How to properly fill out 1003?

Financing, Hard Money Lenders, Private Money
1

Any resources out there on this topic? I’m finding the Point software to not be very helpful.

2

I found point extremely easy! Its pretty much self explanatory.

3

Where are you having a problem?

4

Also depends on doc type, etc. For a no-doc loan you leave off employment on page 1, and page 2 of the 1003 is left blank.

5

A few different items that I can’t specifically recall right now because I’m not at home, but one of them was:

How to correctly enter a 5/1 ARM Interest only loan and correctly calculate/show the interest only payment?

6

Interest only can be found on the TIL page, there is a field that says “Interest Only ___ Months”, fill in with the number of months the loan will be I/O for.

To correctly calculate adjustments on a 5/1 ARM you’ll need to fill in the cap & adjustment numbers found on the left side of the TIL page.

7

Any section that is hyperlinked will give you instructions/explanations if you click.

8

So do I still select the “ARM” type of loan but also fill in the TIL information? Someone else told me to select “GPM” type of loan, but that didn’t make sense to me.

9

This is a 5/1 ARM…Interest only on the 5?

10

There’s a great book out there called “Mortgages 101” by David[?] Reed. It is highly recommended around the industry.