Basic Parts of the Loan Agreement: Commitment letters, promissory notes, credit agreements, mortgages, assignments and guarantees. This form must be completed, signed, and submitted to MHFA prior to receiving a disbursement of funds.A personal loan agreement is a contract between two parties, generally a borrower and a lender. It outlines how much is borrowed, how it's repaid and more. The term of the Loan. 1. Read the Loan Modification and Extension Agreement thoroughly. The Application Process: 1. Apply for and have your eligibility determined for other sources of financial aid, including federal and state grants. Non-MIF (Other) Project Funds. Each Client Loan will be communicated to Servicer in a mutually agreed-upon format.