What is a NO DOC, LOW DOC, FULL DOC loan?
No doc is when we approve a loan based primarily on the amount of down payment, a review of the credit report, preliminary title report and the appraisal. Low doc is when we also ask for all or one of the following: a bank statement. Full doc is when we require, in addition to the previous requirements, the most recent 2 years of federal tax returns and W-2’s, the most recent 30 days of pay stubs, your most recent 60 days of bank statements, and or other proof of income \ employment \ self employment.
