---
kind: "section"
citation: "24 C.F.R. § 200.47"
title: "24"
number: "200.47"
heading: "Firm commitments."
url: "https://uscodex.org/cfr/24/200.47"
---

# §200.47. Firm commitments.


A valid firm commitment must be in effect at the time the mortgage instrument is endorsed.

- (a) **Insurance upon completion.** The commitment shall provide the terms and conditions for the insurance of the mortgage:
  - (1) After completion of construction or substantial rehabilitation of the project; or
  - (2) Upon completion of required work, except as deferred by the Commissioner in accordance with terms, conditions and standards established by the Commissioner, for an existing project without substantial rehabilitation.
- (b) **Insured advances.** The commitment shall provide for insurance of the mortgage as provided in [paragraph (a)](#a) of this section, and for the insurance of mortgage money advanced in accordance with terms and conditions established by the Commissioner during: construction; substantial rehabilitation; or other work acceptable to the Commissioner.

## Notes

### Source

Source: 61 FR 14399, Apr. 1, 1996, unless otherwise noted.

### Authority

Authority: 12 U.S.C. 1702-1715z-21; 42 U.S.C. 3535(d).

### Source

Source: 36 FR 24467, Dec. 22, 1971, unless otherwise noted.