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. A list of the various types of loans can be found at Mortgage Loan Documentation.

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