Freddie Mac Form 65 Fannie Mae Form 1003 - Uniform Residential Loan Application

What Is Fannie Mae Form 1003?

Fannie Mae Form 1003, Uniform Residential Loan Application - also known as the Freddie Mac Form 65 - is the form used by most mortgage lenders in the United States. Borrowers must fill out this form in order to provide the relevant information lenders require to establish the risk profile of an applicant. The vast majority of loans, including loans for residential home construction, purchase, or refinancing are processed using this form. In fact, filling out this form is the first step to getting a mortgage. Download a Fannie Mae Form 1003 fillable version through the link below.

The form - informally referred to as the "1003 Application" - was developed by the Federal National Mortgage Association also known as Fannie Mae. The latest version of the document was released in June 2009. This standardized document meets the requirements of both Fannie Mae and the Federal Home Loan Mortgage Corporation - or Freddie Mac. These government-sponsored enterprises were created to increase the homeownership availability for low-, moderate-, and middle-income individuals.

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Uniform Residential Loan Application
____________________________________________________________________________________________
This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should
complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower information must also be provided
(and the appropriate box checked) when
the income or assets of a person other than the Borrower (including the
Borrower’s spouse) will be used as a basis for loan qualification or
the income or assets of the Borrower’s spouse
or other person who has community property or similar rights pursuant to applicable state law will not be used as a
basis for loan qualification, but his or her liabilities must be considered because the spouse or other person who has
community property or similar rights and the Borrower resides in a community property state, the security property is
located in a community property state, or the Borrower is relying on other property located in a community property
state as a basis for repayment of the loan.
If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit
(sign below):
________________________________
__________________________________________
Borrower
Co-Borrower
I. TYPE OF MORTGAGE AND TERMS OF LOAN
Mortgage
VA
USDA/Rural Housing Service
Agency Case Number
Lender Case Number
Applied for:
FHA
Conventional
Other (explain):
Amount
Interest Rate
No. of Months
Amortization
Fixed Rate
Other (explain):
Type:
$
%
GPM
ARM (type):
II. PROPERTY INFORMATION AND PURPOSE OF LOAN
Subject Property Address (street, city, state & ZIP)
No. of Units
Legal Description of Subject Property (attach description if necessary)
Year Built
Purpose of Loan
Purchase
Refinance
Construction
Property will be:
Construction-Permanent
Other (explain):
Primary Residence
Secondary Residence
Investment
Complete this line if construction or construction-permanent loan.
Year Lot
Original Cost
Amount Existing
(a) Present Value of
(b) Cost of
Total (a + b)
Acquired
Liens
Lot
Improvements
$
$
$
$
$
Complete this line if this is a refinance loan.
Year
Original Cost
Amount Existing
Purpose of
Describe
made
to be made
Acquired
Liens
Refinance
Improvements
$
$
Title will be held in what Name(s)
Manner in which Title will be held
Estate will be held in:
Fee Simple
Leasehold
(show expiration date)
Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain)
Uniform Residential Loan Application
Page 1 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)
Uniform Residential Loan Application
____________________________________________________________________________________________
This application is designed to be completed by the applicant(s) with the Lender’s assistance. Applicants should
complete this form as “Borrower” or “Co-Borrower,” as applicable. Co-Borrower information must also be provided
(and the appropriate box checked) when
the income or assets of a person other than the Borrower (including the
Borrower’s spouse) will be used as a basis for loan qualification or
the income or assets of the Borrower’s spouse
or other person who has community property or similar rights pursuant to applicable state law will not be used as a
basis for loan qualification, but his or her liabilities must be considered because the spouse or other person who has
community property or similar rights and the Borrower resides in a community property state, the security property is
located in a community property state, or the Borrower is relying on other property located in a community property
state as a basis for repayment of the loan.
If this is an application for joint credit, Borrower and Co-Borrower each agree that we intend to apply for joint credit
(sign below):
________________________________
__________________________________________
Borrower
Co-Borrower
I. TYPE OF MORTGAGE AND TERMS OF LOAN
Mortgage
VA
USDA/Rural Housing Service
Agency Case Number
Lender Case Number
Applied for:
FHA
Conventional
Other (explain):
Amount
Interest Rate
No. of Months
Amortization
Fixed Rate
Other (explain):
Type:
$
%
GPM
ARM (type):
II. PROPERTY INFORMATION AND PURPOSE OF LOAN
Subject Property Address (street, city, state & ZIP)
No. of Units
Legal Description of Subject Property (attach description if necessary)
Year Built
Purpose of Loan
Purchase
Refinance
Construction
Property will be:
Construction-Permanent
Other (explain):
Primary Residence
Secondary Residence
Investment
Complete this line if construction or construction-permanent loan.
Year Lot
Original Cost
Amount Existing
(a) Present Value of
(b) Cost of
Total (a + b)
Acquired
Liens
Lot
Improvements
$
$
$
$
$
Complete this line if this is a refinance loan.
Year
Original Cost
Amount Existing
Purpose of
Describe
made
to be made
Acquired
Liens
Refinance
Improvements
$
$
Title will be held in what Name(s)
Manner in which Title will be held
Estate will be held in:
Fee Simple
Leasehold
(show expiration date)
Source of Down Payment, Settlement Charges, and/or Subordinate Financing (explain)
Uniform Residential Loan Application
Page 1 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)
Borrower
III. BORROWER INFORMATION
Co-Borrower
Borrower’s Name
Co-Borrower’s Name
(include Jr. or Sr. if applicable)
(include Jr. or Sr. if applicable)
Social Security
Home Phone
DOB
Yrs.
Social Security
Home Phone
DOB
Yrs.
Number
(incl. Area code)
(mm/dd/yyyy)
School
Number
(incl. Area code)
(mm/dd/yyyy)
School
Dependents
Dependents
Married
Separated
Married
Separated
(not listed by Co-Borrower)
(not listed by Borrower)
Unmarried
no.
ages
Unmarried
no.
ages
(include single, divorced, widowed)
(include single, divorced, widowed)
Present Address
Own
Rent
__No. Yrs.
Present Address
Own
Rent
__
No. Yrs.
(street, city, state, ZIP)
(street, city, state, ZIP)
Mailing Address, if different from Present Address
Mailing Address, if different from Present Address
If residing at present address for less than two years, complete the following:
Former Address
Own
Rent
__No. Yrs.
Former Address
Own
Rent
__
No. Yrs.
(street, city, state, ZIP)
(street, city, state, ZIP)
Borrower
IV. EMPLOYMENT INFORMATION
Co-Borrower
Name & Address
Self Employed
Yrs. on this job
Name & Address
Self Employed
Yrs. on this job
of Employer
of Employer
Yrs. employed
Yrs. employed
in this line of
in this line of
work/profession
work/profession
Position/Title/Type of Business
Business Phone
Position/Title/Type of Business
Business Phone
(incl. area code)
(incl. area code)
If employed in current position for less than two years or if currently employed in more than one position,
complete the following:
Name & Address
Self Employed
Dates
Name & Address
Self Employed
Dates
of Employer
(from – to)
of Employer
(from – to)
Monthly Income
Monthly Income
$
$
Position/Title/Type of Business
Business Phone
Position/Title/Type of Business
Business Phone
(incl. area code)
(incl. area code)
Name & Address
Self Employed
Dates
Name & Address
Self Employed
Dates
of Employer
(from – to)
of Employer
(from – to)
Monthly Income
Monthly Income
$
$
Position/Title/Type of Business
Business Phone
Position/Title/Type of Business
Business Phone
(incl. area code)
(incl. area code)
Uniform Residential Loan Application
Page 2 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)
V. MONTHLY INCOME AND COMBINED HOUSING EXPENSE INFORMATION
Gross
Borrower
Co-
Total
Combined
Present
Proposed
Monthly Income
Borrower
Monthly
Housing Expense
Base Empl.
$
$
$
Rent
$
Income*
Overtime
First Mortgage
$
(P&I)
Bonuses
Other Financing
(P&I)
Commissions
Hazard Insurance
Dividends/
Real Estate Taxes
Interest
Net Rental
Mortgage
Income
Insurance
Other
Homeowner Assn.
(before completing,
Dues
see the notice in
“describe other
income,” below)
Other:
Total
$
$
$
Total
$
$
*
Self Employed Borrower(s) may be required to provide additional documentation such as tax returns and
financial statements.
Describe Other Income
Notice:
Alimony, child support, or separate maintenance income need not be
revealed if the Borrower (B) or Co-Borrower (C) does not choose to have it
considered for repaying this loan.
B/C
Monthly Amount
$
VI. ASSETS AND LIABILITIES
This Statement and any applicable supporting schedules may be completed jointly by both married and unmarried
Co-Borrowers if their assets and liabilities are sufficiently joined so that the Statement can be meaningfully and
fairly presented on a combined basis; otherwise, separate Statements and Schedules are required. If the Co-
Borrower section was completed about a non-applicant spouse or other person, this Statement and supporting
schedules must be completed about that spouse or other person also.
Completed
Jointly
Not Jointly
ASSETS
Cash or
Liabilities and Pledged Assets. List the creditor’s name, address,
Market Value
and account number for all outstanding debts, including automobile
Description
loans, revolving charge accounts, real estate loans, alimony, child
support, stock pledges, etc. Use continuation sheet, if necessary.
Indicate by (*) those liabilities, which will be satisfied upon sale of
real estate owned or upon refinancing of the subject property.
LIABILITIES
Monthly Payment &
Unpaid
Cash deposit toward
$
Months Left to Pay
Balance
purchase held by:
List checking and savings accounts below
Name and address of
$ Payment/
$
Months
Company
Name and address of Bank, S&L, or Credit
Union
Acct. no.
Acct. no.
$
Name and address of
$ Payment/
$
Months
Company
Uniform Residential Loan Application
Page 3 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)
VI. ASSETS AND LIABILITIES (cont’d)
Name and address of Bank, S&L, or Credit
Acct. no.
Union
Acct. no.
$
Name and address of
$ Payment/
$
Months
Company
Name and address of Bank, S&L, or Credit
Union
Acct. no.
Acct. no.
$
Name and address of
$ Payment/
$
Months
Company
Name and address of Bank, S&L, or Credit
Union
Acct. no.
Acct. no.
$
Name and address of
$ Payment/
$
Months
Company
Stocks & Bonds
$
(Company
name/number & description)
Acct. no.
Life insurance net cash
$
Name and address of
$ Payment/
$
Months
value
Company
Face amount: $
Subtotal Liquid Assets
$
Acct. no.
Real estate owned
$
Alimony/Child
$
$
Support/Separate
(enter market value from
schedule of real estate owned)
Maintenance Payments
Owned to:
Vested interest in
$
retirement fund
Net worth of business(es)
$
Job-Related Expense
$
owned
(child care, union dues, etc.)
(attach financial statement)
Automobiles owned
$
(make and year)
Other Assets
$
(itemize)
Total Monthly Payments
$
Total Assets
$
Net Worth
$
Total Liabilities
$
a.
(a minus b)
b.
Uniform Residential Loan Application
Page 4 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)
Schedule of Real Estate Owned (If additional properties are owned, use continuation sheet.)
Property Address
Type of
Present
Amount
Gross
Mortgage
Insurance,
Net
(enter S if sold, PS if
Property
Market
of
Rental
Payments
Maintenance,
Rental
pending sale or R if
Value
Mortgages
Income
Taxes &
Income
rental being held for
& Liens
Misc.
income)
$
$
$
$
$
$
Totals
$
$
$
$
$
$
List any additional names under which credit has previously been received and indicate appropriate creditor
name(s) and account number(s):
Alternate Name
Creditor Name
Account Number
VII. DETAILS OF TRANSACTION
VIII. DECLARATIONS
a.
Purchase price
$
If you answer “Yes” to any questions a
Borrower
Co-
through i, please use continuation sheet
Borrower
for explanation.
b.
Alterations,
Yes
No
Yes
No
improvements, repairs
c.
Land
a. Are there any outstanding judgments
against you?
(if acquired separately)
d.
Refinance
b. Have you been declared bankrupt
within the past 7 years?
(incl. debts to be paid off)
e.
Estimated prepaid items
c. Have you had property foreclosed
upon or given title or deed in lieu
thereof in the last 7 years?
f.
Estimated closing costs
d. Are you a party to a lawsuit?
g.
PMI, MIP, Funding Fee
e. Have you directly or indirectly been
obligated on any loan of which
resulted in foreclosure, transfer of title
in lieu of foreclosure, or judgment?
(This would include such loans as home
mortgage loans, SBA loans, home improvement
loans, educational loans, manufactured (mobile)
home loans, any mortgage, financial obligation,
bond, or loan guarantee. If “Yes,” provide
details, including date, name, and address of
Lender, FHA or VA case number, if any, and
reasons for the action.)
h.
Discount
f.
Are you presently delinquent or in
default on any Federal debt or any
(if Borrower will pay)
other
loan,
mortgage,
financial
obligation, bond, or loan guarantee?
If “Yes,” give details as described in the
preceding question.
i.
Total costs
g. Are you obligated to pay alimony,
child support, or separate
(add items a through h)
maintenance?
Uniform Residential Loan Application
Page 5 of 8
Freddie Mac Form 65 7/05 (rev.6 /09)
Fannie Mae Form 1003
7/05 (rev.6/09)

Download Freddie Mac Form 65 Fannie Mae Form 1003 - Uniform Residential Loan Application

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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.