What Is A 1003?
Mortgage Application
When you are ready to move forward with a new mortgage you'll be asked to complete a 1003. What is a 1003? It is the Loan Application that you will complete to apply for the new mortgage. All 1003 Loan Applications are the same as they were created by Fannie Mae, a federal agency that buys mortgages from lenders and banks, and the information gathered on the 1003 Loan Application is used to qualify you for the mortgage.
Key information required on the 1003 Loan Application is:
1. Your Name and Address
2. Social Security Number and Date of Birth
3. Employment Information, including income
4. Asset Information
There is additional information that is requested, such as property owned, but these 4 items are the basics. There are some loans where you are not required to provide information about you Employment or Assets. These mortgages are typically referred to as No Documentation Mortgages.
Kevin O'Connor
Mortgage Consultant
www.koloans.com
800.550.5538
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