1980-80, 2013, Conditional Commitment For Single Family Housing Loan Guarantee

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USDA-RD
FORM APPROVED
Form RD 1980-18
OMB NO. 0575-0078
(Rev. 05-2013)
CONDITIONAL COMMITMENT FOR
SINGLE FAMILY HOUSING LOAN GUARANTEE
Borrower ID:
TO: Lender's Name and Address
(USDA 9 digit ID, not SSN)
State:
County:
State Code:
County Code:
Borrower
Principal Amount of Loan
$
Borrower SSN:
From an examination of information supplied by the Lender on the above proposed loan, and other relevant information deemed
necessary, it appears that the transaction can be properly completed.
Therefore, the United States of America acting through the Rural Housing Service (RHS), or its successor (herein referred to as Agency)
hereby agrees that, in accordance with applicable provisions of the Agency regulations published in the Federal Register and related
forms, it will execute Form RD 1980-17, ''Loan Note Guarantee,'' subject to the conditions and requirements specified in said
regulations and below.
The up-front Loan Note Guarantee fee payable by the Lender to Agency is $
.
1
The interest rate for the loan is
% .
The annual fee for the first year of the loan, based upon the above stated principal amount of loan and stated interest rate of this
2
commitment, is $
.
A Loan Note Guarantee will not be issued until the Lender certifies as required in 7 CFR part 1980, Subpart D, section 1980.360
that there has been no adverse change(s) in the Borrower's financial condition, nor any other adverse change in the Borrower's condition
during the period of time from Agency's issuance of this conditional commitment to issuance of the Loan Note Guarantee. The Lender's
certification must address all adverse changes and be supported by financial statements of the Borrower and its guarantors not more than
60 days old at the time of certification.
This conditional commitment becomes null and void unless the Lender submits their request for Loan Note Guarantee in accordance
with 7 CFR part 1980, Subpart D, section 1980.361 within 60 days from date of loan closing. Except as set out below, the purposes for
which the loan funds will be used and the amounts to be used for such purposes are set out on Form RD 1980-21, "Request for Single
Family Housing Loan Guarantee." Once this instrument is executed and returned to the Agency, no major change of conditions or
approved loan purpose as listed on these forms will be considered.
3
Additional Conditions and Requirements including source and use of funds:
See Attachment to this form for conditions and requirements.
x
The attached "Lender Certification for SFH Guaranteed Loan" must be completed and executed by Lender prior to issuance of
a Loan Note Guarantee.
Subject to conditions in the final official GUS Underwriting Finding Report.
No additional conditions.
Additional conditions and requirements:
4
unless the time is extended in writing by the Agency, or upon
This conditional commitment will expire on
the Lender's earlier notification to the Agency that it does not desire to obtain an Agency guarantee.
UNITED STATES OF AMERICA
By:
Date:
(Title)
1
Insert fixed interest rate.
2
The annual fee is calculated each year at
% of unpaid balance. The annual fee for the first year will be calculated when the loan is closed based upon the loan
amount. Thereafter, the annual fee is calculated every 12 months based upon the average scheduled amortized unpaid principal balance. Billing for the annual fee will
begin 12 months from the date of loan. The amount of this Commitment is based upon the stated principal loan amount and interest rate. Changes to either element will
change the annual fee amount.
Insert any additional conditions or requirements in this space or on an attachment referred to in this space; otherwise, select "No additional conditions."
3
The Agency will determine the expiration date of this contract. This data will not exceed 90 days from the date of issuance. The Agency may grant one (1) 90 day
4
extension. Consideration will be given to the date indicated by the Lender in the acceptance of conditions. If construction is involved the expiration date will correspond
with the projected completion of the project.
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 O575-0078. The time required to complete this information collection is estimated to average 1 hour 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.

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