ACQUISITION COST CERTIFICATION Residential Loan Program Oregon Housing And

acquisition cost certification residential loan program oregon housing and community services department state of oregon 1.

ACQUISITION COST CERTIFICATION
Residential Loan Program
Oregon Housing and Community Services Department
State of Oregon
1.
  (the “Seller”) is selling to   (the “Purchaser”), certain
land and/or improvements (the “Property”) pursuant to an agreement
dated  , which represents the complete and total agreement
between Seller and Purchaser with respect to the sale of the
Property (the “Agreement”).
The Property is, or will be, located at the following address:
 
2.
Acquisition Cost. The price stated in the Agreement constitutes
the total sale price of the Property, including fixtures, and said
price reflects any indebtedness assumed or incurred (including any
special assessments) by the Purchaser or anyone acting directly or
indirectly on his or her behalf.
The Acquisition Cost of the Property is as follows:
a.
Sales Price plus any other amounts paid to the Seller or Builder
or to a third party on behalf of the seller, not including amounts
paid for personal property such as draperies, furniture, etc.

$ 
b.
Amounts, if any, paid to any other person to acquire any
improvements to the land or paid to acquire the land if it has
been owned by the Purchaser for less than two years before the
date on which construction of the Single-Family Residence began
$ 
c.
Amounts to be paid to, or on behalf of, the Seller or Builder
under any agreement for future payments

$ 
d.
If the Single-Family Residence is incomplete, state the expected
additional cost paid or to be paid by the Purchaser for completing
or finishing areas which are normally completed or finished. State
the cost of any repairs paid for by the purchaser that were not
included in the sales price (cost to complete or repair does not
include the Purchaser’s labor or labor donated by the Purchaser’s
family) $

e.
Credit report fees, legal fees, appraisal expenses or other
financing fees which exceed the usual and reasonable costs of such
fees $ 
f.
Title and transfer costs, insurance expenses, survey costs and
other settlement costs which exceed the usual and reasonable
amount of such costs  $ 
Total Acquisition Cost $ 
There has not been, and is not expected to be in the future, any
additional payment or transfer of any item for value by the Seller or
Builder to the Purchaser, or any such payment or transfer to any other
person, as the result of any formal or informal agreement, other than
as listed below (state amount and nature):  
3.
New Mortgage. No part of the proceeds of the Program Loan will be
used directly or indirectly to repay an existing long-term
mortgage loan made to the Purchaser or to any person acting on
behalf of the Purchaser by the Seller or by any person acting on
the Seller’s behalf.
The Seller and Purchaser understand that a long-term Program Loan
includes a mortgage given by an approved lending institution and does
not include either:
a.
A construction period loan having a term not substantially in
excess of the expected construction period or
b.
A bridge loan or similar temporary initial financing which has a
term of 24 months or less.
4.
Commercial Use. The Seller certifies that no more than 15% of the
total living area of the Single-Family Residence is specifically
designed for any use in trade or business conducted in the
residence or on any part of the land or other improvements.
4.
New Construction/Existing Residence. (Check one) The Seller
certifies that the residence:
a. Is new and has not previously been occupied.
b. Has previously been occupied.
6.
New Construction Homes: Completion. If Section 5a is checked, the
Seller certifies the applicable building code requirements have
been met.
I FULLY UNDERSTAND that each of the above statements and the
information of the Residential Loan Application is material to the
obtaining of a Program Loan, and declare under penalty of perjury,
which is a felony offense, that the above statements, insofar as they
relate to me, are true and correct.
Seller/Builder:
Seller/Builder:
Borrower:
Co-Borrower:
(Revised 02/97) Page 2 of 2 SFMP 12