Form 1003 - Uniform Residential Loan Application (a breakdown)

There are several things to consider when applying for a mortgage or home equity line of credit. Below I have listed several main sections that are on the Fannie Mae Form 1003. By knowing what documents to bring to your broker, your loan process will be simplified and the process will be smoother.
A home equity loan is like any other mortgage loan in that the application process is usually the same.

Verification of documentation is dependent on the type of loan (stated, no-doc, no-income, or full-doc, and conventional) whether you need to verify your work history your rental payment history or if you need to varify your assets and income. These verifications come int the form of a VOE-verification of employment, VOR-verification of rent, and VOI-verification of income.

1. Type of Mortgage and Terms of Loan
   
   Your broker will fill this section out depending on what your needs are.
   
   For example they might write some of the details concerning a home equity line of credit here..
   


2. Property Information and Purpose of Loan
   
   Your broker will fill this section out. If you will be doing new construction or refinancing into a mortgage or HELOC,
   you will have additional information about your house to fill out here. Your broker
   will go into more depth in the interviewing process.
   
   
3. Borrower Information
   
   This section is going to cover your name, your social security
   number, phone number, date of birth, the number of years of school that you have
   completed, and your address (present and mailing)
   
   You will need to provide two years of address information and if you rent then be sure to provide contact
   information for your landlord.
   
   
4. Employment Information
   
   You will need to provide at least 2 years of work history. Include for each employer
   the length of time that you have been work there and how long you have been working
   in that line of work. Include contact information to reach your employer, and
   the title for your position.
   
   Compensation for your current job will be
   covered in the section following this one, but include your monthly income for
   all of the other jobs.
   
   
5. Monthly Income and Combined Housing Expense Information
   
   Write down your monthly income. be honest becuase
   you will need to bring varification. Varification includes 2 years of tax form
   w-2as well any award letters or other documentation that you think may be requested.
   The more material you provide to your broker will, in the end, mean less phone
   calls and less time wasted later on.
   
   Also write down what you are paying
   each month in rent. or if you currently own a home then write down all the information
   that you know about your current mortgage or home equity loan.
   


6. Assets and Liabilities
   
   Your broker will want to know about your assests. so
   list out everything you have. You will need to list your bank accounts, their
   account numbers and how much money is in each account. If you have investments,
   list them. If you have a money built up in a retirement fund, list it. List the
   year, make and model for all cars that you own, and if you have anything particularly
   valuable list it. for everything else, estimate what your howehold goods are worth.
   
   This gives the bank a better understanding of what your situation is. The Broker involved
   uses the Assets section less than other sections, but don't skimp. every detail
   that your broker loans will help ensure that your loan gets approved the first time.
   
   Liabilities will be collected by pulling a credit report for you
   and your coborrower if you have one. If you can explain derogatory credit and
   are getting a governmental loan, it may be useful to explain negative credit.
   
   If you own property you will need to list it in the section.
   


7. Details of Transaction
   
   This section is for your broker to fill out
   


8. Declarations
   
   There are several yes no questions here. Be honest. they will help avoid problems later on in the loan origination process.
   


9. Ackowledgment and Agreement
   
   When you go in to sign disclosures you will need to sign here to acknowledge that the
   information you have provided is correct to the best of your knowledge
   


10. Information for Government Monitoring Purposes
    
    Are you Hispanic or Latino?
    
    What is your race..? White, Asian, Black or African American, American Indian or Alaska
    Native, or Native Hawaiian or Other Pacific Islander.
    
    The government monitors your broker to ensure that they are treating their clients equally.