Posted on: 02nd Dec, 2009 01:08 pm
Is there a hard limit on the front end ratios for FHA loans. Property taxes are nuts where I live and a ratio of 28% is making it difficult to find a house we want to buy. The difference between 28% and 32% is huge. 28% is the number I've seen float around quite a bit.
With 5% down and 700+ credit, are there good alternatives to FHA without incredible interest rates that would get us a higher ratio?
thanks
With 5% down and 700+ credit, are there good alternatives to FHA without incredible interest rates that would get us a higher ratio?
thanks
Hi rickyd,
As far as I know, the mortgage payment of the borrower should be higher than 31% of his/her gross monthly income in order to get a Home Affordable Modification program. I don't think there's any secret calculation here. To know more about Home Affordable Modification program, check out the given page:
http://www.mortgagefit.com/problems/homeaffordable-modification.html
Thanks,
Jerry
As far as I know, the mortgage payment of the borrower should be higher than 31% of his/her gross monthly income in order to get a Home Affordable Modification program. I don't think there's any secret calculation here. To know more about Home Affordable Modification program, check out the given page:
http://www.mortgagefit.com/problems/homeaffordable-modification.html
Thanks,
Jerry
Ricky they want to be able to bring your mortgage ratio down to 31% from wherever it is at the moment. If they're unable, that could make you HAMP-ineligible. There are other modification models out there, however, for which you may qualify. Ask them specifically for more information and about alternatives, too.
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