Full_documentation_loan

Full documentation loan

Full documentation loan

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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

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

  1. [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. [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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