Maryland Affidavit of Occupancy and Financial Status
About this form
The Affidavit of Occupancy and Financial Status is a legal document that certifies a property buyer's intent to occupy the property as their primary residence at the time of closing. This form distinguishes itself from other real estate documents as it not only confirms residency intentions but also asserts that there have been no changes in the buyer's financial status since the loan application was completed. It is primarily used in conjunction with federal loan programs that require such certification.
Main sections of this form
- Property Address: Specifies the location of the property being purchased.
- Certification of Occupancy: A declaration that the buyer will or currently occupies the property.
- Financial Status Declaration: Confirms no significant changes in income or employment since the loan application.
- Consequences of Noncompliance: Outlines potential legal ramifications for failing to move in by the specified date.
- Signatures: Requires signatures of all purchasers along with the date of signing.
When to use this form
This form is typically required during the closing process of a real estate transaction, especially for properties financed through federal programs such as FHA or VA loans. It should be submitted when a buyer needs to confirm their intent to occupy the property as their primary residence and verify their unchanged financial circumstances since their loan application.
Who this form is for
- Home buyers obtaining a mortgage through federal assistance programs.
- Individuals purchasing residential properties intending to use them as their main residence.
- Borrowers who need to certify their financial status at the time of closing.
Instructions for completing this form
- Identify the property: Clearly state the address of the property being purchased.
- Select the occupancy option: Indicate whether you will occupy the property immediately or have already moved in.
- Confirm financial status: Certify that there have been no major changes in your employment or income since the loan application.
- Specify the timeline: Enter the date by which you intend to occupy the property.
- Sign and date the affidavit: Ensure all buyers sign the document to validate the certification.
Does this document require notarization?
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to provide the correct property address.
- Not indicating the intended move-in date if applicable.
- Omitting signatures from all purchasers.
- Neglecting to review the financial status declaration, potentially leading to misrepresentation.
Why complete this form online
- Convenient access to the form anytime, without the need for physical copies.
- Ability to fill out and edit the form easily before finalizing.
- Stored securely and can be accessed later for personal records.
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FAQ
Lenders and loan officers confirm that they regularly encounter falsehoods about occupancy.Depending on the lender, buyers might be able to save a half to a full percentage point off the interest rate on the loan by calling their purchase a principal residence.
Generally, for a property to be owner-occupied, the owner must move into the residence within 60 days of closing and live there for at least one year.
Basically, the FHA does require your home to be owner-occupied if you use FHA financing. But, as you can see, there are several exceptions to the rule. Before you decide to do anything, always check with your lender.
FHA security instruments require a borrower to establish bona fide occupancy in a home as the borrower's principal residence within 60 days of signing the security instrument, with continued occupancy for at least one year.
Lenders will take a variety of things into account when determining whether you intend to live in a house and take occupancy type into consideration because people are much less likely to default on the mortgage of a house they are living in.
Owner-occupants are residents that own the property that they live at. Some loans are only available to owner-occupants and not absentee owners or investors. To be considered owner-occupied, residents usually must move into the home within 60 days of closing and live there for at least a year.
FHA Occupancy Requirement Mortgagors with FHA-backed loans are required to use their home as a primary residence for at least one full year. The borrower must take possession of the home within 60 days after the mortgage closes, and they must live in the home for the majority of the year.
Lenders usually stipulate that homeowners have 30 days after closing to occupy a primary residence. To verify the person moving in is actually the owner, the lender may call the house and ask to speak to the homeowner.The lender may also drive past the house looking for a rental sign in the yard.
