What is H on property status?

What is H on property status?

Hold (H): Hold is for properties that have been temporarily removed from the active status and are still listed with intention of returning to active status in a short period of time.

How do I fill out Form 1003?

Filling Out Form 1003

  1. Property information: Address, year built, intended property use.
  2. Loan information: Type and purpose of loan, amount, length of the loan.
  3. Borrower and co-borrower information: Name, Social Security number, marital status, address, phone number, date of birth.

What does S PS R and H mean in encompass?

Property Status: S = Sold. PS = Pending Sale. R = Rental (Investment)

What are the employment and residence history requirements on a 1003?

While some lenders do not require employment information to consider a new mortgage, the 1003 form calls for at least two years of employment history, including monthly income.

Can 2 unmarried borrowers be on the same 1003?

Answer: by Jim Bedsole: To be clear – if you require unmarried joint applicants to complete separate 1003 applications, but don’t require married joint applicants to complete separate 1003 applications, that is discrimination based on marital status, which violates both ECOA/Regulation B.

What is S PS R and H property status?

STATUS OF PROPERTY – For each property listed, show its current status; “S” if sold, “PS” if presently listed for sale, and “R” if the property is currently being rented or will be rented. PRESENT MARKET VALUE – Enter the present market value of the property.

What is the difference between initial 1003 and final 1003?

Initial 1003 helps establish the date of application, permissible purpose for obtaining credit report, and intent of borrowers to make a joint application. The purpose of Final 1003 is to have the borrower confirm the loan application information after all the details have been verified by the lender.

Which document must the borrower receive at least?

The Closing Disclosure must the borrower receive at least three days before the signing appointment. The Closing Disclosure must the borrower receive at least three days before the signing appointment. This answer has been confirmed as correct and helpful.

Have you had an ownership interest in a property?

When you purchase or otherwise come into ownership of real estate such as a house, you gain an ownership interest in it. Holding an ownership interest in a piece of real estate gives you rights to its use and disposition, as well as certain responsibilities for it.

Does FHA require separate credit reports for unmarried borrowers?

FHA loan rules about credit reports in HUD 4000.1 are quite specific when it comes to traditional credit reports–as opposed to using a non-traditional type of credit report. HUD 4000.1 says, “The Mortgagee must use a traditional credit report.

Who should claim the House on taxes if not married?

Who claims the house? You both must file as single if you are not legally married. (if there are any dependent children then one of you could file as head of Household). You cannot file a joint return unless/until you are married.

Have you had an ownership interest in a property the last three years?

Whether you own 1% or 100% of a property, if you’ve owned it in the last 3 years, you’re not eligible for first-time home buyer programs through the major mortgage investors. You have an interest if you own 1% or 100% of the property.

What’s the purpose of the second form 1003?

The second Form 1003 is prepared at the time of loan closing. This is generally referred to as “Final 1003” and is prepared by the lender. The purpose of Final 1003 is to have the borrower confirm the loan application information after all the details have been verified by the lender.

Where did the 1003 loan application form come from?

The 1003 loan application form, also called the Uniform Residential Loan Application, was developed by the Federal National Mortgage Association, or Fannie Mae, as a standardized form for the industry.

What do you need to know about the Fannie Mae form 1003?

The Form 1003 contains the following information: Instructions and Signatures: The first section contains certain instructions for the borrowers and explains who needs to complete the form. Section I – Type of Property and Term of Loan: The loan product that is applied for is entered in this section.

How long does form 1003 need to be kept?

Therefore, Form 1003 should be kept with the loan file for as long as the loan is outstanding. For cancelled, declined, or withdrawn loan the Form 1003 should be maintained for at least 25 months after the date when the decline notice was sent.

What does the 1003 loan application form stand for?

The 1003 Loan Application Form. The 1003 loan application form, also called the Uniform Residential Loan Application, was developed by the Federal National Mortgage Association, or Fannie Mae, as a standardized form for the industry. Fannie Mae and its sibling, the Federal Home Loan Mortgage Corp ., or Freddie Mac,…

When does the 1003 form need to be completed?

Generally, the 1003 form is completed twice during a mortgage transaction: once during the initial application and again at closing to confirm the terms of the loan.

What do you need to know about Fannie Mae form 1003?

Known as the Uniform Residential Loan Application (or the 1003, after its Fannie Mae form number), this five-page document provides a lender with the basic information needed to approve a buyer. It will include details about you, your finances and your future mortgage.

What does 1092 mean in the US Code?

20 U.S. Code § 1092 – Institutional and financial assistance information for students

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