Harp Financial Mortgage Company



Documentation Choices For Loans

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Alternative Doc

ALT DOC: Alternative documentation is where the borrower provides photocopies of the original documents. It verifies the information through the monthly bank statements, W-2's, pay check stubs, retirement and stock brokerage statements. This method of documentation is fast becoming the preferred method and is equivalent to full doc.


Full Doc

FULL DOC:  Full documentation is the original and somewhat old fashioned method of loan processing. The income and all of the assets are verified through a tedious and labor intensive process of mailing verifications to the employer, banks, mortgage company and landlord. It may be used if the monthly statement or paperwork cannot be located. The biggest draw back to this type of processing is the very slow response time in getting verification. It can add two to four weeks to the processing time.