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.
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.
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.
