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FHA -title commitment

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ravik Joined: 07 Sep 2007 Posts: 22 10.46 Dollars($)	Posted: Wed Dec 19, 2007 9:09 am    Post subject: FHA -title commitment Like 0 Dislike 0 In a FHA loan, Will the title binder contain the base loan amount or the total loan amount (base loan amount + MIP). Let me know which amount should go in the title commitment. Thanks Ravi
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Thu Dec 20, 2007 12:29 am    Post subject: Like 0 Dislike 0 Hello Ravik, The commitment to insure or the binder usually contains a summary of the condition of the title including title defects, liens etc., conditions that has to be met in order to insure the transaction and an agreement to issue the policy upon payment of the insurance premium. Most of the companies generally sell the binder policy for 10% more than the property value.

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