Mortgage lenders require you to take the good with the bad. You cannot use you husband’s income to get a mortgage without having him on the loan or having his bad credit and debt affect your interest rate.

Can spousal support be considered income for a mortgage refinance?

Summary. Alimony can boost your total income and can even result in a larger mortgage. You can list both your child support payments and your alimony payments as streams of income when you apply for a mortgage as long as you have a documented history that your spouse makes his or her payments on time.

How much income do you need for a loan modification?

Generally, the simplest way to calculate a debt to income ratio for loan modification is simply to take total monthly debt obligations and divide it by total monthly gross household income. Anything over about 60-70% is pretty good for loan modification purposes.

What are the qualifications for a loan modification?

Qualifying for a Loan Modification

• You have to be suffering a financial hardship.
• You have to show you cannot afford your current mortgage payments.
• You have to be able to show that you can stay current on a modified payment schedule.
• The property has to be your primary residence to qualify for a HAMP modification.

  Who is eligible for a mortgage loan modification?

  No law details explicitly who qualifies for a loan modification, and who does not. But lenders tend to have similar guidelines and criteria when considering whether to modify a borrower’s loan. In general, most lenders look at:

  What should my expense ratio be for a mortgage modification?

  This refers to the percentage of your gross monthly income that makes up your total debts, including housing expenses, car loans, credit card bills, student loans and other monthly obligations. Usually, a loan servicer prefers a maximum ratio of 36 to 50 percent, depending on the loan type and modification program.

  Can a home loan modification keep you out of foreclosure?

  If you can’t afford your mortgage payments, getting a loan modification just might keep you out of foreclosure. Your eligibility for a modification is determined by the investor’s set of guidelines—not everyone will qualify.

  When to use DTI ratio for mortgage modification?

  Lenders look at your final DTI ratio when considering you for a modification. Often used when you’re behind on your payments and facing foreclosure, and when refinancing isn’t an option, a loan modification changes your loan terms to make your monthly payments more affordable.