🚨 PILOT EPISODE DROP! 🚨 The 6 Things That Make a 1003 Loan Application & a Review of the URLA

🚨 PILOT EPISODE DROP! 🚨 The 1003 Loan Application: What You Need to Know to Get Pre-Approved

If you're a new loan officer, a REALTOR® learning the ropes of mortgage pre-approvals, or a homebuyer ready to take that exciting first step toward homeownership, understanding the 1003 Loan Application is absolutely essential.
Let’s break it down—no fluff, just the fundamentals you need to know.

💡 What Is a Loan Application?
A loan application isn’t just a form—it's a financial snapshot that helps determine whether someone can be pre-approved or fully approved for a home loan. At its core, there are six key elements required to trigger the process:

✅ The 6 Things That Make a Loan Application Complete
1. Borrower’s Name
We need your legal name as it appears on your ID. If there’s a co-borrower, we’ll need their info too.
2. Income
Whether you’re salaried, self-employed, or earning rental income, this determines how much you qualify for. Think paystubs, tax returns, or profit-and-loss statements.
3. Social Security Number
Required to pull credit and verify identity. Don’t worry—your info is encrypted and secure.
4. Property Address (if known)
Not required for pre-approvals, but necessary to move to full approval and underwriting.
5. Estimated Property Value
This helps us determine the Loan-to-Value (LTV) ratio, which affects rates and eligibility.
6. Loan Amount Requested
How much do you want to borrow? This drives all the key calculations behind your monthly payment and approval process.

🕒 Timeline: What Happens Once We Have All 6
Once these six items are received, the official loan application clock starts:
• Day 0 – Application Date ("Trigger Day")
Disclosures are triggered by law.
• Day 3 – Initial Disclosures Due
The Loan Estimate (LE) must be delivered or mailed within 3 business days.
❗ Borrowers must acknowledge receipt before we can proceed with appraisal or collect most fees.

📄 The Full 1003 Form (aka URLA)
The official name is the Uniform Residential Loan Application (URLA) — also known as Fannie Mae Form 1003 / Freddie Mac Form 65. It’s used for conventional, FHA, VA, and other residential loans.
Here’s what’s inside:
• Section 1: Personal Info
Name, SSN, marital status, contact info, housing history
• Section 2: Employment Info
Employer, job title, self-employment details
• Section 3: Income
Base pay, commissions, rental income, child support, and more
• Section 4–5: Assets & Liabilities + Real Estate
Bank accounts, retirement funds, debts, existing properties
• Section 6: Loan Info
Loan purpose, property details, loan amount requested
• Section 7–9:
Declarations (e.g., bankruptcy), optional demographic info, and loan originator details

🏡 Why This Matters
Whether you’re a buyer trying to understand the process, a REALTOR® prepping for a listing, or a loan officer getting started—this form is your launchpad.
With a complete 1003, we can:
✅ Pull credit
✅ Issue disclosures
✅ Submit to underwriting
✅ Lock your rate
✅ And move you closer to your new home

💬 Final Thought
Taking a great loan application isn’t about filling in boxes—it’s about asking the right questions, gathering the right documents, and building trust. If you’re ready to get started or want to learn more about what goes into a solid pre-approval, we’re here to help.
Let’s take the mystery out of the mortgage process—one app at a time.
📞 Have questions or want to apply? Contact Fresh Home Loan today.
https://www.freshhomeloan.com/contact-us
510.282.5456
All loan approvals are conditional and not guaranteed and subject to lender review of all information. Loan is conditionally approved when lender has issued approval in writing, but until all conditions are met, loan cannot be funded. Specified rates and [products may not be available to all borrowers. Rates subject to change according to market conditions and agreed upon lock times set by borrower. Fresh Home Loan Inc. is an Equal Opportunity Mortgage Broker in California. This licensee is performing acts for which a real estate license is required. Fresh Home Loan, Inc. is licensed by the California Department of Real Estate #02137513 NMLS # 2124104

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