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?

2 Comments
  1. Reply
    Gaytheist Buddha
    February 11, 2011 at 4:59 am

    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.

  2. Reply
    loankit.org
    February 11, 2011 at 5:12 am

    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

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