This Affidavit of Occupancy and Financial Status form is for buyer(s) to certify at the time of closing that he/she/they will occupy the property as his/her/their primary residence and that there has been no change in his/her/their financial status since the time the loan application was made.
Washington Affidavit of Occupancy and Financial Status
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Description
Definition and meaning
The Washington Affidavit of Occupancy and Financial Status is a legal document used primarily in real estate transactions. It serves to confirm that the purchasers will occupy the property in question and provides a declaration regarding their current financial status. This is particularly relevant to lenders involved in financing the purchase, as it ensures that the borrowers are compliant with the conditions of their loan.
How to complete the form
Completing the Washington Affidavit of Occupancy and Financial Status involves a few essential steps:
- Fill in the property address accurately.
- Indicate whether you plan to occupy the property within a specified timeframe or if you currently occupy it.
- Certify that there have been no significant changes in your financial status since your loan application was submitted.
- Sign and date the affidavit to finalize it.
Who should use this form
This form is designed for individuals or couples who are in the process of purchasing a property in Washington. It is necessary for anyone seeking financing through lenders that require such documentation. This includes first-time homebuyers, existing property owners applying for financing, and individuals looking to qualify for specific loan programs.
Key components of the form
The Washington Affidavit of Occupancy and Financial Status includes several critical components:
- The property address where the affiant intends to reside.
- Affirmations regarding occupancy intentions.
- Declaration of unchanged financial status.
- Signature lines for purchasers and date fields.
Legal use and context
This affidavit is commonly required by mortgage lenders and other financial institutions during the loan approval process. It ensures compliance with federal regulations and can also serve as a declaration in legal proceedings related to mortgage obligations. By signing this form, individuals affirm honesty in their housing intentions and financial declarations.
What to expect during notarization or witnessing
When notarizing the Washington Affidavit of Occupancy and Financial Status, you can expect the following:
- Present valid identification to the notary.
- Sign the document in the presence of the notary.
- The notary will then complete their portion, which includes attaching a notary seal and signing.
It is essential to have all relevant parties present if joint purchasers are involved.
How to fill out Washington Affidavit Of Occupancy And Financial Status?
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FAQ
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.
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.
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.
If you're struggling financially and having trouble paying your mortgage, you may find a field inspector knocking on your door. These inspectors verify that a home remains occupied after its owners miss a mortgage payment. If you're still living in your home, the inspector won't perform an interior search.
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.
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.
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.
