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Idaho Housing and Finance Association Borrower Affidavit

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PROMISSORY NOTE
(Fixed Rate, Installment Payments)

[Date]

[City]

[State]

[Borrower(s) Address]

1. BORROWER'S PROMISE TO PAY

In return for a loan that I have received, I promise to pay U.S. $ (this amount is called "principal"), plus interest, to the order of the Lender. The Lender is . I will make all payments under this Note in the form of cash, check, certified funds or money order at the option and direction of Lender. I understand that the Lender may transfer this Note. The Lender or anyone who takes this Note by transfer and who is entitled to receive payments under this Note is called the "Note Holder."

2. INTEREST

Interest will be charged on unpaid principal until the full amount of principal has been paid. I will pay interest at a yearly rate of %. The interest rate required by this Section 2 is the rate I will pay both before and after any default described in Section 6(B) of this Note.

3. PAYMENTS

(A) Time and Place of Payments

I will pay principal and interest by making a payment every month. I will make my monthly payment on the day of each month beginning on . I will make these payments every month until I have paid all of the principal and interest and any other charges described below that I may owe under this Note. Each monthly payment will be applied as of its scheduled due date and will be applied to interest before principal. If, on I still owe amounts under this Note, I will pay those amounts in full on that date, which is called the “maturity date.” I will make my monthly payments at or at a different place if required by the Note Holder.

(B) Amount of Monthly Payments

My monthly payment will be in the amount of U.S. $

4. BORROWER'S RIGHT TO PREPAY

I have the right to make payments of principal at any time before they are due. A payment of principal only is known as a “prepayment.” When I make a prepayment, I will tell the Note Holder in writing that I am doing so. I may not designate a payment as a prepayment if I have not made all the monthly payments due under the Note. I may make a full prepayment or partial prepayments without paying a prepayment charge. The Note Holder will use my prepayments to reduce the amount of principal that I owe under this Note. However, the Note Holder may apply my prepayment to the accrued and unpaid interest on the prepayment amount, before applying my prepayment to reduce the principal amount of the Note. If I make a partial prepayment, there will be no changes in the due date or in the amount of my monthly payment unless the Note Holder agrees in writing to those changes.

5. LOAN CHARGES

If a law, which applies to this loan and which sets maximum loan charges, is finally interpreted so that the interest or other loan charges collected or to be collected in connection with this loan exceed the permitted limits, then: (i) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit; and (ii) any sums already collected from me which exceeded permitted limits will be refunded to me. The Note Holder may choose to make this refund by reducing the principal I owe under this Note or by making a direct payment to me. If a refund reduces principal, the reduction will be treated as a partial prepayment.

6. BORROWER'S FAILURE TO PAY AS REQUIRED

(A) Late Charge for Overdue Payments and Receipt of Payments

If the Note Holder has not received the full amount of any monthly payment by the end of calendar days after the date it is due, I will pay a late charge to the Note Holder. The amount of the charge will be % of my overdue payment of principal and interest or dollars for each late payment]. I will pay this late charge promptly but only once on each late payment. In no event will the late charge exceed the maximum amount allowed by the applicable state law. Payments to the note holder shall not be considered made until received by the Note Holder at the address specified. Mailing is insufficient to constitute delivery to the Note Holder.

The number of days required for payment of a late charge shall not be considered as a grace period for the payment date required under this Note and the Borrower shall be default if the payment is not paid on the due date.

(B) Default

If I do not pay the full amount of each monthly payment on the date it is due, I will be in default.

(C) Notice of Default

If I am in default, the Note Holder may send me a written notice telling me that if I do not pay the overdue amount by a certain date, the Note Holder may require me to pay immediately the full amount of principal which has not been paid and all the interest that I owe on that amount. That date must be at least 30 days after the date on which the notice is mailed to me or delivered by other means.

(D) No Waiver By Note Holder

Even if, at a time when I am in default, the Note Holder does not require me to pay immediately in full as described above, the Note Holder will still have the right to do so if I am in default at a later time.

(E) Payment of Note Holder's Costs and Expenses

If the Note Holder has required me to pay immediately in full as described above, the Note Holder will have the right to be paid back by me for all of its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses include, for example, reasonable attorneys' fees.

7. GIVING OF NOTICES

Unless applicable law requires a different method, any notice that must be given to me under this Note will be given by delivering it or by mailing it by first class mail to me at the Address above or at a different address if I give the Note Holder a notice of my different address. Any notice that must be given to the Note Holder under this Note will be given by delivering it or by mailing it by first class mail to the Note Holder at the address stated in Section 3(A) above or at a different address if I am given a notice of that different address.

8. OBLIGATIONS OF PERSONS UNDER THIS NOTE

If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety or endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including the obligations of a guarantor, surety or endorser of this Note, is also obligated to keep all of the promises made in this Note. The Note Holder may enforce its rights under this Note against each person individually or against all of us together. This means that any one of us may be required to pay all of the amounts owed under this Note.

9. WAIVERS

I and any other person who has obligations under this Note waive the rights of presentment and notice of dishonor. "Presentment" means the right to require the Note Holder to demand payment of amounts due. "Notice of dishonor" means the right to require the Note Holder to give notice to other persons that amounts due have not been paid.

WITNESS THE HAND(S) AND SEAL(S) OF THE UNDERSIGNED

(Seal)

Borrower

(Seal)

Borrower

(Seal)

Borrower

(Seal)

Borrower
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What the Idaho Housing and Finance Association Borrower Affidavit Is

The Idaho Housing and Finance Association Borrower Affidavit is a standardized sworn statement used by IHFA loan applicants to certify facts relevant to mortgage assistance and program eligibility. Typical assertions include borrower identity, occupancy status, household composition, and income sources. Lenders and IHFA use the affidavit to confirm compliance with program rules, underwriting requirements, and any state or federal funding conditions tied to the loan. The affidavit is signed under penalty of perjury and becomes part of the loan file, supporting eligibility reviews, audits, and post-closing verification.

Why the IHFA Borrower Affidavit Matters

Use the affidavit to document borrower statements that affect eligibility and underwriting. It reduces ambiguity during origination, provides a sworn record for audits, and supports compliance with program rules. Accurate, complete affidavits help prevent delays and potential funding recapture.

Why the IHFA Borrower Affidavit Matters

Who Completes and Relies on This Affidavit

Primary users include IHFA lenders, loan officers, closing agents, and borrowers completing state-funded mortgage programs or loan assistance.

  • Borrowers certifying occupancy, income, or household composition for IHFA programs.
  • Lenders documenting eligibility and underwriting conditions in the loan file.
  • Closing agents collecting signatures and ensuring notarization or witness requirements are met.

Step-by-Step: Complete and Submit the Affidavit

Follow these sequential steps to complete and submit the IHFA Borrower Affidavit accurately and retain copies.

  • 01
    Review Eligibility: Confirm program criteria before completing affidavit fields.
  • 02
    Fill Fields: Enter legal names, dates, and income details in MM/DD/YYYY.
  • 03
    Sign & Notarize: Sign under penalty of perjury; obtain notarization if required.
  • 04
    Submit and Archive: Send to lender/IHFA and keep signed copy in loan file.

Configure Your eSignature Workflow for IHFA Affidavits

Settings to configure when using an eSignature platform for IHFA affidavits, including authentication and retention options.

Field Configuration
Authentication Method Email link, SMS code, or KBA
Notary Option Enable RON or in-person notarization workflows
Retention Setting Automatic archival and audit trail retention
Access Controls Restrict editing; set signer roles

Platform Requirements for Digital Submission

Technical requirements for eSubmission platforms covering file formats, integrations, and signer authentication options used in IHFA workflows.

  • File Formats: PDF and DOCX are supported
  • Integrations: Salesforce, NetSuite, Google Workspace, Microsoft 365
  • Auth Methods: Email links, SMS codes, KBA, SSO

How Affidavit Submission Typically Flows

Overview of the typical submission workflow from borrower completion to IHFA or lender review and retention.

  • Prepare: Complete all fields and gather supporting documents.
  • Authenticate: Sign and notarize or e-sign per instructions.
  • Send: Submit to lender via secure upload or email.
  • Store: Lender files affidavit in the loan closing package.

Core Elements of a Professional Borrower Affidavit

Key elements define the affidavit's legal effect and processing requirements; understand each section to ensure compliant completion and reliable evidence for underwriting and audits.

Affirmations

Clear sworn statements where the borrower attests to occupancy, income, household members, and other eligibility facts; phrasing is often program-specific and should be read carefully before signing.

Declarations

Statements about prior assistance, outstanding obligations, or conflicts of interest that affect program compliance; inaccuracies may trigger repayment obligations, audits, and sanctions.

Notary Block

Space for notarial acknowledgment where required by lender or state law; includes signature, seal, date, and notary commission information to validate the sworn statement and county.

Signature Lines

Signature and date fields for borrower(s) and co-borrower(s); the document should specify whether initials are required on each page and who may sign for an entity.

Supporting Attachments

Placeholders or checkboxes indicating attached income documents, identification, or occupancy proofs; include labelled copies to substantiate claims and aid lender review regularly.

Disclosure Notice

Consumer-facing language informing signers of electronic consent rights, consequences of false statements, and contact points for questions about the affidavit content or appeal procedures.

Security and Compliance Considerations

Encryption: TLS 1.2 and 1.3; AES-256 at rest
Certifications: SOC 2 Type II, ISO 27001, PCI DSS
HIPAA Support: BAA available; HIPAA compliant workflows
ESIGN & UETA: Compliant with ESIGN and UETA
21 CFR Part 11: Supports FDA-regulated eRecords and signatures
Accessibility: WCAG 2.0 Level AA compliant

Penalties and Risks from Incorrect Affidavits

Perjury Exposure: Risk of criminal penalties under state law
Funding Recapture: IHFA or lender may demand repayment
Loan Denial: Application or closing may be delayed
Audit Findings: May trigger program audit and sanctions
Notary Defects: Missing notarization can void affidavit
Identity Mismatch: Can cause backup withholding or verification holds

Common Preparation Mistakes to Avoid

  • Leaving fields blank or entering partial names or abbreviations that do not match government IDs leads to identity verification failures and processing delays.
  • Using incorrect date formats or omitting effective dates can change when obligations begin and may affect program eligibility or statute of limitations calculations.
  • Failing to attach supporting documentation for income or household composition often results in denial or requests for supplemental proofs and slows underwriting.
  • Signing before completing required notary steps or signing outside the notary's presence when required can render the affidavit non-compliant.

Real-World Uses During Origination and Audit

Two real-world scenarios illustrate how IHFA borrower affidavits are used during origination and later audits.

Affordable Loan Closing

A borrower completed the IHFA affidavit at closing to certify occupancy and income for a state-subsidized mortgage program, attaching pay stubs and identification for verification.

  • Lender verified documents and noted one discrepancy.
  • The discrepancy prompted a short follow-up; borrower provided corrected documentation within three business days, avoiding funding delays and preserving program eligibility while creating a clear audit trail for IHFA and the investor.

Post-Closing Audit

During a routine IHFA audit, the borrower affidavit was compared to tax returns and occupancy records to confirm compliance with program occupancy rules.

  • One case required an amended affidavit.
  • An amended notarized affidavit plus supporting documents resolved the issue; the file remained in compliance and met IHFA retention requirements for audit review.

Key Deadlines and Timing Considerations

Key deadlines affect when the affidavit must be signed, notarized, and submitted to avoid closing delays or compliance issues.

Signing Date:

Signer must date using MM/DD/YYYY on signature line.

Notary Date:

If notarized, notary date must match signing date.

Submission to Lender:

Provide affidavit before document cutoff for closing; typically 3–5 business days prior.

Audit Response Window:

Respond to IHFA audit requests typically within 10–30 days.

Record Retention Start:

Retention begins on signing date or funding date, per lender policy.

Milestones from Completion to Audit

Sequential milestones from completion through auditing outline the affidavit lifecycle and responsible parties at each stage.

01

Complete Affidavit

Borrower fills form, signs, and dates in presence of notary if required.

02

Notarization/Witness

Notary or witness completes jurat and enters commission details.

03

Lender Review

Loan officer verifies attachments and eligibility; flags discrepancies.

04

Audit & Retention

File is stored and retained per program retention schedules and audit needs.

eSignature Pricing and Feature Comparison for Affidavit Workflows

Comparison of eSignature plans and features that affect affidavit processing and compliance; signNow appears first per table ordering requirements.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Best Practices to Reduce Risk and Speed Processing

Practical steps that lower rejection risk and speed IHFA affidavit processing for lenders and borrowers.

Use standardized form version control
Confirm you are using the most current IHFA affidavit version; outdated forms can lead to compliance issues or additional documentation requests. Maintain version control and date-stamped templates within your document management system.
Verify signer identity and dates
Match the full legal name to government ID, and use MM/DD/YYYY for all dates. If names differ, include legal documentation for name changes to prevent verification delays or audit findings.
Attach clear supporting documentation for income and occupancy
Include pay stubs, benefit letters, tax returns, lease agreements, and government IDs as applicable. Label attachments and reference them in the affidavit to streamline lender review and reduce requests for follow-up documentation.
Use compliant e-signature workflows and retention
Where permitted, use ESIGN/UETA-compliant e-signature platforms with robust audit trails, optional multi-factor authentication, and retention features to reduce turnaround time while maintaining admissibility for audits.

Frequently Asked Questions About the IHFA Borrower Affidavit

Common questions cover signing authority, notarization, acceptable attachments, and how to correct or update submitted affidavits.


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Typical Roles Involved and Their Responsibilities

Loan Officer — Originator

Loan officers review the affidavit for completeness and accuracy, verify attachments, and escalate discrepancies. They must confirm notarization where required, document the verification steps in the loan file, and notify underwriting or IHFA when issues may affect program eligibility or investor delivery standards.

Borrower — Primary Applicant

The borrower attests to the truthfulness of the statements, signs under penalty of perjury, and provides supporting documentation. Accurate completion and prompt response to follow-up requests reduce the risk of delays, loan denial, or funding recapture.

How the IHFA Borrower Affidavit Differs from Related Documents

Comparison clarifies the affidavit's purpose relative to other borrower disclosures and occupancy attestations to avoid confusion during origination.

Criteria Borrower Affidavit Occupancy Affidavit
Purpose eligibility attestation confirms residence status
Notarization often required sometimes required
Supporting docs income, id proof of residence
Timing before closing at lease or funding

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