| Is a non-borrower spouse's income included in gross monthly income
Under the Obama plan and the 31% mortgage payment guideline, "Gross Monthly Income": is defined as the total income of all borrowers who signed your mortgage before any taxes or other deductions are made. If more than one person signed your mortgage, such as your spouse or a co-signer, add the gross monthly income of all borrowers and enter this amount.
My question is this: Is the definition of borrower strictly construed? Is a non-borrower spouse's income taken into account in arriving at the gross monthly income? My husband is not on the note but is on title because the loan would have been more expensive with his less than stellar credit. We were qualified based on stated income which took into account the entire household income. For purposes of our loan modification application, will they take into consideration the entire household income or just my income in determining the 31% mortgage payment guideline. I am the only borrower on the mortgage note. |