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.Contact us for an application or apply
online.
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.
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 truthfulness 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.
Not providing the correct information on the 1003 can hurt you in the
long run.
Many borrowers find the 1003 application somewhat
overwhelming 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.
Even though 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.
