CFR > Title 24 - Housing and Urban Development > SUBTITLE B—Regulations Relating to Housing and Urban Development > CHAPTER II—OFFICE OF ASSISTANT SECRETARY FOR HOUSING—FEDERAL HOUSING COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (parts 200 to 291) > SUBCHAPTER B—MORTGAGE AND LOAN INSURANCE PROGRAMS UNDER NATIONAL HOUSING ACT AND OTHER AUTHORITIES (parts 201 to 266) > PART 241—SUPPLEMENTARY FINANCING FOR INSURED PROJECT MORTGAGES > SUBPART E—Insurance for Equity Loans and Acquisition Loans—Eligibility Requirements (§241.1000 to §241.1120) > 241.1020—Commitments.

241.1020—Commitments.

(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 equity or acquisition loan will be insured. The firm commitment may provide for the insurance of advances of the equity or acquisition loan immediately upon endorsement of the note.
(b) Term of commitment. (1) A firm commitment is effective for whatever term is specified in the text of the commitment.
(2) The term of a firm commitment may be extended in such manner as the Commissioner may prescribe.
(c) Reopening of expired commitments. An expired firm commitment may be reopened if a request for reopening is received by the Commissioner within 90 days of the expiration of the commitment. The reopening request shall be accompanied by a fee of 50 cents per thousand dollars of the amount of the expired commitment. If the reopening request is not received by the Commissioner within the required 90-day period, a new application, accompanied by the required application and commitment fee, must be submitted.

Code of Federal Regulations

[61 FR 14417, Apr. 1, 1996]