Blank Sf 16 Georgia PDF Form

What is the SF 16 Georgia form used for?

The SF 16 form is part of the Georgia Dream Homeownership Program. It is specifically used for the Acquisition Cost Certification. Borrowers must submit this form along with their purchase package when applying for the Georgia Dream First Mortgage Program. The form helps determine the total acquisition cost of the property, which includes the price of the land and dwelling, as well as any additional costs incurred during the purchase process.

What information do I need to provide on the SF 16 form?

When filling out the SF 16 form, you will need to provide details about the property, including the borrower's and seller's names, and the property's address. You will also need to calculate the acquisition cost by listing various expenses, such as the sales price, cost of land, interest paid during construction, and settlement costs. Additionally, you must account for any personal property items being purchased from the seller and the value of services performed by family members.

Are there any items that should not be included in the acquisition cost?

Yes, certain costs should not be included in the acquisition cost. These include usual and reasonable settlement and financing costs, the imputed value of services performed by the borrower or their family, and the cost of land owned by the borrower for at least two years before construction begins. It's important to ensure that only applicable costs are included to avoid complications with your application.

What happens if the information provided is found to be incorrect?

Providing false information on the SF 16 form is a serious matter. The form includes a declaration that the information is true and correct, and signing it under penalty of perjury can lead to felony charges in Georgia. Therefore, it is crucial to double-check all entries and ensure accuracy before submission.

Can I include the value of personal property items in the acquisition cost?

No, personal property items expected to be purchased from the seller must be subtracted from the total acquisition cost. This includes items that are not considered fixtures, such as refrigerators or free-standing stoves. Only the value of fixtures that are permanently affixed to the property should be included in the acquisition cost.

What is considered a "fixture" in the context of the SF 16 form?

A fixture is defined as property that is permanently affixed to real estate. It should be intended to remain affixed during its useful life and be considered part of the real estate. Examples of fixtures include built-in appliances and lighting fixtures. However, items like refrigerators and free-standing stoves are not considered fixtures unless they are built into the residence.

1. Inaccurate Calculation of Acquisition Costs: Many individuals miscalculate the total acquisition costs by failing to include all necessary components. This includes the purchase price, land costs, and additional expenses such as settlement costs. Each item must be accurately accounted for to avoid discrepancies.

2. Neglecting to Subtract Personal Property: Some borrowers forget to subtract the value of personal property items that are not fixtures. This can lead to an inflated total acquisition cost, which may affect eligibility for the program.

3. Omitting Important Documentation: It's essential to provide all required documentation when submitting the form. Missing documents can delay the process or result in denial of the application. Ensure that all necessary paperwork accompanies the form.

4. Misunderstanding the Definition of Fixtures: A common mistake is confusing personal property with fixtures. Understanding what qualifies as a fixture versus personal property is crucial. Items like refrigerators and free-standing stoves are not considered fixtures unless they are built into the home.

5. Failure to Review for Accuracy: Before submission, it is vital to review the entire form for accuracy. Simple errors, such as typos or incorrect figures, can have significant consequences. A thorough review can help catch mistakes that could affect the application.

The SF 16 form is a crucial document for participants in the Georgia Dream Homeownership Program. Alongside this form, several other documents are commonly required to ensure a complete application and compliance with program guidelines. Below is a list of these accompanying forms and documents, each serving a specific purpose in the home buying process.

• Loan Application (Form 1003): This standard form collects information about the borrower’s financial status, employment history, and other relevant details needed for loan approval.
• Credit Report Authorization: This document allows lenders to obtain the borrower’s credit history, which is essential for assessing creditworthiness.
• Income Verification Documents: These may include recent pay stubs, tax returns, or W-2 forms that demonstrate the borrower’s income and financial stability.
• Property Appraisal Report: Conducted by a licensed appraiser, this report assesses the value of the property being purchased to ensure it meets lending requirements.
• Title Insurance Policy: This document protects against any claims or legal issues related to the property’s title, ensuring that the borrower has clear ownership.
• Purchase Agreement: This contract outlines the terms of the sale between the buyer and seller, including the purchase price and any contingencies.
• Disclosure Statements: These forms provide important information about the loan terms, fees, and potential risks associated with the mortgage, ensuring transparency for the borrower.
• Homeowners Insurance Policy: Proof of insurance is often required by lenders to protect the property against damage or loss.
• Closing Disclosure: This document summarizes the final terms of the loan, including the costs associated with closing the transaction, and must be provided to the borrower at least three days before closing.
• Settlement Statement (HUD-1): This statement details all financial transactions involved in the closing process, including fees and disbursements for both the buyer and seller.

Each of these documents plays a vital role in facilitating the home buying process and ensuring compliance with the Georgia Dream Homeownership Program. Proper preparation and submission of these forms can significantly enhance the likelihood of a smooth transaction.

• Form 1003 (Uniform Residential Loan Application): Similar to the SF 16, this form collects essential information about the borrower and the property. Both documents require details about the acquisition costs and the financial background of the borrower.

• Form 4506-T (Request for Transcript of Tax Return): This form is used to verify a borrower's income. Like the SF 16, it helps lenders assess the financial situation of the borrower to determine eligibility for financing.

• Form 8821 (Tax Information Authorization): This document allows lenders to obtain tax information from the IRS. It serves a similar purpose as the SF 16 by ensuring that the lender has accurate financial data to evaluate the borrower's application.

• Form 1065 (U.S. Return of Partnership Income): For borrowers who are business partners, this form provides insight into the financial health of the partnership. It complements the SF 16 by offering additional information about income sources.

• Form 1099 (Miscellaneous Income): This form reports various types of income received by the borrower. It is similar to the SF 16 in that it helps lenders understand all income streams when assessing loan eligibility.

• Form W-2 (Wage and Tax Statement): This document shows an employee's annual wages and the taxes withheld. Like the SF 16, it is used to verify income, which is crucial for determining the borrower's ability to repay the loan.

• Form 4506 (Request for Copy of Tax Return): This form allows borrowers to request copies of their tax returns. It is similar to the SF 16 as it aids lenders in verifying the financial information provided by the borrower.

• Form 1040 (U.S. Individual Income Tax Return): This is the standard tax return form for individuals. It provides a comprehensive view of a borrower’s financial situation, similar to the SF 16, which focuses on acquisition costs.

• Form 1004 (Uniform Residential Appraisal Report): This form is used to assess the value of the property being purchased. It relates to the SF 16 as both documents address the financial aspects of acquiring a home.

When filling out the SF 16 Georgia form, it's essential to approach the process with care. Here’s a list of things you should and shouldn't do to ensure a smooth completion.

• Do double-check all figures: Accuracy is crucial. Ensure that all amounts entered reflect the correct values for the property and related costs.
• Do provide clear documentation: Attach any necessary paperwork that supports your entries, such as contracts or appraisals.
• Don't leave any fields blank: Every section must be filled out completely. Incomplete forms can lead to delays in processing.
• Don't forget to sign: Ensure that all required signatures are provided. Missing signatures can invalidate the form.

Pay attention to these guidelines. They can make a significant difference in the efficiency of your application process.

Understanding the SF 16 form for the Georgia Dream Homeownership Program is crucial for prospective homeowners. However, several misconceptions may lead to confusion. Here are four common misconceptions:

• Misconception 1: The SF 16 form is only for first-time homebuyers.

This form can be used by any eligible borrower participating in the Georgia Dream Homeownership Program, not just first-time buyers. It is designed to assess acquisition costs, regardless of previous homeownership experience.

• Misconception 2: All costs associated with purchasing a home must be included in the acquisition cost.

Not all costs are included. Certain costs, such as usual settlement and financing costs, are excluded from the acquisition cost calculation. Only specific expenses outlined in the form should be considered.

• Misconception 3: Personal property items can be included in the acquisition cost.

Personal property items, like appliances that are not affixed to the home, must be subtracted from the acquisition cost. Only fixtures that are part of the real estate can be included.

• Misconception 4: The form is only for new construction homes.

The SF 16 form can be used for both new construction and existing homes. It assesses the acquisition costs of any eligible property under the program.

When filling out the SF 16 Georgia form for the Georgia Dream Homeownership Program, there are several important points to keep in mind:

• Accurate Calculation of Costs: Ensure that all costs related to the acquisition of the land and dwelling are accurately calculated. This includes the sales price, land costs, and any additional expenses incurred during construction.
• Understanding Additions and Subtractions: Familiarize yourself with what counts as additions to the acquisition cost and what can be subtracted. Personal property items and services performed by family members may need to be excluded from the total cost.
• Documentation is Key: Collect and retain all necessary documentation, such as contracts and receipts, to support the figures you enter on the form. This will be essential for verification purposes.
• Compliance with Timeframes: Be aware of the timeframes involved, particularly regarding land acquisition. If the land was purchased separately, it must have been acquired within two years of the construction start date.
• Signatures Required: Ensure that all required signatures are obtained on the form. This includes the borrower, co-borrower, and property seller, as missing signatures can delay the process.

By following these guidelines, you can help ensure a smooth application process for the Georgia Dream Homeownership Program.