BOA loan modification formula?
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What is the debt to income ratio for a BOA loan modification? If your mortgage payment is above the 31 % of your income and then you add your expenses to it, what percent are they looking for?
What is the debt to income ratio for a BOA loan modification? If your mortgage payment is above the 31 % of your income and then you add your expenses to it, what percent are they looking for?
Tags: BOAdebt to income ratioformulaloanloan modificationloan modificationloan mortgagemortgage payment
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Total debt load limits (mortgage plus auto and minimum credit card payments) are between 38 to 41% of gross income. Sometimes you can go over, but that’s up to the loan company and underwriters.
Under the Make Home Affordable Plan, your mortgage should less than 30% of your income, regardless of debt & expenses.
Paul A.
Modify Your Own Loan – http://www.loankit.org