Full documentation loan

In the United States, full documentation loan refers to a loan where all income and assets are documented.^[1] 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.^[2]

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

^ GIANNAMORE, Richard; OSACH, Barbara Bardow (2009-04-22). Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market. AMACOM. p. 110. ISBN 978-0-8144-1370-8.
^ Quail, Rob (2010-09-09). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. John Wiley & Sons. ISBN 978-0-470-62241-4.

[1] GIANNAMORE, Richard; OSACH, Barbara Bardow (2009-04-22). Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market. AMACOM. p. 110. ISBN 978-0-8144-1370-8.

[2] Quail, Rob (2010-09-09). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. John Wiley & Sons. ISBN 978-0-470-62241-4.

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