Finance:Full documentation loan
From HandWiki
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.[3]
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) (in en). Navigating the Mortgage Minefield: Your Complete Guide to Avoiding Costly Problems and Finding the Right Loan in Today's Market. AMACOM. pp. 110. ISBN 978-0-8144-1370-8. https://books.google.com/books?id=ySLeCkmu8LkC.
- ↑ Quail, Rob (2010-09-09) (in en). Lessons from the Financial Crisis: Causes, Consequences, and Our Economic Future. John Wiley & Sons. ISBN 978-0-470-62241-4. https://books.google.com/books?id=b0rPR7ue4yIC.
- ↑ Staff. "Documents required for a business loan". https://foretagslan.net/.
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