The debt ratio is a very crucial part of qualifying for a Home Mortgage Modification Loan. All lenders have specific requirements to qualify; Obama's Home Stimulus Plan does as well. Calculating your debt ratio isn't as complicated as it may first appear. You do need to know how to do this before even applying for a modification loan. We will walk you through it here, a few simple steps and you will have your debt ratio!
Most lenders want your income to debt ratio to be under 45%. Basically that means your total monthly mortgage payment (including taxes, insurance, homeowner dues) is less than 45% of your total gross monthly income. Obama's home stimulus plan, including a couple of options for a mortgage loan modification has a goal of getting your debt ratio as low as 31%. This means getting your monthly mortgage payment much lower. In order to reach that goal the government is sharing the cost.
Once you know your debt ratio, you can figure out what your new modified mortgage payment should be and what it will take to get there. OK, let's go over the steps. First, find your target payment amount, make sure you can afford it (it fits in your budget) and it meets your lenders criteria. Use the 31% guideline as your goal debt ratio. For example, if you lower your current interest rate to 2%, and then stretch your loan out to a 40 year term, you will meet the acceptable ratio. (Again, your target mortgage payment has to be less than 31% of your gross monthly income).
Now when you fill out your income and expense forms, it will be clear that your target modified mortgage payment meets the criteria of the lender and will get you approved much faster! It isn't as complicated as most think, it's simply a matter of using simple math. Calculate, make the adjustments to your numbers, come up with a payment that is within the 31% goal and complete your application. This is crucial to getting approved!
You can get much more information and answers to your questions here, Loan Modification Specialists [http://loanmodificationsecrets.org]. I took the time to find this site for you, so you will be fully informed and have the edge to get qualified and save your home!
Don't panic, do your homework, follow the guidelines and you can be one of the millions that have saved their homes with a Loan Modification! Start the process today and sleep peacefully in your home tomorrow!
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