How does a married couple fill out an Uniform Residential Loan Application?

Question

Is the borrower made up of both husband and wife? There are no separate boxes for each. There is a box that asks for the sex of the borrower... What do you put when you are married? Also, what about the work history and monthly income? Do you combine the husband and wife's together, or do you fill out the application in one person's name only and put down their assets and income only? If someone can help I would really appreciate it. I am completely confused.

The way we understood it, a co-borrower is the same thing as a co-signer. My grandparents have excellent credit and are going to back us as co-signers, since we are newly married and don't have much credit.

Answer 1

Check the box for assets of another person to be used and make sure the primary wage earner is the borrower. You should have a loan officer walk you through one. Or you can e mail me for a completed sample one that you can follow.
As a lender I use a mortgage software program that you fill out and it auto fills the extra forms which I'm sure you do not have. I have used 5 different origination programs so the one you have will be no mystery to me. A pre printed form will not have what you likely require.

Answer 2

There should be a borrower and a coborrower on the application. Are you sure you're looking at the right document?

Regards

EDIT:
The co-borrower is just another person on the loan (such as you or your husband). Your grand parents need to fill out another application, where one is the borrower and the other is a co-borrower.

Answer 3

Underwriter has actually checked your credit profile to see if you eligible for loan or not. You may cancel the loan as and when you want. lender can not go forward with your loan application until you sign ITOP (intent to proceed).Try shopping for best rate around in market with different lender and brokers.