acting through the Rural Housing Service or its
successor agency" must be shown in either a mortgage clause or on the declaration page in the order of priority of their mortgage. The
address should be: USDA, Rural Development, Centralized Servicing Center, Attn: Insurance Department, P.O. Box 66876, St. Louis,
Missouri 63166.
All requirements of Form RD 3550-7, " Funding Commitment and Notification of Loan Closing," must be met prior to/or at loan closing.
Survey.
Other :
Borrower has rescission rights. The following disbursements must not be issued until the rescission period has expired.
Rural Development loan funds of $
, Leveraged/Participation funds of $
, plus $
(estimate) of borrower's personal funds required by Rural Development to be deposited in escrow with you will be disbursed as follows:
Pay $
to
Pay $
to
Pay $
to
Pay $
to
Pay $
to
Pay $
to
Pay a sum not exceeding
for borrower's share of closing costs.
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