24 CFR 242.41
§ 242.41 Certification of cost requirements.
United States · 24 CFR — Housing and Urban Development · Status: effective
Cite this
- Citation
- 24 CFR 242.41, § 242.41 Certification of cost requirements, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/100218
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Full text
Before initial endorsement of the mortgage for insurance, the mortgagor, the mortgagee, and HUD shall enter into an agreement in form and content satisfactory to HUD for the purpose of precluding any excess of mortgage proceeds over statutory limitations. Under this agreement, the mortgagor shall disclose its relationship with the builder, including any collateral agreement, and shall agree:
(a) To execute a Certificate of Actual Costs, upon completion of all physical improvements on the mortgaged property.
(b) To apply any cost savings in accordance with the provisions below.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.