Buying a home is not a one-step process. Most of us start by learning about the world of real estate and assessing our financial options. Next, it’s time to explore the first formal step in the home loan process: How to fill out a 1003 loan application and the process. No matter where you apply for your loan, you will probably fill out the same form. Known as the Uniform Residential Loan Application or the 1003, after its Fannie Mae form number.
With ten different sections to fill out, these forms can often appear complicated and intimidating on first glance. However, a loan officer will almost always help you and show you how to fill out a 1003 application, either over the phone or in person. Make sure you are familiar with the loan application before your conversation so you’re ready to answer questions about your finances when working with the loan officer to fill it out.
The 10 sections within the 1003 Loan Application
- Type of Mortgage and Terms of Loan
- Property Information and Purpose of Loan
- Borrower Information
- Employment Information
- Monthly Income and Combined Housing Expense
- Assets and Liabilities
- Details of the Transaction
- Declarations
- Acknowledgment and Agreement
- Information for Government Monitoring Purposes
Before you sign your mortgage application, carefully review it to ensure it’s complete and accurate. Beware of anyone offering to falsify information to qualify you for a loan. Whether it’s intentional or not, an inaccurate application can be considered fraud. The FBI estimates that more than half the mortgage fraud cases they investigate involve fraud on the mortgage application. Check carefully that you or the loan officer has filled out everything correctly.
Learning how to fill out a 1003 mortgage loan application may not be exciting in and of itself but it is an important step in the journey toward owning your new home, one of the most important investments of your life. If you are ready to start your homeowner journey, contact Real Estate Funding Solutions at info@realestatefundingsolutions.com today to get started!