What percent of surplus is considered sufficient to approve a Partial Claim?
Mortgagee Letter 2003-19, Paragraph D. Financial Analysis, page 3., states in part: ” In no case may a partial claim be used if the mortgagor’s surplus income percentage is 0% or less than 0%. If the mortgagor has low surplus income (<5%), mortgagees are encouraged to combine a partial claim with a special forbearance plan allowing the mortgagor to demonstrate the ability to make regular payments for a period of three (3) or more months prior to origination of the partial claim note.
