Exhibit 31.1

CERTIFICATIONS

I, Michael Szymanski, certify that:

|1. |  | I have reviewed this annual report
      on Form 10-K of ZAIS Financial Corp. (the registrant);                                                                                                                                                                                                                                 
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|2. |  | Based on my knowledge, this report
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading with
      respect to the period covered by this report;
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|3. |  | Based on my knowledge, the financial
      statements, and other financial information included in this report,
      fairly present in all material respects the financial condition, results
      of operations and cash flows of the Registrant as of, and for, the periods
      presented in this report;                   
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|4. |  | The registrants other certifying
      officer(s) and I are responsible for establishing and maintaining
      disclosure controls and procedures (as defined in Exchange Act Rules
      13a15(e) and 15d15(e)) for the registrant and have:                                                                                  
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|   |  | a.                                                                                                                                                                                                                                                                                                                                
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|   |  | b.                                                                                                                                                                                                                                                                                                                                
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|   |  | c.                                                                                                                                                                                                                                                                                                                                
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|5. |  | The registrants other certifying
      officer and I have disclosed, based on our most recent evaluation of
      internal control over financial reporting, to the registrants auditors
      and the Audit Committee of the registrants board of directors (or persons
      performing the equivalent functions):           
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|   |  | a.                                                                                                                                                                                                                                                                                                                                
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|   |  | b.                                                                                                                                                                                                                                                                                                                                

|Date: March 28, 2013 |     |                       |                                            
|-------------------- | --- | --------------------- | -------------------------------------------
|                    
|                     | By: | /s/ Michael Szymanski
|                     |     | Name:                 | Michael Szymanski                          
|                     |     | Title:                | Chief Executive Officer and
      President

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