Monthly Income

• Borrower’s gross monthly income (before taxes) $______________
• Co-borrower’s gross monthly income (before taxes) $______________
• Other verifiable income $______________
• Total income $______________

Monthly housing expense

• Principal & interest + taxes & insurance $______________
• Homeowner’s association dues, or $______________

Total monthly housing payments (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%)

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

1. Write the estimated value of your home. $______________
2. Multiply the estimated value times 80%. $______________
3. This figure is used to estimate 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. $______________

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

1. Your Personal Data

• If purchasing, provide a 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.
• Copies of your 2 most recent pay stubs if paid monthly, 3 most recent pay stubs if paid bi-monthly, bi-weekly or weekly.
• Self-employed individuals please provide signed dated tax returns with all tax schedules for the last two years, year to date P&L statement and a balance sheet.
• Current awards letter for social security income, VA benefits and retirement income.
• 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.
• If rental income is received, signed and dated tax returns for the previous two years.
• An executed copy of documentation regarding any alimony, child support or separate maintenance. A copy of 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 statements (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.
• Homeowner’s Association dues, if applicable.
• Credit references, if necessary, with names, addresses, account numbers, etc.