Two Gmi
Making Affordable Home Loan Modification Program Examples
The following are examples of ways in which affordable Home Modification Plan can help make their mortgage affordable. These are examples and are not intended to indicate the exact result you would expect if you qualify for this plan.
Legend
GMI = Gross Monthly Income
Fees PITIA = Principal, Interest, Taxes, Insurance and the Association
DTI = Ratio of debt to income
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Example 1: Rate of reduction to achieve the 31% DTI
GMI $ 4,000.00
GMI 31% (target monthly payment) $ 1,240.00
Loan $ 200,000 @ 7.5% 30 years $ 1398.43/month
Taxes and Insurance $ 250.00/month
PITIA $ 1698.43/month
Change fee 4% to reach a DTI of approximately 31%
Modified 4% Rate: $ 954.83/month
Taxes and insurance: $ 250.00/month
New fee $ 1204.83/month
Savings $ 493.60/month
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Example 2: Rate of reduction and expansion loan term to 35 years to reach the 31% DTI
GMI $ 3,000.00
GMI 31% (target monthly payment) $ 930.00
Loan $ 200,000 @ 7.5% 30 years $ 1398.43/month
Taxes and Insurance $ 250.00/month
PITIA $ 1698.43/month
Change rate to 2%. Change term to 35 years to reach a DTI of around 31%
Modified Rate 4%: $ 662.53/month
Taxes and insurance: $ 250.00/month
New fee $ 912.53/month
Savings $ 785.90/month
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Example 3: Reduction of the rate, term extension and patience key to reach the 31% DTI
GMI $ 4,500.00
GMI 31% (Goal monthly payment) $ 1,395.00
Loan $ 450,000 @ 9.0% 30 years $ 3620.80/month
Taxes and Insurance $ 250.00/month
$ PITIA 3870.80/month
Change rate to 2%. Change term to 40 years
Modified Rate to 2% over 40 years: $ 1362.72/month
Taxes and insurance: $ 250.00/month
New Pay $ 1612.72/month
Due to slow the rate at the plant up to 2% and expand loan terms to 40 years have not achieved the desired DTI of 31%, the lender, at its discretion may choose to forgive or ancestor part of the capital to achieve 31% of the DTI. In this example, the lender chooses to refrain $ 75,000 of the main things you get a lump sum at the end of the term of the loan or if the house were to be sold. This is not expected to be a common practice and most likely be used in a case in which borrowers suffered a loss of income and the home suffered a sharp decrease in value.
Modified Rate to 2% over 40 years at $ 370,000 USD 1135.60/month
Taxes and insurance: $ 250.00/month
New fee $ 1385.60/month
Savings $ 2485.10/month
About the Author
Peter is the nation's leading authority on loan modification and loss mitigation strategies. His firm The Loan Modification Network connects homeowners with a team of specialsts in all fifty states to assist homeowners in foreclosure prevention solutions and loan modifications. Call 866-395-2803 or go to http://www.us-loan-modification.com to learn more.
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