Below is a request from one of our members, Chelsea, for help from the group:
Does anyone have a worksheet for calculating the debt ratios under the new ability to pay rule?
I am looking for a worksheet that allows lenders to plug in numbers, rather than answer yes/no questions.
I have been working on developing one, and it is quite difficult, to say the least.
If you can help her, I know she would appreciate it. Just post to this forum and she can contact you. Thanks!
We’re also working on such a worksheet – but not quite ready to share yet. We’re basically going to follow the App Q guidelines for income documentation, even for ATR loans, and pull debt payments from the credit report tradelines, adding in such things as HOA dues, RE taxes & insurance, alimony, child support, etc.