Full documentation loan
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.
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 :
- * 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
- * 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