People also ask
Which section of the Uniform Residential loan Application gives evidence that the borrower can repay the loan?
Evidence that a borrower can pay back the loan is shown by his or her employment. The Employment Verification section of the application asks for the name and address of the borrower's employer, the borrower's position, and length of employment.
Why is the uniform loan application important?
The Uniform Residential Loan Application is used by lenders to determine your creditworthiness for a home loan. It's known within the mortgage industry as Fannie Mae Form 1003, and borrowers enter income, asset credit and other personal financial information into the redesigned form's nine sections.
What is the new 1003 form?
Key Takeaways. The 1003 loan application, or Uniform Residential Loan Application, is the standardized form most mortgage lenders in the U.S. use. The application asks questions about the borrower's employment, income, assets, and debts, as well as requiring information about the property.
What is the form number of the Uniform Residential loan application?
Uniform Residential Loan Application (Form 1003)
What is another name for the Uniform Residential loan Application?
The application is known as Fannie Mae Form 1003 or Freddie Mac Form 65.
printable uniform residential loan application