FULL DOCUMENTATION (Full Doc) LOANS

A fully documented loan is a loan in which the borrowers income and assets can be documented, usually through pay stubs, W-2's, bank statements, or tax returns.  Below I will list the standard documents requested, but know that your specific situation may require more or less income documentation.

Wage Earning (Salaried & Hourly) Employees
If you are a full time (non-commission based, non-owner) employee and your employer collects taxes from your income, you will likely need to provide your last two pay stubs, and your last two years W-2's to your loan officer to document your income.  Any overtime or bonus income must be consistently earned to be used in your qualifying income.

If you are a part-time (W-2 based) employee, then you will need to have a two-year history of working that part-time job for that additional income to count.  This is so that a borrower does not go out and get a second job to boost their income for their loan application.

Commission Based Employees, Part Owners, or Self Employed Borrowers.  If more than 25% of your income is earned by commission, or if you own more than 25% of a business that you work for, you will need to document your income with a copy of your last two years of tax returns as filed.  All schedules must accompany your application.  For many business owners and commission based employed, the actual amount earned is often far less than the "true" amount earned, so borrowers in this category, often opt for other forms of income verification, such as stated income loans, no ratio income loans, or no documentation (no-doc) loans.

If you need to speak with a mortgage advisor to assist you with the financial management of your largest asset (your home), contact us at 800-757-9704 or info[at]atozlender.com.  If you are ready to apply for a home mortgage, you can fill out our online mortgage application and one of our mortgage advisors will contact you directly.