Posted on: 24th Jun, 2010 01:22 pm
Looking to do a remod---what do my financials need to look like percentage wise to qualify-I can pretty much make it look like it needs- I just need to know what % they are looking for for reserve so I am not making too much or too little.
Any help will help-thank you
Any help will help-thank you
Hi sloppyspreen!
Welcome to forums!
Rules to get qualified for a mortgage modification are quite complicated. While you apply for a modification, your lender will send a bunch of financial docs to fill out. You need to give your financial information and state your hardship. If your lender is convinced about your financial hardship, he will help you with a loan modification. If you want to qualify for the Home Affordable Modification program as introduced by the Obama government, then 31% of your income should go towards paying your monthly housing costs.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Rules to get qualified for a mortgage modification are quite complicated. While you apply for a modification, your lender will send a bunch of financial docs to fill out. You need to give your financial information and state your hardship. If your lender is convinced about your financial hardship, he will help you with a loan modification. If you want to qualify for the Home Affordable Modification program as introduced by the Obama government, then 31% of your income should go towards paying your monthly housing costs.
Feel free to ask if you've further queries.
Sussane
Hello-thank you for the info-I have seen many post regarding these percentages, is this 31% based on take home after expenses income, or gross before any expenses. They seemed very inquisitive to my expenses details....want to make sure I make it look good.
As far as I know, 31% of your gross (pre-tax) monthly income should go towards your monthly mortgage payments.