1003 Application or Standard Commercial?

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Question:

If we have a commercial purpose loan to purchase a 1-4 family home for rental, do we use the 1003 application or the standard commercial application?

Answer:

An application process is totally up to the bank You can use notes scratched on a napkin by a loan officer for a commercial loan application is you want too. The use of a 1003 is only dictated by an investor if you are selling a loan into the secondary market.