Filling out a 1003 form is the first step you’ll take to getting preapproved for a mortgage. Officially known as the uniform residential loan application — URLA for short — the 1003 application gives your lender the information required to determine whether you qualify for the loan you’re applying for.
Knowing what’s requested on the 1003 form will help you gather up the right financial documents to fill out the application as accurately as possible, so you won’t have any surprises during the mortgage process.
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The uniform residential loan application is a form designed by Fannie Mae and Freddie Mac, government-sponsored enterprises (GSE) that support the mortgage market. The form was created to collect the information lenders need to assess your creditworthiness for a mortgage loan.
The form also collects information required by the Home Mortgage Disclosure Act (HMDA) to ensure lenders are practicing fair lending and to check for any patterns of discrimination.
Your mortgage preapproval is only as solid as the details you provide. Lenders can and will vet everything, so providing accurate information will help prevent delays. One other note: Lenders use the application information to generate a rate quote for you, and if you change the information later, you could end up with a higher interest rate.
Read more about the mortgage preapproval process.
Your personal information. In addition to your legal name, Social Security number and date of birth, you’ll need two years’ worth of address information.
Your finances. Lenders need info about your income, assets and monthly debt payments. They’ll also need information about anything you’re legally required to pay, like alimony or child support.
Reason for the loan and type of home. The lender needs to know if you’re buying or refinancing a home, and whether you plan to live in the home, use it as an investment property or just for vacation time. The type of home is important, too, especially when the lender reviews your application for a rate quote. Single-family home mortgage rates are typically lower than rates on a condominium, manufactured home or multifamily home.
Acknowledgments. You’ll need to answer a series of questions about everything from whether you’ve owned real estate before, to whether you pay alimony or child support or have filed for bankruptcy in the past seven years.
Military service. This section is especially important if you’re applying for a loan backed by the U.S. Department of Veterans Affairs (VA). VA-approved lenders need to know whether you’ve had a VA loan before and, if so, whether it’s paid off.
Demographics. This information is required by the federal government to track lending practices and guard against discrimination.
Loan originator. Your loan officer’s name, phone number and license number will appear on the application once you’ve selected a lender. This section will be blank until you’ve chosen a lender to work with.
Here’s a breakdown of what info is requested in each section of the 1003 form. Watch for the symbol to spot information you should pay close attention to so you avoid delays in the mortgage process.
This section asks for personal information, including employment, income and past addresses.
Section 1a asks for personal details, including:
If you’ve moved around a lot in the past two years, make sure you provide full, correct addresses and the dates you lived at each residence. Lenders match the addresses up with what appears on your credit report.
Section 1b and 1c provide employment and income details including:
Your employment is verified and re-verified multiple times during the mortgage process. The contact information needs to be current to avoid delays before your closing.
Lenders use your before-tax income to qualify, so always input the correct gross income here, or you may not qualify for the amount you’re applying for.
Section 1d applies if you have less than two years of employment in your current position.
Don’t worry if you don’t have a two-year job history. You may be able to get a mortgage with a new job with proof you recently completed education or training related to the new position. Any gaps in employment for more than a few months may need to be explained.
Section 1e gives you a place to add any other types of income you receive, including:
If your income includes earnings from a second job, you’ll generally need to prove you’ve been working the side hustle for at least two years.
You’ll detail bank account balances, assets you own and the balances and monthly payments of any debt you owe in this section. Lenders review this section to determine whether you have enough money for the down payment and closing costs, and enough income to cover the new mortgage payment plus any debt you already pay.
Section 2a is for cash-value assets, while Section 2b is for assets you plan to convert to cash or use to pay toward the purchase. The table below shows the difference.
Lenders may require proof that you have access to retirement or 401(k) funds.
The next two sections deal with all monthly debt obligations you have — those that do and don’t appear on your credit report.
If you have less than 10 months left on on installment loan, it may not be counted against you. Check with your loan officer to see if this rule applies to you.
In Sections 3a to 3c you’ll outline the specifics of other homes you own, including:
If you pay your HOA dues quarterly or yearly, divide the amount by four (if paid quarterly) or 12 (if paid annually) so the monthly amount appears here.
This section tells the lender why you’re applying for the loan and gives them details about the home you’re buying or refinancing.
Section 4a is where you add information about:
Most standard home loan programs only allow you to finance manufactured homes that are permanently attached to land you own.
Section 4b details any additional financing you’re taking out along with the mortgage you’re applying for, like a home equity line of credit (HELOC) or a home equity loan.
Section 4c is for rental income you’re expected to receive on the home you’re buying, such as a multifamily home that you plan to live in.
Section 4d is specifically for information about gifts or grants you’ve received or will receive for the loan. They include gifts or grants from:
This section of the 1003 form features questions about the home being financed, funds for the loan and past financial history.
Section 5a digs a little deeper into the home you’re buying and the money you’re using, including:
Section 5b asks you specific questions about your credit history to make sure you disclose details about:
Discuss any of these types of credit issues with your lender before applying for a loan. Most standard loan programs require a waiting period after a bankruptcy or foreclosure before you can be approved for a new mortgage.
This section includes pre-printed legal language, which says you agree and acknowledge that:
Lenders approved to make VA loans gather information in this section about the current or prior service of a military borrower or their surviving spouse.
Lenders must request and provide information about your ethnicity, sex and race under the Home Mortgage Disclosure Act (HMDA) so regulators can identify and prevent patterns of lending discrimination. However, you’re not required to answer the questions.
Your loan originator will fill in this information with details about the mortgage company, licensing and contact information.
