In the mortgage application process, the Granddaddy of all the paperwork is known as The Uniform Residential Loan Application, also known as Form 1003.
This form must be completed and supporting documentation provided in order to advance the mortgage application process.
In order to complete the mortgage application form, you will need to provide supporting documentation. The following table illustrates the various sections of The Uniform Residential Loan Application and what documentation you need to provide in order to accurately complete the mortgage application process.
Uniform Residential Loan Application (Form 103):
Section I ― Type of Mortgage, Interest Rate, Term Length, Etc.
Supporting Mortgage Application Documentation: FICO Score (see myFICO.com) to ascertain interest rate your FICO score qualifies for; know ahead of time what type of mortgage you qualify for
Section I a. ― Mortgage Type (VA Loan)
Supporting Mortgage Application Documentation: Certificate of Eligibility from the VA
Section I b. ― Mortgage Type (USDA Loan)
Supporting Mortgage Application Documentation: IRS Form 4506-T; Preliminary Title Report, RD Form 1980-21
Section II ― Property Information & Purpose of Loan
Supporting Mortgage Application Documentation: Contract for Purchase
Section III ― Borrower Information (and Co-Borrower)
Supporting Mortgage Application Documentation: Drivers License, Social Security Card
Section IV ― Employment Information
Supporting Mortgage Application Documentation: W-2 Forms, 2 Years Income Tax Returns (3 Years if Self-Employed); Recent Pay Stubs
Section V ― Monthly Income & Housing Expenses
Supporting Mortgage Application Documentation: Items identified in Sec. IV and Investment, Rental, Alimony, Child Support, etc. & Rental Contract, Mortgage, Mortgage Ins., Real Estate Taxes, HOA fees.
Section VI ― Assets & Liabilities
Section VI a. ― Assets
Supporting Mortgage Application Documentation: Titles & Estimated Value of motor vehicles, heavy equipment; account numbers, average balance, address of bank accounts; vested interest in retirement fund; cash value of life insurance policies; real property owned; investments – stocks, bonds, current market value
Section VI b. ― Liabilities
Supporting Mortgage Application Documentation: Current Credit Card Statements; Mortgage Loans, Motor Vehicles Loans, Child Support & Alimony Obligations; Student Loans, Home Equity Loans
Section VII ― Details of Transaction
Supporting Mortgage Application Documentation: Contract for Purchase
Section VIII ― Declarations
Supporting Mortgage Application Documentation: Judgment, Foreclosure, Bankruptcy, Repossesion
Section IX ― Acknowledgement & Agreement
Section X ― Government Monitoring Information
Supporting Mortgage Application Documentation: Ethnicity, Race
Other documentation that may be required for mortgage application includes a copy of the Gift Letter indicating that all or a portion of the down payment was a gift provided to you or the co-borrower with no repayment required. If a down payment was issued, bring a copy of the cancelled check with you to mortgage application.
If you’ve recently remedied issues with the Credit Reporting Agencies, ie., settled old debts, bring a copy of the debt settlement receipt/verification.