Loan Application FAQ

Ready to apply for a loan, but not sure where to begin?

Whether you’re interested in financing farmland, recreational land or a country home, the first step in the GreenStone loan process is submitting a loan application. You may choose to apply in person after speaking to one of our financial services officers, or you may opt to use our convenient and easy Online Loan Request option.

Before applying, you may wish to review these frequently asked questions to help ensure your application process goes smoothly!

  • What do I need to know before applying for a loan?
  • Can I apply for a loan before I find property to purchase?
  • What documents will I need to apply for a loan?
  • Can I apply for a loan before I find property to purchase?
  • Which income sources can be used?
  • I have income that is not reported on my income tax return. Can it be considered?
  • Will income from child support or alimony be considered?
  • Will my overtime, commission or bonus income be considered when evaluating my application?
  • I am retired and my income is from pension or social security. What will I need to provide?
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    What do I need to know before applying for a loan?


    Knowing your purchase goals and how you intend to use the property will help us provide you the most detailed support. Our financing products are not “one size fits all” and provide us options to work with your individual needs and goals.

     

    Can I apply for a loan before I find property to purchase?

    We recommend you start your search with a pre-qualification. Once you select the property, you will use the property address to move forward with a loan application.

     

    What documents will I need to apply for a loan?

    • Signed application
    • Driver’s License or Photo ID
    • Purchase agreement, land contract, recent mortgage statement if refinancing
    • 2 years of W2s and/or 1099s
    • 30 days of recent paystubs
    • 2 years of business and personal tax returns, if you have any self-employed income
    • Most recent liquid asset account statements (checking, savings, retirement, etc.)

     

    Can I apply for a loan before I find property to purchase?

    Yes, we will need to document the debt payment to include in the loan approval and underwriting process.

     

    Which income sources can be used?

    Any legally documented income showing a history and probability for continuation. If you are 58.5 years of age or older, your “nest egg” income can be included based on an annual calculation of 5% of your retirement account.

     

    I have income that is not reported on my income tax return. Can it be considered?

    No, we require at least 2 years of documented self-employed income to be included in the application review.

     

    Will income from child support or alimony be considered? 

    Yes, as long as the income is verifiable and shown to continue for at least 2 years in future.

     

    Will my overtime, commission or bonus income be considered when evaluating my application?

    We are only able to include these types of income if you can provide documentation showing at least a 2 year history of this type of income.

     

    I am retired and my income is from pension or social security. What will I need to provide?

    • 2 years 1099s (if available)
    • Current year payment award letter for Social Security
    • Recent payment statement for pension

     

    Click here for more information on GreenStone loans for various types of rural properties, or here to contact a financial services officer in your area.