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Full documentation loan

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In the United States, Full Documentation Loan refers to a loan where all income and assets are documented. It is typically referred to as a "full doc" loan in the mortgage industry and is a common type of loan used for financing a home purchase. A list of the various types of loans can be found at Mortgage Loan Documentation.

Contents

Required documentation

Below is a list of some of the documents that are commonly required when applying for a full documentation loan.

Income verification

  • Proof of Earnings:
  • W-2 form
  • Recent pay stub
  • Tax returns for the past two years
  • Proof of Earnings (if self-employed):
  • Profit and loss statements
  • Tax returns for current year and previous two years
  • Any additional income; for example:
  • Social Security
  • Overtime bonus
  • Commission
  • Passive income (interest income)
  • Veteran's Benefits

    • Asset verification

  • Address of one's Bank Branch
  • Bank account numbers
  • Checking and savings account statements for the previous 2–3 months
  • Savings bonds, stocks or investments and their approximate market values
  • Copies of titles to any motor vehicles that are paid in full

    • Debt information

  • Credit card bills for the past few billing periods
  • Other consumer debt; for example:
  • Car Loans
  • Furniture Loans
  • Student Loans
  • Other personal and cosigned installment loans with creditor addresses and phone numbers
  • Evidence of mortgage and/or rental payments
  • Copies of alimony or child support

    • Information regarding desired purchase

  • Copy of the Ratified Purchase Contract
  • Proof one is committed to the purchase
  • Cancelled deposit check

    • References

    Full documentation loan Wikipedia
    (Text) CC BY-SA


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