Loan Modification FAQ 10

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LOAN MODIFICATION & DEBT TO INCOME RATIO

Debt to income ratio is most important, but lenders also look at your household disposable income.

D.T.I.R. is calculated by adding up all your car payments, minimum credit card payments, installment loan payments, and your house payment using the modified ideal loan payment) plus property tax and insurance. That is the Debt part. The Income part is your gross monthly income.

So if your monthly debt service comes to $3000, and your income is $6000, your DTIR is $3000/$6000 or 50%. That is the most critical number. As a general rule, lenders are looking at 50% or lower but there are even exceptions to that.

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