The borrower applies to the lender for a loan using a guarantee application form prescribed by HUD.
The lender provides the loan application to HUD to determine if funds are available for the guarantee. HUD will reserve these funds for a period of 90 days if the funds are available and the applicant is otherwise eligible under this subpart. HUD may extend this reservation period for an extra 90 days if additional documentation is necessary.
The borrower and lender negotiate the terms and conditions of the loan in consultation with HUD.
The borrower and lender execute documents.
The lender formally applies for the guarantee.
HUD reviews and provides a written decision on the guarantee.
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