Home Loans and Support

Qualifying for modification

Discussion in 'Loan Modification' started by smith 2901, Apr 28, 2010.

  1. smith 2901

    smith 2901 LoanSafe Member

    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.

    <TABLE style="WIDTH: 113pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=150><COLGROUP><COL style="WIDTH: 65pt; mso-width-source: userset; mso-width-alt: 3145" width=86><COL style="WIDTH: 48pt" width=64><TBODY><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; WIDTH: 65pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17 width=86>1st Mortgage</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; WIDTH: 48pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 width=64 align=right>$1,675</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>2nd Mortgage</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$250</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>HOA</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$100</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>Escrow </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$600</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: silver; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=17> </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl68> </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>Electrical </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$200</TD></TR><TR style="HEIGHT: 12pt; mso-height-source: userset" height=16><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=16>Water </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$100</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: silver; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=17> </TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: silver; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl68> </TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>Car</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$400</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>Insurance</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$175</TD></TR><TR style="HEIGHT: 12.75pt" height=17><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 12.75pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65 height=17>Ccard</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67 align=right>$300</TD></TR></TBODY></TABLE>

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

    jakelabry LoanSafe Member

    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%.

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