Inaccuracies in your 1003 can cause important information to be wrong and therefore could possibly hinder your ability to obtain a mortgage. Make sure all of your information is true and correct to assure yourself the best chance of being approved.
In addition false information can land you in jail and is a violation of the federal law. Please make sure you do not knowingly provide false information on your application.
Review your mortgage application carefully before signing it. By signing, you are acknowledging eveything listed to be true and accurate.
A mortgage application provides thel lender with the borrowers personal information, income information, employment history, asset and liability information. The application also provide details of the proposed loan transaction.
Once filled out, the mortgage application is then given to an underwriter along with other documents verifying the accuracy of the completed application. The mortgage application also determines what is known as your debt ratio and will help determine how much of a house you can afford.
The U/W will use this application in determining if you will qualify for a loan. In terms of how important this application is, you would consider this your loan resume.
Make sure all information that you give is accurate. Any inconsistancies or innacurracies may result in a denial or a higher rate product because you do not qualify for the initial product.
The Uniform Residential Loan Application, or 1003, has to be used for all conforming loans delivered to Fannie Mae and Freddie Mac. This form is so widely accepted in the mortgage industry that even non-conforming lender banks use it. Some commercial property lenders also use this application form.
Recently the 1003 mortgage application was revised. This revision happened at the beginning of 2006.
Lenders use this form to record relevant financial information about loan applicants applying for conventional one- to four-family mortgages. The instructions at the top of the Uniform Residential Loan Application are consistent with the permissible inquiries that creditors are allowed to make under the Equal Credit Opportunity Act (ECOA). Although ECOA permits the
Although the introductory paragraph of Fannie Mae’s Form 1003 differs slightly from the introductory paragraph in the Uniform Residential Loan Application found on Freddie Mac's website, Freddie Mac Form 65, because these differences are not material, Fannie Mae and Freddie Mac accept either version as compliant with the requirements for use of the Uniform Residential Loan Application.
