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. A list of the various types of loans can be found at Mortgage Loan Documentation.

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

Ofer Abarbanel online library

Ofer Abarbanel online library

Ofer Abarbanel online library