Get the legal form you need right now

FHA Legal Requirements for Closing (United States)

This is a form of legal requirements for an FHA property closing. The form provided here is simply a sample of what the actual Form 1022 looks like.

U.S. Department of Housing and Urban Development
Federal Housing Administration

FHA Legal Requirements for Closing
Sections 207, 220, 221(s)(4), 231 and 232

Project Name: __________________________

Project No.: __________________________

Name of Mortgagor: __________________________

Address: __________________________

City: __________________________

State: __________________________

Zip: __________________________

Name of Mortgagee: __________________________

Address: __________________________

City: __________________________

State: __________________________

Zip: __________________________

Part A. For Insurance of Advances

Instruments:

1. Assignment of Commissioner, if any __________________________

2. Regulation of Mortgagor:

(a) Regulatory Agreement (2466). For 231-NP and 232-NP use 2466e. For 232 use 2466 or 2466e signed by Mortgagor and 2466NIII signed by Lesser, if any.
(b) Corporate Charter, Partnership Agreement, or other agreement establishing mortgagor (required provisions in instructions to 2466)

3. Deferred Note, if any (2223)

4. Lease (if mortgage is on leasehold)

5. Land Disposition Contract and Deed, if any (Required only for projects in urban renewal areas)

6. Title Policy

7. Evidence of Zoning Compliance

8. Building Permits

9. Surveyor's Plat

10. Surveyor's Certificate (2457)

11. Note (FHA Form for State)

12. Mortgage (FHA Form for State)

13. Building Loan Agreement (2441)

14. Construction Contract, Lump Sum ((2442) or Cost Plus (2442A)

15. Assurance of Completion:

(a) Contract Bond Dual-Obligee (2452) or
(b) Completion Assurance Agreement (2450)

16. Owner-Architect Agreement (2719-A, or 2739-B, or 2719-C)

17. Assurance of Completion of Off-Site Facilities:

(a) Off-site Bond (2479) or
(b) Escrow Agreement for Off=Site Facilities (2446) with Schedule "A"

18. Assurance of Utility Services (Water, Electricity, Sewer, Gas, Heat)

19. Contractor and/or Mortgagor's Cost Breakdown (2328)

20. Mortgagee's Certificate (2434)

21. Mortgagor's Certificate (2433)

22. Mortgagor's Oath (2478)

23. Mortgagor's Attorney's Opinion

*24. Contractor's Certification (2482)

*25. Agreement and Certification (3305 for 207) or
Agreement and Certification (3306 for 220 and 221(s)(4))

26. Sponsor's Certification (3437) for 231-NP and 232-NP

27. Guaranty Agreement (3436) for 231-NP and 232-NP is subsidized

* To have been filed with Director at least 30 days prior to initial closing.

Part B. For Insurance Upon Completion

NOTE: If cases of Insurance Upon Completion, the required closing documents will vary substantially from those in cases of Insurance of Advances. The required closing documents in cases of Insurance Upon Completion will be the following:

1 through 13 will be identical with 1 through 13 in cases of Insurance of Advances.

14. Construction Contract, if used

15. Guarantee Against Latent Defects (Bond [3259] or Escrow)

16. Escrow Deposit Agreement for Incomplete On-Site Improvements with Schedule A (2456)

17. Assurance of Completion for Off-Site Facilities:

(a) Escrow Agreement for Incomplete Off-Site Facilities (2446) with Schedule "A"

18. Mortgagor's Oath (2478), None in 232

19. Mortgagor's Attorney's Opinion

20. Contractor's Prevailing Wage Certificate (2403-A)

21. Chattel Mortgage, or Security Agreement and financing Statement or Attorney's Opinion that neither is necessary

22. Request for Endorsement of Credit Instrument, Certificate of Mortgagor and Mortgagee (2455)

**23. Contractor's Certification (2482)

**24. Agreement and Certification (3305-A) for 207 or (3306-A) for 220 and 221(d)(4)

25. Sponsor's Certification (3437) for 231-NP and 232-NP

26. Guaranty Agreement (3436) for 231-NP and 232-NP if subsidized

27. For 232 projects:

(a) Instrument evidencing acquisition of equipment, if any (e.g. lease, conditional sale contract, etc.)
(b) Chattel Mortgage on Mortgagor's Interest in equipment

**To have been filed with Director before start of construction.

Part C. Final Closing in Cases of Insurance of Advances

In these cases, the documents required for initial closing have been obtained. There will, however, be required these additional documents at final closing:

***1. (a) The Increase Note
(b) The Increase Mortgage
(c) The Consolidation Agreement or New Note and Mortgage for the total

***2. Mortgagor's Attorney's Opinion as to Increase

3. Chattel Mortgage or Security Agreement and Financing Statement or Attorney's Opinion that neither is necessary

4. New Title Policy or Original Title Policy brought up to date

5. Survey showing completed project

6. Surveyor's Certificate (2457)

7. Escrow Deposit Agreement for incomplete on-site improvements (2456) with Schedule "A"

8. Assurance of Completion Off-Site Facilities

(a) Escrow Deposit Agreement (2446) with Schedule "A" or
(b) Off-Site Bond (2479)

9. Contractor's Prevailing Wage Certificate (2403-A)

10. Request for Final Endorsement of Credit Instrument (2023)

11. For 232 projects:

(a) Instrument evidencing acquisition of equipment, if any (e.g. lease, condition sales contract, etc.)
(b) Chattel Mortgage on Mortgagor's Interest in equipment

*** Required only if increase is involved.

Legal Forms Categories

Recently Added Forms

Library Of Legal Forms