This is the number
assigned by the Federal government to the standard form which
all customers fill out to apply for a home loan.
Actually the official title of the form 1003 is the Uniform
Residential Loan Application or URLA.
A 1003 Uniform Residential Loan Application can be completed
either as a hand-written document or a computer generated document.
All signatures should be written in ink.
The 1003 may also be known as the loan application.
The 1003 also includes sections that detail the borrowers assets
and liabilities.
The 1003, otherwise known as the Uniform Residential Loan Application,
has to be used for all conforming loans delivered to Fannie
Mae and Freddie Mac. This loan application form is so widely
accepted that it is used for even nonconforming loans that are
not meant to be sold to FNMA and FHLMC.
The first page of 1003 application contains all the borrower,
co borrower, property and loan information. The beginning section
of the first page details the property and purpose of loan.
The Second section contains all borrower and co borrower personal
information. The last section details employment information
for borrowers.
A 1003 gives a "bird-eyes" view of an applicant/applicants
for a mortgage. It describes the person, income, liabilities,
and assets. It's the basic and essential piece to applying for
a home loan.
The 1003 form has recently changed its look. New 1003 forms
are on standard letter size pages. Older 1003 forms were legal
size. If you filled out an older form the lender may require
you to fill out the newer form depending on when your loan closes.
Effective Jan 1, 2006, the new 1003 is now required. Your borrower
initial 1003 may have been signed prior to Jan 1, 2006. However,
most lenders will require the final 1003 to be signed at closing.
Depending on what loan type you and your mortgage broker choose
you will have to support the information in the 1003 with more
documentation. For income you will need 4 weeks worth of pay
stubs along with 2 years tax returns. For your down payment
or cash reserves you will need 2 months bank statements which
shows source and seasoning on funds. For employment you will
need a verification of employment (VOE) and for mortgage history
you will need a VOM or verification of mortgage to show the
last payments have been made on time.
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