Download Freddie Mac Form 65 Fannie Mae Form 1003 - Uniform Residential Loan Application
Fannie Mae Form 1003 Instructions
You should complete the application with the assistance of the lender during the face-to-face interview, through the mail, over the phone, or via the Internet. You must sign the form immediately after completion or as soon as possible (e.g., if it was filled out by phone). Electronic signatures and facsimile of your signatures are acceptable as well. Before the loan closing, you will have to sign the final Fannie Mae Form 1003 the lender will prepare after verification of the information you have provided in the initial application.
How to Fill out Fannie Mae Form 1003?
The first thing you indicate is whether you apply for an individual or joint mortgage. If you apply for joint credit, both borrower and co-borrower must provide the required information and sign the form.
The uniform residential loan application consists of ten sections:
- Section I. Type of Mortgage and Terms of Loan. Specify the type of your loan and the amount you want to borrow. If you have not found the specific property you need the mortgage for, enter the maximum amount you want to borrow;
- Section II. Property Information and Purpose of Loan. Provide the detailed information about the property you need the mortgage for, including address, description, title details, the purpose of the loan and the property you wish to purchase. If you have not found the property you need yet, the section may be left "to be determined";
- Section III. Borrower Information. Both the borrower and the co-borrower (if any) must provide their personal information in this section;
- Section IV. Employment Information. Enter your employment history for the last two years. If you are not sure about the exact dates or amount of your income, gather and verify the relevant information in advance. The same applies to co-borrower;
- Section V. Monthly Income and Combined Housing Expense Information. This section requires information about all income sources you and your co-borrower have, as well as your housing expenses. If you are self-employed, you will need to provide tax returns or financial statements to prove your income. You are allowed not to reveal alimony, child support, or separate maintenance income unless you want the lender to consider it for repaying the mortgage;
- Section VI. Assets and Liabilities. Provide information about all assets you have, including stocks and bonds, checking and savings accounts, insurance, retirement accounts, cars, and real estate. The liabilities you list must include loans, liens, credit cards, installment debts, alimony, and child support. You can complete this part jointly with the co-borrower or you both can complete the separate statements;
- Section VII. Details of Transaction. This section contains your new loan details. It is usually finalized at the loan closing;
- Section VIII. Declarations. Answer all the questions provided in this section. Explain each "Yes" answer on the continuation sheet;
- Section IX. Acknowledgment and Agreement. Read the pre-printed terms and obligations, sign, and date the form;
- Section X. Information for Government Monitoring Purposes. You are not obliged to fill out this section but are encouraged to do so. The federal government needs this information to facilitate monitoring of lenders' compliance with fair housing, equal credit opportunity, and mortgage disclosure laws and regulations.
Revise your application carefully. Remember that making any false statement when filling out this form is a federal crime that can result in a fine or imprisonment.