Monthly income

• Borrower's gross monthly income $________
• Co-borrower's gross monthly income $________
• Other income $________
• Total income $________

Monthly housing expense

• Principal & interest + taxes & insurance $________
• Private mortgage insurance $________
• Homeowner's association dues, or $________
• Other housing payments $________

Total monthly housing payment (a)$________

Total monthly payments of all other debt (Revolving plus installments) (b)$________

Total monthly obligations (Add a + b from above) $________

*Total housing expense divided by income = ___________%
(should not exceed 28% on loans up to 80% of value, or 25% on loans over 80%).

**Total obligations divided by income = ___________%
(should not exceed 36% of loans up to 80% of value, or 33% on loans over 80%).

EQUITY LINE WORKSHEET

How much equity do you have available (for a Piedmont PRIME Equity Line) loan?

1. Write the current tax value of your home. $________
2. Multiply the current tax value times 80%. $________
3. This figure is used to calculate the funds available for your equity line. $________
4. Write the remaining balance of your current mortgage. $________
5. Subtract the amount on line 4 from the amount on line 3 to get an estimate of the maximum amount available for your equity line. $________

APPLICATION CHECKLIST (or download PDF)

Use this checklist to make sure you have all the important information you'll need for your loan application.

1. Your Personal Data
   • Copy of signed and dated sales contract and legal description of the property you're buying.
   • The address and phone number of all employers for the previous two-year period. Be sure to have the exact dates of employment with each employer (month and year), and we must have correct addresses to send employment verifications.
   • Copies of your W-2s for previous tax year. If overtime is a significant source of income, W-2s for the previous two years are required.
   • Copy of your most recent pay stub.
   • Self-employed tax returns for the last two years.
   • Social Security number.
   • The address of where you have lived for the previous two-year period. If you rented, provide landlord's name, address and phone number.
2. Your Assets
   • All bank balances, account numbers, names and addresses of banks.
   • All stocks and bonds owned.
   • Market value of all real estate owned, payment amounts and taxes.
   • Lease agreement if rental income is received, or provide tax returns for two years.
   • An executed copy of documentation regarding any alimony, child support or separate maintenance. A copy of any divorce decree is required.
   • Approximate amount of vested interest in any retirement plan.
   • Make and year of all cars, boats, etc., plus market value of each.
   • Face amount and cash value of life insurance policies.
   • Documentation of income from any other source.
   • Value of all household and personal possessions — the estimated lump-sum dollar amount.
   • Be prepared for us to verify the source of funds to close the loan when you make application. Unsecured borrowed funds are not acceptable.
   • Be sure to advise the loan officer taking your application of recent raises, raises forthcoming, bonuses, company-furnished car, commissions, overtime, etc. This could be very important in obtaining loan approval.
3. Your Liabilities and Established Credit
   • All revolving and installment debts (auto loans, credit cards, etc.) balances and payments.
   • If a present home is pending sale, submit a copy of the sales contract. If already sold, submit a certified copy of settlement statement (HUD-1).
   • Any existing mortgage payments you have.
   • Documentation of all required payments for child support or alimony, other maintenance support or equitable distribution obligations. A copy of divorce decree will be required.
   • Credit references, if necessary, with names, addresses, account numbers, etc.