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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.

Some Interesting Facts About Double Mattresses

Do you really have a bad back, or may it be that the double mattress you are sleeping on is wrong for your body and/or health condition? Buying a new mattress can be confusing, and without the proper research and information, you may end up purchasing the wrong one. Do not let that happen to you. Read the following facts to properly prepare yourself for when you are finally heading out to select your new double mattress.

When buying a double mattress in Melbourne, you may want to consider the following advice.

1) Always test your double mattress before you hand over your credit card. Lie down on it for an extended period of time. Better yet, ask if you can test the mattress at home for a few days.

2) Do not switch from one opposite to the other. In other words, if your old mattress was soft, try one or two grades harder, but do not select one that is at the other end of the spectrum. The transition will be too harsh on your body.

3) Many people toss and turn during the night to release stress from their joints. If your double mattress is too soft, your body will have to work to find comfortable positions, putting even more strain on the joint tissue.

4) The best mattress for you is the one that properly supports your spine, yet does not put any strain on your natural curves. Mattresses made from viscose-elastic foam materials will exhibit both viscous and elastic characteristics when undergoing deformation. They will comfort your body's pressure points.

5) People tend to shed about 1 - 2 pints of sweat during the night. When selecting a bed and double mattress in Melbourne, choose one that allows good evaporation. The bed frames with a slatted base are ideal as they allow lots of air circulation.

6) Partners who are not equal in size and weight should consider a split mattress. Although there is only one bed frame, the actual mattress consists of two parts. Each partner can then choose the level of softness they deem fit for their body.

7) Despite the progress made in structure and materials, it is still recommended to flip your mattress over ever 6 weeks. Only a double mattress from Melbourne made using no-turn technology can stay put.

Allergy and asthma sufferers should be aware that some mattresses can aggravate their condition. To avoid intensifying their medical condition, these consumers should invest in one of the numerous hypo-allergenic and mite-resistant styles. Cotton mattress protectors will also help minimize the irritation.

9) The popularity of foam mattresses is increasing steadily. Consumers like them because these models are more comfortable and supportive than the ones made with springs. Both types have their pros and cons, which means that you will have to find out which double mattress will be better for your specific body. Over time, foam can shrink, while springs can bend and lose their shape.

10) Be it a single, queen, king, or double mattress, none of them should be kept for longer than 7 to 10 year for hygienic reasons. The only exceptions are mattresses that come with a 15 year warranty.

If any questions arise after reading this article, do not hesitate to approach your bed and mattress dealer with your concerns. These experts are knowledgeable, and should be able to supply you with all the information you need to make an informed decision.

 

About the Author

Looking for an affordable and comfortable double mattress Melbourne ? The Mattress Man delivers to your bedroom and guarantees you a quality, comfortable and affordable double mattress.

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