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.

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. ↑ Giannamore, Richard; Osach, Barbara Bardow (April 22, 2009). 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 (September 9, 2010). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. John Wiley & Sons. ISBN 978-0-470-62241-4.
  3. ↑ Staff. "Documents required for a business loan".