There are a variety of Affidavits signed by the Buyer acknowledging the following matters:
Name Affidavit: Here the Buyer is asked to acknowledge variations in their names that appear in the lender’s loan file, including middle initials, maiden names, and suffixes (Sr, Jr, II). This is NOT a document that states the Buyer is known in these variations outside of the closing, in the real world, and is ONLY in connection with the loan documents being signed.
Occupancy Affidavit: The Buyer acknowledges that their intention is to occupy the property as their principal residence and failure of this intention to do so could be considered a condition of default.
Employment and Financial Affidavit: While it may seem it would go without saying, the Buyer tells the Lender there has not been a material change in their financial condition that is unknown to the Lender and might cause the Lender to consider the Buyer no longer qualified to repay the loan. They also certify that their employment listed on the FNMA 1003 has not changed.
Errors and Omissions Agreement: We all make mistakes, and this form attempts to correct errors or omissions in closing documents and the Buyer acknowledges that the Lender has the authority to require them to re-execute a document that contained an error needing correction or that was omitted for their signature at the time of closing.
Flood Certification: All Federally Insured residential mortgages must have a Flood Zone Determination made on the property being encumbered and if determined to be within a Flood Zone requiring the purchase of Flood Insurance, the Buyer must purchase a Flood Policy and escrow for the renewal of its premiums. This requirement lasts the term of the loan and if in the future the property is determined to lie within a designed Flood Zone, the Buyer must comply with obtaining Flood Insurance.
Miscellaneous Documents: Varies with each Lender, but in general, these documents are designed to obtain contact information of the Buyer and are of no material interest or purpose other than completing information or disclosures the Lender feels might be informational or important to the Buyer.
Title Company Documents: Each Title Company will have a series of documents for the Buyer to acknowledge receipt of information or acceptance of or declining of the services and policies of protections they provide, and may include:
Owners Title Insurance Offer
Closing Protection Coverage Offer
Patriot Act Compliance