Bad Credit Loans Information

1003 Application – The first step in the official loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process.Contact us for an application or apply online. The 1003 is the first step in the loan process that includes the information about the borrower and property. The 1003 is a expanded financial statement to analyze the borrowers ability to support a home loan.There are five types of mortgages that the 1003 is used for:

- VA
- FHA
- Conventional
- USDA/RURAL
- Other (Lot and Construction Loans typically fit into this category)

It is crucial to have as much and the most accurate information available for your mortgage broker when you are applying for a loan. Every blank on the 1003 is there for a reason and this is why your mortgage professional will ask you so many questions in the process.

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