Fannie Mae Form 1003: Uniform Residential Loan Application
Applying for a loan is a significant step that requires taking significant corresponding measures. Applicants usually apply for loans meeting officially established criteria to ensure the credit quality of the loan and so choose lending institutions backed up by the Federal National Mortgage Association (FNMA), usually labeled as Fannie Mae. Therefore, the first thing an individual wanting to get a loan should do is file the legally approved Uniform Residential Loan Application (Fannie Mae Form 1003), issued by the Federal National Mortgage Association. In this blog post we will explain to you how to do this properly.
Who needs a Fannie Mae Form 1003 2009-2016?
Fannie Mae form 1003 2009-2016 is filled by the borrower and co-borrower with their lender’s assistance. The borrower is supposed to furnish all the information necessary for the lender. On the basis of the information provided, the lending organization shall approve or decline the Uniform Residential Loan Application.
What is the Fannie Mae Form 1003 2009-2016?
Fannie Mae form 1003 2009-2016 is used by the lender to obtain financial and personal information about borrowers who apply for a mortgage loan secured for one to four unit residential real estate. Also the Fannie Mae form 1003 2009-2016 is used for residential mortgages as the primary loan application form.
Is the Fannie Mae Form 1003 2009-2016 accompanied by other forms?
There are no mandatory accompanying forms for the Fannie Mae form 1003 2009-2016. This form is, in itself, a complete document that provides the lender with all the necessary information about the borrower and co-borrower.
When is the Fannie Mae Form 1003 2009-2016 due?
The Fannie Mae form 1003 2009-2016 must be completed at the time of the request for a loan. There is no specific time frame in which this form must be submitted to the lender. It is enough that this form corresponds to the current year.
It is worth remembering that the Fannie Mae form 1003 2009-2016 must be kept together with the loan documents throughout the term of the loan. The Fannie Mae form should be kept for at least 25 months after the date when a loan decline notice is sent.
How do I fill out the Fannie Mae Form 1003 2009-2016?
Fannie mae form 1003 2009-2016 is divided into ten (10) sections. Each section provides unique information about the borrower:
- Type of mortgage and terms of loan;
- Information about the property and purpose of loan;
- Borrower personal details;
- Employment data;
- Monthly income and combined housing expense information;
- Assets and liabilities;
- Details of transaction;
- Acknowledgement and agreement;
- Information for government monitoring purposes.
The loan originator or loan processor is responsible for the completeness and accuracy of the information provided.
Where do I send the Fannie Mae Form 1003 2009-2016?
The Fannie Mae form 1003 2009-2016 should be sent to the registered address of the creditor and an applicant should retain a copy for the personal records, too.