24 CFR 241.510
§ 241.510 Commitments.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 241.510, § 241.510 Commitments, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100090
- Permanent ID
ys:prov:100090@1- SHA-256
85dd28dac11e449c24d597493353db9f199aa81ab958b23296d8ffbe0dbe06ea
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) Firm commitment. The issuance of a firm commitment indicates the Commissioner's approval of the application for insurance and sets forth the terms and conditions upon which the loan will be insured.
(b) Types of firm commitment.
(1) Where the amount of the loan is $250,000 or more, the firm commitment may provide for the insurance of advances of loan money made during construction or may provide for the insurance of the loan after completion of the improvements.
(2) Where the amount of the loan is less than $250,000, the firm commitment shall provide for insurance of the loan after completion of the improvements.
(c) Term of commitment.
(1) A firm commitment to insure advances shall be effective for a period of not more than 60 days from the day of issuance.
(2) A firm commitment to insure upon completion shall be effective for a designated term within which the borrower is required to begin construction, and if construction is begun as required, the commitment shall be effective for such additional period, estimated by the Commissioner, as will allow for completion of construction.
(3) The term of a firm commitment may be extended in such a manner as the Commissioner may prescribe.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.