10 PDF THIS is a MODEL DOCUMENT for USE in FANNIE MAE Form

What is Form 809 in Georgia?

Form 809 in Georgia is a model document primarily used in the context of construction loans. This form is essential for borrowers seeking financing for new home construction or renovation projects. It outlines the terms and conditions agreed upon by the lender and borrower, ensuring that both parties understand their rights and obligations. The form is designed to comply with Fannie Mae guidelines, making it a reliable option for those looking to secure a construction loan.

Steps to Complete Form 809

Completing Form 809 requires careful attention to detail to ensure accuracy and compliance with legal standards. Here are the steps to follow:

1. Gather necessary documentation, including proof of income, credit history, and property details.
2. Fill out the borrower and property information sections accurately.
3. Detail the loan amount requested and the purpose of the loan, specifying whether it is for new construction or renovation.
4. Review the terms and conditions outlined in the form, ensuring you understand all stipulations.
5. Sign and date the form, ensuring that all required signatures are obtained from involved parties.

Legal Use of Form 809

Form 809 is legally binding when completed and signed in accordance with state and federal regulations. It is crucial for the document to meet the requirements set forth by the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA). These laws ensure that electronic signatures and records are valid and enforceable, provided that the signers consent to use electronic documents.

Key Elements of Form 809

Understanding the key elements of Form 809 is vital for both lenders and borrowers. Important components include:

• Borrower Information: Details about the individual or entity applying for the loan.
• Property Description: Information regarding the property being financed, including location and type.
• Loan Terms: Specifics on the loan amount, interest rate, repayment schedule, and any fees associated with the loan.
• Signatures: Required signatures from all parties involved in the agreement, confirming their acceptance of the terms.

Obtaining Form 809

Form 809 can typically be obtained through financial institutions that offer construction loans, as well as online through official state resources. It is important to ensure that you are using the most current version of the form to comply with any recent changes in regulations or guidelines. Always verify the source of the form to ensure its authenticity and compliance with legal standards.

Form Submission Methods

Once Form 809 is completed, it can be submitted through various methods, depending on the lender's requirements. Common submission methods include:

• Online Submission: Many lenders allow electronic submission of completed forms through secure portals.
• Mail: Form 809 can be printed and mailed to the lender's office, ensuring that it is sent via a trackable method.
• In-Person: Some borrowers may prefer to deliver the form in person, allowing for immediate confirmation of receipt.