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Verification of Income

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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.)

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've applied for a loan in your name only. 

Full Time/Part Time Employment

  • Most recent paystub showing your salary, dated within 30 days.
  • Most recent paystubs for all current jobs, dated within 30 days.

Farmers Agent

  • 1099 Summary Report (Showing current YTD, 2016 YTD and 2015 YTD.)
  • Outside Sales – 1099s for previous tax year

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

  • Two years of complete 1040s - Individual Federal Income Tax Returns with all schedules.  Additionally, if incorporated, two years of 1120 or 1120(S) Corporate Income Tax Returns with all schedules.

Other Income

  • Rental Income – Lease for the rental property that shows your name, monthly amount and lease term.
  • Social Security Award Letter
  • 6 months of Retirement Account Statements
  • 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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© 2019 Farmers Insurance Group Federal Credit Union.

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