Skip to content
Fact Checked by Experts

What Goes into The Uniform Residential Loan Application?

In the mortgage industry, the Uniform Residential Loan Application (URLA), also known as the Fannie Mae Form 1003, is a standardized document used to collect borrowers’ personal financial information, including income and asset credit.

Mortgage lenders and brokers use this information to determine borrowers’ creditworthiness when they seek a home loan. This is also the information that they sell to potential mortgage investors.

All lenders will ask you to complete this form, whether by yourself or with their assistance, before you are considered for a home loan. If it’s your first time doing so, here is the information required in all sections of the URLA.


Section 1 - Borrower Information

Under the first section, you will be required to give up your personal information as well as that of any co-borrowers you are buying the property with. You will also be required to reveal information about your employment and income sources.

Lenders require borrowers to specify their place of residence here. The purpose of this information is to ascertain that you’ve been paying rent in a timely fashion. It’s not uncommon for them to ask for a letter from your landlord to verify that.

If you’ve lived in your current residence for less than two years, you’ll be required to list your previous places of residence.

Furthermore, any outstanding balances, whether you’ve cleared them prior to the application or not, must be explained in a separate letter or on the blank space in the application form.

Finally, you’re required to submit your work history in this first section. Lenders want to know whether you can comfortably meet your monthly housing costs.

These three facets of the borrower’s life, from where they live to where they work, allow lenders to predict future stability and avoid risk.

In Section 1a, you will provide:

  • Name, social security number, DOB, and citizenship status.
  • Your co-borrowers personal information (if relevant).
  • Marital status and number of dependents you have.
  • Contact information (work, home, cell, and email address).
  • Current address (lenders may need your prior address if you’ve lived in your current residence for less than two years).

In Section 1b and 1c, you will provide:

  • Employer information (contact info, start date of employment).
  • Self-employment details (if relevant).
  • Whether your employer is a party to the mortgage application.
  • Current and prior monthly income.

Section 1d is designated for borrowers that have worked at their current place of employment for less than two years.

Section 1e is where you list any other sources of income you receive, including:

  • Child support
  • Disability
  • Unemployment benefits
  • Alimony
  • Public assistance
  • Other income sources not listed on the form.

Investor calculating investment costs and holding cash notes in hand


Section 2 - Financial Information – Assets and Liabilities

In this section, you provide your personal balance sheet to summarize your assets and liabilities. Assets include checking and savings accounts, retirement accounts, money market funds, and more.

Liabilities include outstanding loans and debts, and the more of these financial obligations you have, the less likely it is for a mortgage lender to lend you a large sum.

Lenders use this information to verify that you have sufficient funds for the closing costs, the down payment, and the mortgage payments after paying for the debts you’ve listed.

In Section 2a, you will provide the following cash value assets:

  • Checking, savings, and money market bank accounts.
  • Retirement accounts (401ks, etc.).
  • Stocks
  • Mutual funds

In Section 2b, you are required to list assets that you plan to liquefy to help your purchase:

  • Any properties that you plan to sell.
  • Profits from the sale of assets such as cars.
  • Payments from an accepted purchase contract.
  • Relocation funds issued by your employer.
  • Special down payments such as sweat equity.

In Section 2c, you are required to list all the standard debts appearing on your credit report:

  • Credit card debt (as well as any other revolving debts).
  • Installment financing (student loans, car payments, etc.).

In Section 2d, you are required to list other monthly debt obligations:

  • Job-related debts/expenses.
  • Alimony and child support

Section 3 - Financial Information – Real Estate

This section is where you submit details of any real estate owned before your mortgage application. For example, if you own property that you’ve listed for purchase, even if the transaction is pending, you should include it in this section.

Lenders use this information to verify whether you profit from your real estate holdings (in which case, you may qualify for a higher mortgage loan) or if they run on a negative cash flow (reduces the mortgage amount you’ll receive).

This section also requires that you list any rental properties you own and are collecting rent from. Lenders use this information to calculate your net rental income, which is the difference between your property’s monthly income and expenses.

In Section 3a, 3b, and 3c, you will be required to submit:

  • Monthly rent income.
  • Monthly property expenses (including insurance, HOA fees, and property taxes).
  • The property’s net worth.
  • Any outstanding balances from current mortgages.

Section 4 - Loan and Property Information

This section mostly tells lenders what you intend to do with the money you borrow.

You can specify whether you want to buy a new home, construct a home, or refinance an existing loan with the mortgage you’re seeking.

You will be required to submit the address as well as the property value (purchase price) of the home you wish to buy.

The lender will also inquire as to whether the property will be your primary residence or an investment property, in which case, you will have to give an estimate of the expected rental income.

In Section 4a, you will submit the following information:

  • The amount you wish to borrow.
  • The loan purpose (what you intend to do with the money).
  • The property’s address, including the number of units and estimated property value.
  • Whether it’s your primary residence, a secondary residence, or investment property.
  • Whether you intend to use it for both residence and investment opportunities (mixed-use).
  • Whether it is a manufactured home.

In Section 4b, you can add details about any other financing you’re opting for along with the mortgage. Here, you should specify whether you’re also using a home equity line of credit (HELOC) or a home equity loan (HEL) to finance the property.

Section 4c requires that you list any expected rental income from the home you’re buying, especially if it’s a multi-family unit that you will also reside in.

Section 4d is where you submit information about any grants or gifts you’ve received (or expect to receive) for the loan, whether they come from a relative, your employer, an unmarried partner, a nonprofit, or a local, state, or federal agency.


Section 5 - Declarations

This section asks for declarations about the property to be financed and your past financial history.

In Section 5a, you will provide information about the home you wish to buy, including:

  • Your relationship with the seller of the home.
  • Other loans you’re applying for to finance the purchase.
  • Any outstanding loans on the home.
  • Any homes owned in the past.

In Section 5b, you’ll divulge more about your credit history, specifically:

  • Lawsuits, if you’re involved in any.
  • Co-signed loans you’re a part of.
  • Bankruptcies, foreclosures, and judgments in your past.
  • Delinquent federal debts.

Section 6 - Acknowledgments and Agreements

This section features pre-printed legal language, which can be summed up as the following:

  • That you’ve provided the most accurate information, and you realize there are penalties for the contrary.

  • That the security for the loan is the home, you’re refinancing or buying.

  • That the lender may order an appraisal to verify the property’s value.

  • That the lender may keep that electronic records of the mortgage transaction.

  • That lenders could report late payments to credit bureaus.

  • That a HUD-approved counselor is available for advice should you face problems keeping up with your mortgage payments.

  • That the lender may share your personal information with other parties before your loan can be approved.

Section 7 - Military Service

The recently revised URLA form contains a section specifically dedicated to military borrowers and their surviving spouses. Lenders may offer loans backed by the Department of Veterans Affairs (VA) to surviving veterans or their family members.


Section 8 - Demographic Information

This last section requires that you provide information about your sex, race, and ethnicity under the Home Mortgage Disclosure Act (HMDA), which allows regulators to prevent instances of lending discrimination.

However, this section is optional, and you do not have to answer the questions.

With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.

Find The Right Mortgage

For more than 20 years, Phil have been helping customers achieve their home purchase and refinance goals by providing them with invaluable resources and support.

Schedule a FREE Consultation
Phil Ganz

Subscribe to Get Your First Time Homebuyer Checklist

Sign up for the weekly newsletter to stay up to date on the latest real estate market trends, loan news, and so much more!