Does Every Condition for HAMP Have to be Met

by Allison
(Ramsey, NJ, USA)

Loan Modification Question:

I don't qualify for the front end debt ratio but I qualify for the back end debt ratio for HAMP.

Mortgage Loan Modification Answer:

By definition, front end ratio is typically PITI (principal, interest, taxes, insurance) divided by your gross income. The back end ratio adds your other monthly debt obligations to your PITI. These other items usually appear in your credit report(credit card payments, auto loan payments, child support, store cards, etc).

If your back end ratio is higher than 31-38%, then you may qualify for HAMP, depending on all the other guidelines for hardship, loan origination date etc, which also need to be satisfied. Please read the HAMP Loan Modification Guidelines again to check if you qualify by all accounts.

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