Form 1003 also requires a borrower to disclose all monthly household income as well as regular monthly expenses. In addition, the form requires a detailed list of the borrower`s assets and liabilities to determine if they can afford monthly mortgage payments. This information applies to the 2020 version of the form. Make sure you have completed everything exactly before signing the application. If you notice any problems, errors or omissions, contact your lender. They can help you solve the problem. To paint a complete picture of your financial health, you need to provide information about your assets, such as: Tennessee Banker`s Association. “WEBINAR: Implementing the 2020 Unified Home Loan Application.” Retrieved 12 September 2020. Form 1003 was updated in 2017. A final version was rolled out in 2020. Lenders began using this version on September 1, 2020.

The old version will no longer be accepted after November 1, 2021. The 1003 loan application form, also known as the Uniform Residential Loan Application, was developed by the Federal National Mortgage Association or Fannie Mae as a standardized form for the industry. Fannie Mae and her brother, the Federal Home Loan Mortgage Corp., or Freddie Mac, are loan companies founded by the U.S. Congress to maintain liquidity in the mortgage market. The Form 1003 mortgage application is only one step in the mortgage process. You may need to complete it twice: once at the beginning of your application, and then once before closing. The second realization will check that all the information is still correct and confirm the terms and interest rate of the loan. Form 1003 contains all the information a mortgage lender needs to determine if a potential borrower is worth the risk of the loan.

This includes information about the identity of the borrower. While some lenders don`t need employment information to consider a new mortgage, Form 1003 requires that up to two years of work history be entered for each borrower. This serves to establish the financial security and reliability of the borrower. The third section is quick and easy. All you need to fill in is your name, date of birth, address, phone number, social security number, and marital status. If you plan to sign this loan with someone else, be sure to save their personal information as well. If you have lived at your current address for less than two years, you will need to provide your previous addresses from the last seven years. Federal Register. “Final Status of uniform mortgage application redesigned in accordance with Regulation B.” (accessed September 12, 2020) In this section, you will find all the important information associated with your new mortgage. It details the purchase price of your home, closing costs, and the total cost of your mortgage (including principal, interest, and fees).

At present, many of these elements are estimates, as they are not completed until the loan has been completed. Your lender will likely help you complete this section. The 1003 mortgage application form is the standard application used by most mortgage lenders in the United States. Its official name is Uniform Residential Loan Application. If you`re considering using a mortgage to buy a home, you`ll likely use this form. Learn more about the 1003 mortgage application form, how to use it, and how to fill it out during the home buying process. In this section, you should describe in detail all forms of income. You use your gross income that you earn before taxes and deductions. Be sure to include information about premiums, commissions, self-employment or 1099, child support, rental property payments, and other forms of income. In addition, you must enter your current rent or mortgage payment information in the “Combined Monthly Housing Costs” category.

This first section asks borrowers to describe the loan program and the amount they wish to claim. The information in this section should be consistent with what you discussed with your loan officer, and you`ll likely need their help to make sure you fill it out correctly. If you have not yet found a property, the amount fields must indicate the maximum amount you want to borrow. Mortgage Application Form 1003 was developed by Fannie Mae and first published in August 2016. Its Freddie Mac equivalent is form 65. Both forms are based on the uniform loan application dataset and require the same information from consumers applying for residential mortgages. Make sure you have the following documents handy. It will be easier to complete your 1003 loan application. You`ll likely need to provide some of that to your lender if your loan is taken out. In this section, you will be asked to answer questions about legal or other issues (past or present) that may affect your financial performance.

For example, have you ever filed for bankruptcy, made a seizure or filed a lawsuit? This information, in addition to your credit report, will help your lender better assess your history and ability to successfully repay a mortgage. .