Full documentation loan
In the United States, full documentation loan refers to a loan where all income and assets are documented.{{Cite book |last1=GIANNAMORE |first1=Richard |url=https://books.google.com/books?id=ySLeCkmu8LkC |title=Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market |last2=OSACH |first2=Barbara Bardow |date=2009-04-22 |publisher=AMACOM |isbn=978-0-8144-1370-8 |pages=110 |language=en}} 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.{{Cite book |last=Quail |first=Rob |url=https://books.google.com/books?id=b0rPR7ue4yIC |title=Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future |date=2010-09-09 |publisher=John Wiley & Sons |isbn=978-0-470-62241-4 |language=en}}
Required documentation
Below is a list of some of the documents that are commonly required when applying for a full documentation loan.{{cite web |last1=Staff |title=Documents required for a business loan |url=https://foretagslan.net/}}
= 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