What level of counseling is required for borrowers with over 55% DTI?
Borrowers must agree to meet with a counselor from a HUD-approved housing counseling agency or a National Foreclosure Mitigation Counseling Program (NFMC)1 participating agency to create an action plan that includes steps and a timeline to eliminate unnecessary debt, minimize expenses, increase income and create savings. The action plan will also establish a follow-up schedule with the counselor. A detailed protocol describing the required components of this counseling will be posted on the Internet at www.FinancialStability.gov.
