24 CFR 1007.55 – Guarantee fee
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The lender shall pay to HUD, at the time of issuance of the guarantee, a fee for the guarantee of loans under this part, in an amount equal to 1 percent of the principal obligation of the loan. This amount is payable by the borrower at closing.
Terms Used In 24 CFR 1007.55
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.