Is an electronic affidavit legally valid?

Yes. Electronic signatures are legally enforceable under the ESIGN Act and UETA when the transaction meets intent, consent, attribution, and retention criteria.

When is notarization required?

Many lenders and jurisdictions require a notarized acknowledgement for affidavits; check the recipient’s policy and state notary rules before execution.

Can I use Remote Online Notarization?

If the state and recipient accept RON, use an approved audio-video identity proofing and recording workflow; some states limit or prohibit RON.

What supporting documents should I attach?

Attach bank statements, 1099s, invoices, or client engagement letters that substantiate the declared income and label each attachment clearly.

What happens if the affidavit is incorrect?

Inaccurate declarations can lead to loan denial, civil claims, tax scrutiny, or criminal exposure for perjury depending on the materiality of the false statement.

How long should I keep the affidavit?

Retain executed affidavits for the life of the loan or lease plus at least 3 years; industry and federal rules may require longer retention.

Electronic Signature
Templates
Legal
Stated Income Affidavit

Stated Income Affidavit

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

STATED INCOME AFFIDAVIT

This Stated Income Affidavit is executed on this day of , by Affiant Name: , residing at .

Loan/Application Number: — Property Address:

RECITALS

WHEREAS, Affiant Name: (the "Affiant") has applied to Lender Name: for a loan or credit accommodation in connection with the property referenced above; and

WHEREAS, the lender has required the Affiant to execute this affidavit to state income used to qualify for the referenced transaction, in lieu of or in addition to conventional income documentation; and

WHEREAS, the Affiant affirms that the statements contained in this affidavit are true, complete and correct to the best of the Affiant's knowledge and belief and that the lender and its successors and assigns may rely upon the representations contained herein in determining creditworthiness.

NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the parties agree as follows:

1. AFFIANT'S STATEMENT OF INCOME

Affiant hereby states and represents that the Affiant's current gross monthly income is:

Income Components

Base salary/wages: $

Overtime: $

Bonuses/Commissions: $

Other Income (describe): $

Total gross monthly income stated: $

2. REPRESENTATIONS AND WARRANTIES

The Affiant represents and warrants that:

(a) The income amounts stated above are true, accurate and complete as of the date of this affidavit and are derived from the sources described below: Employer/Source: ; Position: ; Employer phone:

(b) The Affiant expects the stated income to continue for the foreseeable future, but acknowledges that future income is not guaranteed and that the lender may verify the income at any time.

(c) Affiant understands that this affidavit is relied upon by the lender in underwriting and approving the loan and that any material misstatement or omission may constitute fraud and may subject the Affiant to civil and criminal penalties under applicable law.

3. DOCUMENTATION AND VERIFICATION

Affiant acknowledges that the lender may request supporting documentation and may verify employment, compensation, and any other information provided. Affiant agrees to provide such documentation upon request and to cooperate with reasonable verification efforts.

Supporting Documents Provided (check all that apply)

Paystubs Bank statements 1099 / Self-employment records None provided

4. INDEMNITY AND ACKNOWLEDGMENT

Affiant agrees to indemnify and hold harmless the lender, its officers, directors, employees and agents from and against any losses, claims, liabilities, costs and expenses (including reasonable attorneys' fees) arising from any intentional misstatement, omission or fraud in connection with this affidavit.

Affiant further acknowledges that the lender may, at its election, rescind, accelerate or demand repayment of any loan advanced in reliance on a material misrepresentation contained in this affidavit.

5. NOTICES

Any notice required or permitted under this affidavit shall be in writing and shall be deemed given when delivered personally, sent by certified mail, return receipt requested, or delivered by overnight courier to the party at the address set forth below or such other address as either party may designate by notice to the other.

Affiant Contact Information Lender Contact Information

6. GOVERNING LAW; ENTIRE AGREEMENT; SEVERABILITY

This affidavit shall be governed by and construed in accordance with the laws of the State selected by the lender in its underwriting file. This affidavit constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. If any provision of this affidavit is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

7. AMENDMENT; WAIVER; COUNTERPARTS

This affidavit may be amended only by a written instrument executed by both parties. No waiver by either party of any breach or default shall be deemed a waiver of any subsequent breach or default. This affidavit may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

CERTIFICATION AND ACKNOWLEDGMENT

By signing below, Affiant certifies under penalty of perjury under the laws of the applicable jurisdiction that the information set forth in this affidavit is true, correct and complete to the best of Affiant's knowledge, and that this affidavit may be relied upon by the lender in making credit decisions.

Additional Remarks or Explanations

Affiant / Borrower

Printed Name:

By:

Date:

Lender / Authorized Representative

Printed Name:

By:

Date:

What a Stated Income Affidavit Is and When it’s Used

A Stated Income Affidavit is a sworn written statement in which an individual declares their gross or net income without attaching full third-party verification documents. In the United States it is commonly used in lending and real estate contexts when conventional paystubs or tax returns are unavailable or when rapid underwriting is required. The affidavit records the declarant's income figures, employment details, and a statement of truth under penalty of perjury, and it typically accompanies loan applications, short-term financing, or lease qualification packets.

Why a Clear, Accurate Affidavit Matters

A concise Stated Income Affidavit speeds underwriting when verified documentation is delayed and creates a formal legal record of declared income. It reduces administrative friction for temporary or nontraditional income scenarios while preserving lender and borrower accountability under oath.

Typical Users and Signing Parties

The form is completed by the income declarant and reviewed by lenders, brokers, or leasing agents when conventional income verification is not available.

Borrowers with nontraditional income sources such as independent contractors, gig workers, or seasonal employees.
Mortgage brokers and loan underwriters assessing qualification when rapid decisions or alternative documentation are needed.
Property managers and landlords evaluating lease applicants who cannot produce immediate payroll or tax records.

Use with any party responsible for assessing ability to pay; keep copies for both declarant and recipient.

Essential Parts of a Professional Stated Income Affidavit

A well‑constructed affidavit is clear about who is declaring income, the time period covered, the calculation method, supporting attachments, and the legal acknowledgement. Each section should make verification steps and signer responsibilities obvious.

Declarant Details

Full legal name, date of birth, contact information, and employer or business name to identify the person making the income statement and enable follow-up verification if needed.

Income Statement

A specific declaration of gross or net income with the calculation method (hourly x average hours, monthly gross, annualized contractor earnings) and the covered period for the stated figures.

Supporting Documents

List and attach any available corroborating items such as bank statements, 1099s, invoices, or client letters to reduce lender risk and improve acceptance likelihood.

Legal Attestation

A sworn statement referencing penalty of perjury language and the jurisdiction governing the affidavit to establish legal accountability for false statements.

Notarization Block

A notary acknowledgement or remote online notarization (RON) section consistent with state requirements to authenticate the signer’s identity and signature.

Signature and Date

Plain signature line, printed name, and exact execution date; include witness lines only if state law or specific lender policy requires them.

Step-by-Step: Filling Out the Affidavit

Complete the affidavit in sequence to ensure each entry matches supporting records and legal attestations are in place before signing.

01

Collect Evidence: Gather bank statements, invoices, and 1099s that support the income claim.
02

Enter Identifiers: Fill full legal name, address, and employer or business name.
03

Declare Income: Provide the income figure, period covered, and calculation method.
04

Notarize and Sign: Sign before a notary or use approved RON workflow as required by the recipient.

How to Configure an Online Affidavit Workflow

Set up fields, recipient routing, and authentication so electronic completion meets legal and lender requirements.

Field	Configuration
Declarant Name Field	Required text field, auto-validate with ID check
Income Amount Field	Numeric field with currency formatting
Supporting Attachments	Enable multi-file upload and label mapping
Signature Authentication	Email + SMS code or KBA per recipient rules

Digital Signing and Submission Considerations

Choose an eSignature platform that supports authentication, audit trails, and notarization options suited to lenders and jurisdictions.

Authentication: Email, SMS, or KBA
Audit Trail: IP, timestamp, action log
Notarization: RON or in-person options

Ensure the chosen workflow can generate a tamper-evident signed PDF and retain a reproducible record to satisfy ESIGN and UETA requirements.

Typical Submission Flow for a Stated Income Affidavit

A streamlined submission moves from preparer to signer to verifier with defined authentication and retention at each step.

Prepare: Complete fields and attach supporting evidence.
Sign: Declarant authenticates and signs electronically or in-person.
Notarize: Execute notary acknowledgment or RON session.
Submit: Send signed affidavit with exhibits to the requesting lender or agent.

Timing, Deadlines, and Processing Expectations

Processing time depends on lender policies and whether third‑party verification is required; plan for immediate execution when underwriting is time-sensitive.

Request Deadline:

Respond to lender requests promptly; delays can pause underwriting.

Execution Window:

Sign and notarize within the timeframe requested by the lender, often 7–14 days.

Submission to Lender:

Submit signed affidavit and attachments with the loan package for review.

Underwriting Review:

Underwriters may request verification follow-up within 3–10 business days.

Retention Start:

Retention period begins on the execution date of the affidavit.

Common Preparation Errors to Avoid

Vague income descriptions such as 'about' or 'approximately' instead of specific amounts that can be reconciled with evidence.
Failing to attach supporting documents or labeling attachments inconsistently so reviewers cannot match evidence to declared amounts.
Signing before confirming the correct jurisdiction or notary block, causing the affidavit to be rejected for improper notarization.
Using initials in place of a signature or using an unsigned electronic file that lacks an audit trail and authentication.

Legal Risks and Potential Consequences

Perjury Exposure: Criminal or civil penalties

Loan Denial: Application rejection or rescission

Civil Liability: Lender claims or damages

Tax Scrutiny: IRS inquiry if income misreported

Notary Rejection: Invalid acknowledgment without proper notarization

Fraud Investigation: Possible referral to law enforcement

eSignature Pricing and Feature Comparison for Affidavit Workflows

Compare typical starting prices and key capabilities that affect affidavit execution: authentication, notarization options, HIPAA readiness, and envelope limits.

	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	Yes, 7-day trial	Yes	Yes	Yes	Yes
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No cap	100 envelopes/user/year	Varies	Varies	Varies

Frequently Asked Questions and Troubleshooting

Answers to common questions about legality, notarization, evidence, and electronic submission for Stated Income Affidavits.

Need help? Contact support

Is an electronic affidavit legally valid?
Yes. Electronic signatures are legally enforceable under the ESIGN Act and UETA when the transaction meets intent, consent, attribution, and retention criteria.
When is notarization required?
Many lenders and jurisdictions require a notarized acknowledgement for affidavits; check the recipient’s policy and state notary rules before execution.
Can I use Remote Online Notarization?
If the state and recipient accept RON, use an approved audio-video identity proofing and recording workflow; some states limit or prohibit RON.
What supporting documents should I attach?
Attach bank statements, 1099s, invoices, or client engagement letters that substantiate the declared income and label each attachment clearly.
What happens if the affidavit is incorrect?
Inaccurate declarations can lead to loan denial, civil claims, tax scrutiny, or criminal exposure for perjury depending on the materiality of the false statement.
How long should I keep the affidavit?
Retain executed affidavits for the life of the loan or lease plus at least 3 years; industry and federal rules may require longer retention.

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