Writing an Income Verification Letter (with Samples) Use these sample income verification letters as templates for your formal verification letter.
There are many occasions in life when a person might need an Income Verification letter. When trying to buy a new house, car, or getting approval on another style of loan, this is the best way to not only verify employment but also the amount the person makes.
Whether net or gross pay, lenders usually request this type of correspondence before they give a loan. This letter is very important to the lender and without this documentation or some other proof, the loan may not happen.
To write a letter of verification there are a few things that must be included. For starters, most lenders want to know how long a person has been employed. This goes a long way in showing stability and their ability to hold down a job. It proves favorable in their ability to pay loans.
While credit and all sorts of other things will also come into play, the job verification letter is the most important. It tells the lender that a person has the means to repay the loan. It also can show that a person is committed. If they can hold down a job for long periods, this looks good on the overall ability to stay committed to repaying the debt.
When writing this type of letter, be sure to answer any questions the lender specifically asks. They will want to know the amount of money the person makes, the dates of employment and any overtime or other payments the person is entitled to. They will also want to know their official job title and or the position they hold with the company. All of this can be deciding factors in whether the lender approves or denies the application.
Most companies want to know the take home pay, but both gross and net pays should be included as a precaution. Some things like taxes, health insurance and other routine charges can affect the bottom line and the bring home pay amount. Giving both numbers will ensure they get the information that they need to make an informed decision.
Start The Letter With The Most Important Information
Start the letter with the most important information first. Address the letter with the replying corporations name and address first followed by the date and the requesting companies’ information. Give the employees’ name, the address you have on file and any other pertinent information. Make sure to address the person, who sent the request formally, as Mr. or Ms. due to the fact that there is no relationship and this is strictly business.
If the employee is salary or they are hourly, be sure to state that. Also, if this employee gets overtime on a regular basis, also be sure to include that. Anything that is not included in their hourly salary should also be noted.
Many companies have other ways that employees can make money, like cleaning etc, and they are not always black and white. Give the lender what they want and also be sure to give them contact information should they need to verify any additional information.
Sample 1 - Income Verification Letter ABC Employment Specialists 12990 Red Wolf Lane Columbus, Ohio 43223
Global Industries 6800 Laughing Town Lane Chattanooga, TN 68903 Attn: Thomas White
Dear Mr. White,
We received your request for income and employment verification for Jessica England. Jessica has been employed with Global Industries for six years. Her official date of hire is DATE. Her official title her at our company is a shift supervisor for the packing division.
Though Jessica is a supervisor, she receives an hourly salary. Currently, her hourly salary rate is $18.90 an hour. She is eligible for overtime and as you can see from attached report, she gets quite a bit. She averages about 15-20 hours of overtime each week. Jessica is good employees whose work status is in good standing. There are no threats of lay-offs to this position and we intend that we will have her around for quite some time.
If you have any further questions, or we can be of assistance in any way, please be sure to call me back at 555-908-1290. My office hours are Monday through Friday from 7:30 am till 4:00 pm.
Lynn Remington HR Manager
Sample 2 - Income Verification Letter Jennifer Thomas 9876 Stone Ridge Blvd. Reynoldsburg, Ohio 43068
XYZ Corporation 1290 Town Street Columbus, Ohio 43213 Attention: Ralph Zimmerman
Recently, Jonathan Good applied for a position we have as a Warehouse Supervisor. On his application, he stated that he had worked for your company for more than 10 years as a Maintenance Supervisor. We are interested in pursuing an employment opportunity with him and want to verify his employment and income to make sure he will be an asset to our corporation. Can you please answer the following questions?
1. Did he arrive to work on time? 2. Was he a good supervisor and eager to help others? 3. Was he ever reprimanded? 4. Was his dates of employment from DATE till DATE? 5. How was his attendance record? 6. Upon his departure, was his income $26.82 an hour? 7. Is he considered eligible for rehire?
If you would be so kind as to respond to this employment and income verification letter with the above requested matter it would be appreciated. Your information will help us to make an informed decision regarding the employment of Jonathan.
If you should have any questions, please feel free to contact me between 9 am. and 5 pm. at 555-980-0987. My fax number is 555-980-8765 and my physical address is listed above. I look forward to hearing from you.