1003 APPLICATION AND DOCUMENTS NEEDED

By
Mortgage and Lending with Hartford Financial Services - Wisconsin Mortgage Lender

When I take your wi-mortgage.com application, I will complete a Fannie Mae form 1003. It is commonly called a uniform residential loan application or URLA.  This is the first step in the mortgage approval process. The 1003 must be filled out honestly and completely.

 

Section 1 of the 1003 asks for the type of mortgage and terms of loan:

VA - Veteran's Administration Loan

FHA - Federal Housing Administration Loan

CONVENTIONAL - Fannie Mae loan

USDA - United States Department of Agriculture Rural Development Loan

LOAN AMOUNT 

INTEREST RATE

NUMBER OF MONTHS - Length of Loan

AMORITIZATION TYPE - Fixed Rate, Gradual Payment, Adjustable Rate

 

Section 2 of the 1003 asks for property information and purpose of the loan:

SUBJECT PROPERTY ADDRESS - Property you are purchasing or refinancing

NUMBER OF UNITS - 1,2,3,4

LEGAL DESCRIPTION OF PROPERTY - Need old title to complete or will complete when new title is researched

YEAR BUILT - How old is home.

PURPOSE OF LOAN - Purchase, Refinance, Construction

PROPERTY USE - Primary residence, second home, investment property

YEAR ACQUIRED - How many years in home

ORIGINAL COST - How much was original purchase price

EXISTING LIENS - How much you currently owe on mortgage(s)

PURPOSE OF REFINANCE - Rate and term or refinance

IMPROVEMENTS MADE - Have there been improvements completed on home and cost of those improvements

 

Section 3 of the 1003 asks for borrower(s) information:

BORROWER'S NAME - don't forget to include JR, or SR

SOCIAL SECURITY NUMBER -

HOME PHONE NUMBER -

DATE OF BIRTH -

YRS IN SCHOOL -

MARITAL STATUS - Married, Unmarried, Separated

DEPENDENTS - make sure matched tax returns

PRESENT ADDRESS - Must have two year history

PREVIOUS ADDRESS - If residing at current residence for less than two years

 

Section 4 of the 1003 asks for employment information:

NAME ADDRESS OF EMPLOYER - Must match pay stubs - if not need LOX

YEARS ON THE JOB - Must have two years work history

YEARS IN PROFESSION - Looking for stability in client

POSITION - Name of position - if self-employed need type of business

BUSINESS PHONE NUMBER -

PREVIOUS EMPLOYER INFO - If employed at current employer for less than two years

 

Section 5 of the 1003 asks about monthly income and housing expense:

BASE INCOME: Your hourly salary or base salary

OVERTIME: Important if you have not earned overtime in last two years we can not use it

BONUSES: Important if you have not earned bonuses in last two years we can not use it

COMMISSIONS: Important if you have not earned commissions in last two years we can't use it

DIVIDENDS/INTEREST: For example fixed annuities

RENTAL INCOME: Net rental income not gross

OTHER SOURCES OF INCOME: Such as SSI, Alimony, Child Support, and Pension

COMBINED MONTHLY HOUSING EXPENSES: Principal, Interest, Homeowners Insurance, Real Estate Taxes, Mortgage Insurance, and Homeowners Association Dues

 

Section 6 of the 1003 asks about assets and liabilities:

ASSETS - Assets are very important because they often build your case to purchase or refinance your home. You can not have enough assets! Assets can be checking and savings accounts with two months reserves (PITI), Stocks and Bonds, and Vested interest in retirement fund.

LIABITITIES - Liabilities are outstanding debts like car payments and credit card payments. It does also include child support and alimony. If you make these types of payments, have court documents ready at the application.    

 

Section 7 of the 1003 detail the transaction in a numerical format:

REFINANCE AMOUNT - The combination of amount owed to current mortgage lender and other debts paid.

PREPAID ITEMS - Estimated Taxes and Insurance Escrows

CLOSING COSTS - Estimated Closing Costs

PMI FEE - All FHA Loans have a PMI cost associated with loan.

LOAN AMOUNT - What is loan amount without PMI

PMI FINANCED - What PMI amount included in loan amount

TOTAL LOAN AMOUNT - Loan amount and PMI combined

CASH FROM OR TO BORROWER - Amount borrower receives or must bring to closing.

 

Section 8 of the 1003 asks the borrower(s) to answer or declare various questions. All questions are vital but important ones are: Do you have any outstanding judgments against you? Have you been declared bankrupt in last 7 years?  Are you a U.S. Citizen?  How is property titled? The answers may not allow you to acquire certain mortgage loans

Section 9 of the 1003 asks the borrower(s) to acknowledge and agree to current and future verification of information given to loan officer at application.

Section 10 of the 1003 asks the borrower(s) to give personal information so the federal government can monitor lenders equal credit opportunity: such as Ethnicity, Race, and Sex.

For additional information about WI-Mortgage.com, contact Frank Pabon at 920-623-9245 or visit the website at http://www.wi-mortgage.com.

 

About WI-Mortgage.com:

Contact:

Frank Pabon

WI-Mortgage.com

(920) 623-9279

Email: fpabon@wi-mortgage.com

http://www.wi-mortgage.com

http://www.frankpabon.com

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Mortgage / Finance
Tags:
fha 1003
fha application
frank pabon

Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
123,075

Frank Pabon

USDA, FHA, Appleton Home Loans 920-319-5368,
Ask me a question
*
*
*
*
Spam prevention

Additional Information