Mortgagor's Affidavit Law & Legal Definition
A mortgagor's affidavit is a sworn statement by a borrower used by the Federal Housing Administration to insure the loan, or by the Veterans Administration to guarantee the loan, or by a Private Mortgage Insurance Company to insure the loan. This document also states whether the borrower intends to occupy the property as a primary residence and determines if a property is located in a Special Flood Hazard Area. At time of closing, borrower will sign a mortgagor’s affidavit stating the number of persons who will occupy the home, and their combined incomes. By completing the affidavit, the borrower ensures that there have been no significant changes to their financial situation, ownership status or condition of the property. This document will need to be signed and notarized.
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