Worksheets / Checklists
QUALIFICATION WORKSHEET
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%).

**Total obligations divided by income = ___________%
(should not exceed 36%).

EQUITY LINE WORKSHEET

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

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 2 tax years.
    • 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.
Mortgage Rates Check Todays Rates Personalized Rate Quote Mortgage Application Login
Did you know you can apply
for a home loan online?

Unlike many other lenders, at Piedmont
Federal we do not sell your loan.
That way your money stays right here.
Check out our great home loan options
or check our rates and apply now.

Footer About Piedmont Federal Contact Piedmont Federal Piedmont Federal Media Piedmont Federal Privacy Policy Piedmont Federal Customer Care
© 2014 Piedmont Federal | Equal Housing Lender Logo Equal Housing Lender, Member FDIC