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 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:

- VA
- FHA
- Conventional
- USDA/RURAL
- 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.

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.

» DISCLAIMER: The information contained in this article on '1003 Application' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.

1003 Application