| 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. 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.
There are five
types of mortgages that the 1003 is used for:
- VA
- FHA
- Conventional
- USDA/RURAL
- Other (Lot and Construction Loans typically fit into this category)
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.
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.
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