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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.
Video Full documentation loan
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
Source of the article : Wikipedia
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