Following is another Guest Post. This one was written by Lisa Delzompo. Lisa sells real estate in Temecula, CA. I appreciate her allowing me to re-post her article here.

What Does It Mean to You, the Buyer, that You Have to Go “Full Doc”

Over the past year, lending guidelines have tightened so much that, if you’re paying attention at all you know, buyers have to qualify “full doc” for loans. That means, full documentation of the buyer’s income, debts, and assets.

It is to the point that I provide my clients an overview letter, explaining the buying process in detail, including the fact that you’re going to be asked for information up front, during, and at the end of the loan process.

That sounds straightforward, but let’s take a look at what that means. First, keep in mind that if you provide an item of information, it needs to be Legible. I capitalize the word to point to its importance. The item you provide will be faxed or scanned another time after you send it to your loan officer; the people receiving that last copy are the underwriters, the ones whose job it is to sign off on every item of the checklist for your loan, saying you fulfilled that condition. Their job is on the line; they don’t know you from anyone; they don’t trust you; and they don’t distrust you. It simply is their job on the line to make sure that the loan they approve contained each item required on their checklist. If an item is blurry enough that they can’t read enough of the important details there, they will not sign off on that condition. If you have provided the same copy several times, and they are still saying they cannot read it, then you should go get a new, clean copy and send it in, asap. If you take several days to provide items you’ve been asked for, the process will take that much longer. In this age of internet and fax, it is common for clients to be able to provide items within minutes of being asked for them.

Let’s get to more details:

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