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