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Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » What income are they looking for for the “making home affordable” program.?

What income are they looking for for the “making home affordable” program.?

I want to refinance, not modify. Do they want to see that I make alot of money or a little? I know to refinance you must show you make a decent amount of money. They are asking for my bill totals and income, does anyone know the ratio or what they are looking for?

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3 Responses to "What income are they looking for for the “making home affordable” program.?"

  1. Gaytheist Buddha says:
    Rule of thumb is that you can afford a house that is 3 to 3-1/2 times your gross annual income.

    Rule of thumb #2: Your mortgage payment (principle, interest, property taxes, and insurance) should not exceed 28 to 33% of your gross monthly income. If you have no other debts (no car loans and you don’t carry a revolving balance on your credit cards) you may have slightly higher limits. Your total debt load (mortgage plus auto and other minimum debt payments) may not exceed 38 to 43% of your gross monthly income.

    Good luck!

  2. Outlaw Woman says:
    I do not know the ratio, however if you qualify (meet the requirements) for the refiance under the “Making Home Affordable” program, then they are looking for the truth. This works like a regular refiance and they will check out all information before the closing.
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