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 (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