RD 1940-41 Truth in Lending Statement

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Form RD 1940-41
(Rev. 07-05)

UNITED STATES DEPARTMENT OF AGRICULTURE
RURAL HOUSING SERVICE

Form Approved
OMB No. 0575-0172
Loan
Assumption

TRUTH IN LENDING STATEMENT

Credit/REO Sale
subject to:
RESPA
Right to Cancel
To:

Lender: USDA
Loan Type
Date

ANNUAL
PERCENTAGE
RATE*
The cost of your credit
as a yearly rate.

Amount
Financed
The amount of credit
provided to you or on
your behalf.

Total of
Payments
The amount you will have
paid after you have made
all payments scheduled.

Total Sale Price
The total cost of your purchase
on credit, including your
down payment of

FINANCE
CHARGE
The dollar amount the
credit will cost you.

$
%

$

$

$

$
(Credit Sales)

*The annual percentage rate does not take into account any deposit you may have been required to make by USDA.
You have a right at this time to receive an itemization of the Amount Financed.
I want an itemization

I do not want an itemization

Your payment schedule will be:
Number of payments

Amount of each payment

When payments are due

Insurance: You may obtain insurance against loss or damage to property, or against liability arising out of ownership or use of the property, if
required, from any recognized insurer you want.
Security: You are giving a security interest in:

the property being purchased

(brief description of other property)

Late Charge: If a payment is late, you will be charged
% of the payment.
Prepayment: If you pay off early, you will not have to pay a penalty.
Assumption: Someone buying your house

may, subject to conditions

may not assume the remainder of the mortgage on the original terms.

See your loan documents (mortgage of deed of trust, promissory note, payment assistance, subsidy repayment agreement) for additional information
about prepayments, default, and any required repayment in full before the scheduled date.
(NOTE: The above disclosures do not take into account any subsidy which may be granted, subject to conditions, in the form of payment
assistance.)
I acknowledge receipt of the above disclosures. I received an original of this statement prior to becoming legally obligated to the lender. I understand that numerical amounts shown on this form are estimates only and that this is not notice of loan approval.

(Applicant)

(Applicant)

According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control
number. The valid OMB control number for this information collection is 0575-0172. The time required to complete this information collection is estimated to
average 5 minutes per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and
completing and reviewing the collection of information.

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Itemization of the Amount Financed of $
$

Amount given to you directly.

$

Amount paid on your account,

Amount paid to other on your behalf:
$

to (public officials) (credit bureau).

$

to (name of other creditor).

$

to (other).

$

Prepaid finance charge.

Page 2 - RD 1940-41

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