Qualifying for modification

[smith 2901]

I've been reading through the posts and would like to thank everyone for their input.

I do have a question as to knowing how you qualify. I've been reading about DTI and the percentage. How do I know what to include in the DTI? And what percentage are they looking for? Below is our expenses with 6066 monthly in one salary.

1st Mortgage	$1,675
2nd Mortgage	$250
HOA	$100
Escrow	$600
Electrical	$200
Water	$100
Car	$400
Insurance	$175
Ccard	$300

Any help is appreciated. This does not include gas, food, or any ancillary which we are trying to cut out.

[jakelabry]

Fairly simple calculation - take your first mortgage payment of $1675, add escrow of $600, this equals $2275. Now take $2275 and divide it by your gross monthly income of $6066 (this is gross, right, not net?) and you get your front-end DTI ratio which is 37.5%. Technically you would qualify for the government HAMP because this is over 31%.