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Loan Modification Front End Debt to Income Ratio Explained

Debt to income ratios in general are exactly what they sound like, the proportion of your debt to your income.  So if you have $5 of debt and $10 of income, the debt to income ratio test would help measure this.  Within this general description there can be many sub ratios such as your front end ratio, total mortgage expenses, and back end ratio, total monthly expenses vs. total monthly debt.  In this article we will discuss the front end debt to income ratio for loan modifications.  You can read our other articles for more info on back end ratios.

Both of these are crucial to understand!  You should NOT talk to your bank unless you have first done analysis of these on your own!  In order to qualify for the Home Affordable Modification Program, also known as HAMP, which is part of the Federal Making Homes Affordable Program, you will need a front end debt to income ratio of OVER 31%!  This means that if you make $10 a month, you would need your total mortgage expenses to be over $3.10.  Essentially, they believe that it is safe for a homeowner to have 31% of their monthly income go towards paying their mortgage expenses, and if they are over that much than they should get Federal assistance.

Calculating Front EndeDebt to Income Ratios:

#1. Calculating Your GROSS Income:

First calculate your total GROSS monthly income.  Gross is your income before taxes are deducted i.e. if you make $2.5 a week, but when you get your paycheck at the end of the week you only get $2 because 0.50 is deducted to pay taxes then use the larger #! 

Tip: User your most recent paystub!  For example if last year you made $52,000 but you have received a demotion, make sure that you monthly income reflects this and do not just divide $52,000 by 12. 

WARNING: The banks WILL verify this information!  There is no point in trying to overstate or understate your income because they will want W2′s and paystubs if you are a W2 employee or Profit and Loss statements if you are self employed. 

#2. Calculating Total Monthly Mortgage Expenses:

Total MONTHLY Mortgage Expenses = Principle Payment + Interest Payment + Taxes + Insurance + Homeowners Fees (if applicable) – Purchase Mortgage Insurance PMI (if applicable)

Tip: Many people’s mortgage payment includes taxes and insurance so do NOT include this if it is already included or make sure to add it in if it is not included in your monthly payment to your lender.

Warning: If you are late on your mortgage your last statement may state a figure that includes fees, do not include these fees when doing your calculation. 

#3. Calculate Ratios:

Divide TOTAL Monthly Expenses by TOTAL Monthly Mortgage Expenses. 

This value should be over 31% to qualify! 

Note: There is still a possibility that you can get approved if your ratio is less than 31% but this will be much more difficult. 

Automatic Services:

We highly recommend doing this on your own, but we also encourage everyone to double check your #’s online.  freeHAMPreport.com offers an amazing and free service where you can log in (commitment free, all you need is a valid email to register) and get a complete analysis, including debt to income ratios and see whether or not you are potentially eligible for mortgage payment assistance via either the Home Affordale Modification Program (HAMP) or potentially an in house lender loan modification program.  freeHAMPreport.com also will do some other complicated assesments as well to increase your chances of success. 

If you qualify the site then allows you to download a FREE lender ready package that is actually lender ready!  Be able to submit a complete package to your lender in under 15 minutes!  And get free customer service; get to talk to a knowledgeable rep LIVE or via chat.  How is freeHAMPreport.com completely FREE?  We work with sponsors and advertisers so there is no cost to you! 

freeHAMPreport.com’s goal is to empower America’s homeowners to allow them to Do It For Themselves, but Not By Themselves!  Although the site does not offer guarantees, if can guarantee that you would do better than if you submitted it on your own without analysis!

Check out freeHAMPreport.com today at http://freeHAMPreport.com.  you can read more interesting articles and do it yourself guides at blog.freeHAMPreport.com. 

About the Author

freeHAMPreport.com offers a revolutionary new software for users to check potential eligibility for Federal mortgage payment assistance via the Federal Home Affordable Modification Program (HAMP) and also lender in house loan modification programs.  In under 15 minutes users can register without any commitment or credit card, complete a short questionnaire and receive a FREE lender ready package in seconds!  The report includes detailed analysis and pre populates the appropriate lender forms so users can submit for a loan modification with ease and for FREE.

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