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Income Documentation

There are three main types of income documentation; full doc, simple doc, stated doc. The three types also vary according to self employed workers as opposed to wage earning workers. Full documentation means having and being able to show all of your income. This will include; paystub, W2, and Tax Returns. Simple documentation is using 6 months of bank statements to analyze income deposits. Most mortgage lenders will add up the deposits from the last 6 months according to bank statements and then average them out. Stated documentation is stating an income without verifying it. No verification is needed for this type of documentation.

Keep in mind that the more documentation you can show, the more money you will save on your loan. This applies to both income documentation and also other documents needed for a loan.

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