Who needs a Fannie Mae form 1003?
This is a standard form for borrowers who must prove their financial eligibility to the lender in order to receive mortgage. Lenders may use other variants of this form, depending on the relationship with the borrower and on the level of trust. Sometimes borrower only needs to provide a financial statement or just a testimonial, others can verify their identity to the lender with a standard form 1003.
What is Fannie Mae form 1003 for?
This form is also called “Universal Residential Loan Application”. Judging by the information provided in this application, lenders decide whether they should risk their money and give a mortgage to the borrower. Federal National Mortgage Association designed this form to ease the process of qualifying for a loan.
Is it accompanied by other forms?
Fannie Mae form 1003 does not require additional forms. However, it contains information about previous employment, household income and expenses, which is why borrowers should have evidence for the information provided on the application, such as paychecks, utility bills, etc.
When is Fannie Mae form 1003 due?
Form 1003 must be completed twice: first time during the initial application and second time upon closing a deal as a part of the document package for a mortgage.
How do I fill out a Fannie Mae form 1003?
There are four pages for the borrower to fill out. They concern the terms of loan, information about the property, details of the transaction and information about the borrower, such as employment history for 2 years, monthly income, assets and liabilities.
Where do I send it?
Borrowers have delivered in person or send it to the person in charge of mortgage applications or directly to the lender.