The loan application form 1003 is a mortgage application form designed by Fannie Mae, explains Bankrate. The name of the mortgage application is the Uniform Residential Loan application, known as Fannie Mae Form 1003 and is the industry standard.
The application includes detailed sections that help lenders determine a borrower’s creditworthiness and whether or not to lend them money, according to Bankrate. Some of the sections include the type of mortgage and the terms of the loan, the property type, the purpose of the loan such as financing for a primary residence or investment property and the borrower and co-borrowers information. Other sections include the borrower’s monthly income and combined housing expenses and employment information.
The application includes detailed sections that help lenders determine a borrower’s creditworthiness and whether or not to lend them money, according to Bankrate. Some of the sections include the type of mortgage and the terms of the loan, the property type, the purpose of the loan such as financing for a primary residence or investment property and the borrower and co-borrowers information. Other sections include the borrower’s monthly income and combined housing expenses and employment information.