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Verification of Income

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Income Verification 

Depending on your employment status, we will require different documentation.  Please ensure any documentation you provide has your name on it.  Documentation is required for any income you wish to be considered in evaluating your loan request.  Please note, we cannot accept your spouse's income or your household income if you have applied for a loan in your name only. 

Full Time/Part Time Employment

  • Most recent paystub showing your salary, dated within 30 days.

Farmers Agent

  • Income Summary Report (1099) for current year and previous year

This report is located on the Agency Dashboard under ACE – Self Service

Self Employed (Must have been running your own business for at least one calendar year.)

  • Two years of filed Federal U.S. Individual Income Tax Returns (1040) with all schedules.
  • Two years of filed Federal U.S. Income Tax Returns for a Corporation (1120 or 1120S) with all schedules, if applicable
  • A copy of form 4868 – Application for Extension of Time to file U.S. Individual Income Tax Returns, if applicable

Other Income

  • Outside Sales – 1099’s for previous tax year
  • Rental Income – Lease for the rental property showing your name, monthly amount and lease term.
  • Social Security Award Letter
  • 6 months of Retirement Account Statements
  • 6 months of regular deposits to a Financial Institution
  • Alimony, Child Support, etc. (Note: This income does not need to be disclosed if you do not want it considered in your application.)
  • Signed contract/offer letter with annual salary from Employer (New Hires only, 30 days on the job or less). 

 

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What is considered income?

The following are acceptable forms of income:

  • Salary, bonus, or commission paid by your employer 
  • Hourly wages including overtime
  • Self-employment income that you’ve earned consistently for a full calendar year. Please note a filed Federal  tax return is required for verification
  • Income earned from being a shareholder in a corporation or partnership. Please note a filed Federal tax return is required for verification
  • Rental property income that has been earned for a full calendar year. Please note a filed Federal  tax return is required for verification
  • Trust, Pension, Disability, Retirement, or Social Security income
  • Alimony, Child Support, or Separate Maintenance (Note: This income does not need to be disclosed if you do not want it considered in your application.)
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National Credit Union Administration

This Credit Union is federally insured by the National Credit Union Administration. This Credit Union is an Equal Housing Lender, we make loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

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