1003 Application - The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.
Many borrowers find the 1003 application somewhat ovrwhelming so your Loan Officer will normally assist you in filling it out. However, it is important that you give accurate information to your Loan Officer, in most loan programs the information on the 1003 will need to be supported by documentation.
To get the mortgage process moving quickly fill out a loan application (1003) as soon as possible. Most websites have a version you can down load and fill out or you can do it over the phone.
Make sure you look the loan application (1003) over to verify the 1003 is filled out properly, accurately and truthfully before you sign the loan application. You are signing the 1003 to not only apply for a home loan but also to verify the content and truthfullness of all of the information listed on the 1003.
The Uniform Residential Loan Application is also known as Fannie Mae Form 1003 or simply the "1003" (pronounced ten-oh-three). Your lender will help you fill out this standard mortgage application. Everyone who applies for a mortgage must complete this application, which includes items such as your income, assets, and a description of the home you plan to buy or refinance.
Eventhough the Uniform Residential Loan Application was designed by Fannie Mae, it is widely accepted in the mortgage industry. Even nonconforming lenders whose loans are not sold to Fannie Mae would use this application.
There are five types of mortgages that the 1003 is used for:
- Other (Lot and Construction Loans typically fit into this category)
The 1003 is the first step in the loan process that includes the information about the borrower and property. The 1003 is a expanded financial statement to analyze the borrowers ability to support a home loan.
It is crucial to have as much and the most accurate information available for your mortgage broker when you are applying for a loan. Every blank on the 1003 is there for a reason and this is why your mortgage professional will ask you so many questions in the process.
Not providing the correct information on the 1003 can hurt you in the long run.
Contact us for an application or apply online.
What is a 1003 Mortgage Application? - A 1003 Mortgage Application is the standard application filled out by a mortgage professional on behalf of a borrower applying for a mortgage loan.
The application will provide the lender the essential details to make an informative decision.
The 1003 Mortgage Application is generally taken face to face or over the phone.
It contains all the necessary information involved having to do with your mortgage loan.
The 1003 Mortgage Application contains information such as the address of the current property being purchased or refinanced.
If a purchase- then the purchase price and loan amount.
If a refinance- how much the property was purchased for and when.
The 1003 Mortgage Application has a "Schedule of Real Estate Owned".
This should list all properties that the borrowers own including any mortgages tied to these properties.
Also detailing which property is an investment property or second home, if applicable
The 1003 Mortgage Application lists the borrowers current address(es) going back at least 2 years.
The 1003 Mortgage Application will generally list the borrower employment, unless the application is for a No Employment Verification Loan.
If the loan will include Employment Verification (and most do), the application will provide for 2 years of Employment History, although some lenders require less than 2 years history.
The 1003 Mortgage Application will list all liabilities that are showing on your credit report. This includes, but is not limited to:
Credit Card Payments
Open Collection Accounts
Each item lists the current balance and the monthly payment to be calculated into your Debt To Income Ratio.
A 1003 Mortgage Application is also called a "Uniform Residential Loan Application", or abbreviated URLA. The 1003 application, URLA, is exactly that, an application for a loan. You will be required to sign the mortgage loan application and verify the accuracy of the information contained within the application. It is very important that you are honest and upfront on your application. If you lie about something on the application or try to hide something this can be reason for immediate denial of your loan or even worse an immediate demand for the remainder of the loan balance in full, if the loan has already gone through. Therefore, read over your entire loan application and check the accuracy of the information before signing your name to it.
When completing a 1003 mortgage application, it is important to sign in all areas marked with an X or where a line is drawn above or below your name or the word "Borrower", and to initial at the bottom of each page. If you have any questions, your loan officer will be more than happy to highlight the areas.