4.2.1.5 Firm Commitment Acceptance and Rate Lock

A. Firm Commitments may be extended up to no more than 180 days from the date of issuance, plus a discretional 60 calendar days for good cause to be approved by HUD HQ. At the expiration of all permitted extensions, a reopening fee is required. The reopening fee for refinance and new construction/substantial rehabilitation programs is $.50 per $1,000 of the loan amount and the reopening request must be received within 90 days of the expiration of the Firm Commitment, plus all extensions. In addition to updated third party reports, all mortgage credit documentation, including financial statements, credit reports and an updated HUD 92013-SUPP are required. The Lender’s narrative should confirm that no substantive changes have occurred in the underwriting or the development team as a result of the extension of time. The new commitment, if issued, will remain in effect for 180 calendar days.