Form 1003 Guide

Fannie Mae Form 1003 Explained

The Fannie Mae Form 1003, also known as the Uniform Residential Loan Application is a document that consists of five pages. This five-page document provides information to lenders about an applicant. The applicant, or potential borrower, is required to input their personal information, details about their finances, and the type of mortgage they are hoping to obtain.

The Fannie Mae Form consists of nine sections required to be filled out by the applicant and the lender or mortgage loan officer. The applicant can receive assistance from a mortgage loan officer in person or over the phone to help make the mortgage process easier. The loan officer may also ask additional questions during the application fill-out session pertaining to the applicant’s finances.

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What Are The Declarations For Form 1003?

The declarations for Form 1003 are located in Section 5. Section 5 asks the applicants specific questions about the property, the applicant’s funding, and financial history. For the property and funding, the applicant needs to provide information about the property being purchased, such as if it will be used as a primary residence and also disclose properties owned in the past. The applicant is required to tell how the property will be paid for and where the funding will come from.

The next part asks about the applicant’s finances. The applicant is required to answer if the applicant has been a co-signer or guarantor on any loan that is not disclosed in the application. The applicant also needs to disclose if there are any judgments against them, if they are delinquent or in default on any Federal debt or personal financial liabilities, and if they have had any foreclosed properties or declared bankruptcies within the past seven years.

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What Are The Sections Of A Form 1003 Mortgage Application?

The sections of a Form 1003 mortgage application are the following:

• The borrower information section gathers the applicant’s personal information, income, and employment
• The financial information in the assets and liabilities section collects information about the applicant’s financial assets, personal obligations, and debts.
• The financial information in the real estate section gets the details about the applicant’s owned properties and the debts related to those properties.
• The loan and property information section gathers information about the applicant’s loan purpose and the property being bought or refinanced.
• The declarations section gathers answers about the applicant’s property, method of financing, and past financial history
• The acknowledgments and agreements section provides information about the applicant’s legal obligations related to the mortgage application and asks for the applicant’s acknowledgment of the information that will be gathered, used, and shared.
• The military service section collects the details about the applicant’s or deceased spouse’s military service.
• The demographic information section gets the information the lender is required by law to ask.
• The loan originator information section gives the applicant information about the loan originator.

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Does Form 1003 Need Employment History?

Yes, Form 1003 needs employment history. Employment history is required to be filled out in Section 1 or the Borrower Information Section. Under this section, the applicant needs to input the applicant’s current employment or self-employment information, such as employer or business name, business address, position or title, work tenure, and gross monthly income.

This section also asks for more information regarding additional employment or self-employment and income. Lastly, this section gathers complete information about previous employment or self-employment and income.

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Does Form 1003 Need Income Statements?

Yes, Form 1003 needs income statements. Income information is disclosed by filling out Section 1 or the Borrower Information Section. This section requires the applicant to provide the monthly income and the gross monthly income. The gross monthly income consists of the following payments, such as base payments, overtime payments, bonus payments, commission payments, military entitlement payments, and other payments.

Fannie Mae states the requirements for the loan application package. One of the requirements is information or documentation that can provide verification, clarification, or substantiation information in the borrower’s application. These documents can be photos or scanned versions of the original documents and can be delivered in hardcopy or through email and other electronic methods.

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What Liabilities Need To Be Disclosed On Form 1003?

Form 1003 requires the following liabilities to be disclosed. These liabilities include revolving accounts like credit cards, installment accounts like auto, student, or personal loans, open 30-day accounts that are paid monthly, and other leases except for real estate. The applicant must input the unpaid balances on these accounts and their monthly payments.

Form 1003 also needs additional information regarding other liabilities and expenses. The additional types include alimony, child support, separate maintenance, job-related expenses, and others. The applicant is only required to input the monthly payment for these accounts.

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What Is A Uniform Residential Loan Application?

A uniform residential loan application (URLA) is a standard form that lenders use to determine an applicant’s eligibility for a mortgage. An applicant or borrower who is planning to buy a single-family home is required to fill out the URLA two times, once at the start of the application and nother when the applicant or borrower agrees to the loan terms. For over 20 years, URLA has been used by the majority of lenders and loan originators. The URLA form is also called the Freddie Mac's Form 65 or the Fannie Mae's Form 1003.

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Download Form 1003 PDF

Form 1003 can be downloaded in PDF format at the Fannie Mae website. The Fannie Mae website also provides links for other forms like borrower information, lender loan information, additional borrower, unmarried addendum, and continuation sheet. Lenders can also download non-English translations of the general information, loan application and origination forms, and sample uniform formats in Spanish, Korean, Tagalog, Traditional Chinese, and Vietnamese. The Fannie Mae website also offers resources such as Form 1003 Instructions and Form 1003 Rendering Design Options for guidance.

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