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Frequently Asked Questions

What is a conditional commitment form?

The form provides the terms of HUD's conditional commitment for mortgage insurance for a specified case. If a conditional commitment was not agreed to by HUD, the form includes the rejection reason codes. The Conditional Commitment form is used in place of form HUD-92800.5B.

How long does a mortgage commitment letter last?

As mentioned above, mortgage commitment letters have expiration dates specified by the lender, after which your approval and any rate lock you had are rendered void. The length of commitment can vary between lenders, but a mortgage commitment letter typically expires after 30 days. What if the loan doesn’t come through in the specified time frame?

Can an FHA conditional commitment be extended?

Therefore, the answer is yes: When these aforementioned circumstances are met, the prospective buyer may have the benefit of an extension of the FHA conditional commitment.

What should I do if my commitment letter expires?

You’ll want to act fast if your commitment letter is close to expiration near the time you’re scheduled to sign on the dotted line. The first thing to do is talk to your loan offer and request a revised letter with an approval date after your scheduled close of escrow.

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