An Overview Of 1003 Mortgage Applications

2007-03-08 10:33:40

( Financial )



A 1003 mortgage application also known as a uniform residential loan application (URLA) is a form that is accomplished by borrowers who wish to apply for specific types of mortgage loans. These loans can include FHA, construction and property loans, conventional, VA, and USDA/RURAL loans. Other lenders use the 1003 mortgage application form as a basis in formulating a financing company’s loan application form.

A 1003 mortgage application form contains all the information that a lender requires in order to be able to determine the amount of mortgage that you can afford, analyze your debt ratio and determine your loan eligibility.

When accomplishing a 1003 mortgage application form you will need to provide information on your current assets and all the debts that you owe. Your personal information as well as information on your co-borrower or guarantor will also need to be given. Lastly your employment background, the reason for applying for the loan and details of the property you wish to purchase must also be included.

When submitting mortgage applications using a 1003 form, you will need to enclose your last month’s pay slips and your income tax return for the past two years. In order to prove that you can afford to make a down payment, you need to present some proof that you possess some cash savings by proving the current balance of your bank account, and your bank statements for the last two months. A verification of employment and verification of mortgage (if you have any existing mortgage loans) should be included to show you have made timely monthly payments.

You must ensure that you complete these mortgage applications accurately and honestly. A higher interest rate or a rejected mortgage application awaits individuals who provide inconsistent information on these forms. For this reason, you should ask the assistance of a loan officer or a mortgage lender when completing a 1003 mortgage application form.

A 1003 mortgage application form can be found online using an Internet search engine, and printed instantly. Any lenders providing mortgage loans will also be able to supply you with some copies of these forms.


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