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You Need These Documents WITH YOU for a Full Doc Loan! CAUTION 4 Buyers!
In the last year, as the mortgage debt crisis has hit, lenders have gone from loose documentation requirements to now requiring full documentation!
Our alert to you is, if you are moving and packing out your goods, and you are considering buying a home when you arrive at your destination, CONSIDER THE FOLLOWING ITEMS A "MUST" FOR CARRYING WITH YOU, YES, IN YOUR LUGGAGE!
Legible copies of Driver’s Licenses
Legible copies of Social Security cards
Most Recent 30 Days’ pay stubs
Last Two Years’ W-2’s or 1099’s
Most recent two years' Federal tax returns, all schedules
If active military, most recent LES
If self-employed or commissioned, if income is variable, or if any rental property is owned, then copies of your last two years’ complete, ratified Federal Individual and Corporate Tax Returns (1040's)
Proof of any other sources of income
Three months of most recent bank statements – Please include:
a. All accounts even if not being utilized, included managed stock funds, CD’s, checking, savings, mutual funds, stocks
b. All pages of each statement (even pages that do not appear significant to the account)
For a more complete discussion of what is expected of a buyer to provide full documentation ("go full doc"), please go read [What It Means to Go "Full Doc" on Lisa's blog;http://activerain.com/blogsview/1440010/what-does-it-mean-to-you-the-buyer-that-you-have-to-go-full-doc-].
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