Calculated Industries 3423 - Manual (Page 52)

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“Unrestricted” Qualifying
The amount calculated in the previous example is the “restricted”
mortgage they may qualify for, based on current income and debt.
What are the buyer's actual income and debt ratios? What is the
“unrestricted” mortgage amount? What side is the “restricted” mort-
gage based on (income or debt)? What is the total allowable month-
ly debt?
STEPS KEYSTROKES DISPLAY
Find actual Ratios q q q “run” 24.00-40.00
Find “unrestricted”
Mortgage Amount q UNR 125,197.22
LA INC
*
Find maximum allowable
Debt q ALW 300.00
MO DEBT
**
Clear Tax register 0 t 0.00
*The “UNR” in the top of the display and “INC” in the lower right tells you this unre-
stricted Mortgage Amount is based on the buyer’s Income Ratio — therefore, the
restricted Qualifying Mortgage Amount is based on the buyer’s Debt Ratio.
**The restricted Qualifying Mortgage Amount is based on the ratio (income or debt)
that limits the buyer the most — in this case it was debt. This means that if the buyer
lowers their debt below the maximum allowable of $300 a month, they would qualify
for the larger “unrestricted” mortgage amount.