The 1003 mortgage application form is the standard form used by most mortgage lenders in the United States. Its official name is the Uniform Residential Loan Application.
The 1003 Mortgage Application Form
The 1003 mortgage application form was developed by Fannie Mae and published for the first time in August 2016. It is equivalent to Form 65 used by Freddie Mac. Both forms are based on a unified loan application data set and require the same information from consumers applying for residential mortgage loans.
Who Uses the 1003 Form?
Most mortgage lenders in the United States use either the 1003 form or Form 65 to evaluate potential applicants. If you are applying for a loan for purchase, refinance, or construction-to-permanent loan, you are likely to use this form. You will also use it to obtain loans from the Federal Housing Administration (FHA), conventional loans, USDA loans, and VA loans.
How to Fill Out and Read the 1003 Form
The 1003 form was updated in 2017. The final version was released in 2020, and lenders began using this version on September 1, 2020. The old version will not be accepted after November 1, 2021. Be sure that the 1003 form you are using is the latest version.
You should have some documents related to your income, debts, assets, and the home you are considering buying before you start filling out the 1003 form. This includes:
- Property information: address, year built, intended use of the property
- Loan information: type and purpose of the loan, amount, loan term
- Borrower and co-borrower information: name, Social Security number, marital status, address, phone number, date of birth
- Employment data: employer’s name and address, years employed, years of industry experience, job title, employer’s phone number
- Income data: monthly income, including bonuses, overtime, commissions, rental income, profits from stocks
- Housing expenses: monthly rent or other mortgages, hazard insurance, and property taxes on current properties
- Assets and debts: account balances for checking and savings, co-op accounts, retirement accounts, stocks and bonds, life insurance value, other owned properties, credit card balances, auto loan balances, and other monthly payments
- Transaction details: purchase price, estimated closing costs, discount points, mortgage insurance
- Demographic data: ethnicity, residency status, race, gender, national origin
- Signatures: yours and the co-borrower’s signatures to attest to the accuracy of the form
You may need the lender’s help or assistance from a loan officer on some of these points. Make sure to have these documents ready to provide to them.
Other Required Documents
The 1003 mortgage application form is just one step in the mortgage loan process. You may need to fill it out twice: once at the beginning of your application and again before closing. During the second time, all the information will be verified, and the terms and rate of the loan will be confirmed.
In addition to the 1003 and 65 forms, you must provide your lender with other types of documentation to support your application. These documents often include pay stubs, bank statements, W-2 forms, and tax returns.
Be sure to have the following documents with you. They will make it easier to fill out your 1003 loan application. You may need to provide some of them to your lender when your loan is under review:
- Two recent copies of pay stubs
- Purchase offer or sales contract for the home
- Your Social Security card and a state-issued ID, such as a driver’s license
- A copy
- Your most recent mortgage statement
- Your latest checking and savings account statements
- Statements for any IRAs or 401(k) or retirement accounts you may have
- Recent credit card and auto loan statements
- Policy documents for any life insurance you may have
- Information about any property you currently own
- Your previous tax returns and W-2 forms
You might consider scanning or photographing all these documents and storing them digitally. You will be able to easily transfer them when your lender requests them.
Source: https://www.thebalancemoney.com/the-1003-mortgage-application-form-4767434
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