Full Documentation Loan

From Wikipedia, the free encyclopedia

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 in Mortgage Loan Documentation.

Contents

[edit] Required Documentation

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

[edit] 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 (examples)
    • Social Security
    • Overtime Bonus
    • Commission
    • Interest Income
    • Veteran's Benefits

[edit] Asset Verification

  • Address of your 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

[edit] Debt Information

  • Credit Card Bills for the past few billing periods
  • Other Consumer Debt
    • 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

[edit] Information regarding Desired Purchase

  • Copy of the Ratified Purchase Contract
  • Proof you are committed to the purchase
    • Canceled deposit check
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