Calculated Industries 3416 Pocket Reference Guide - Manual (Page 29)

P
OCKET
R
EFERENCE
G
UIDE
— 25
Re-enter MI% • 6 s I 0.60
Re-enter homeowner’s
dues 5 0 e 50.00
Enter down 5 ) d 5,000.00
Income 6 8 ) i 68,000.00
Monthly debt 7 5 0 D 750.00
Display qualifying
ratios q 28.00 - 36.00
Find “restricted” qualifying loan
amount q 137,725.41
— DO NOT CLEAR CALCULATOR —
STEPS KEYSTROKES DISPLAY
Find actual
ratios q 22.76-36.00
Find “unrestricted” loan
amount q 170,870.75 LA INC*
Find maximum allowable
debt q 453.33
*Note: The “INC” tells you this unrestricted
Qualifying Loan Amount is based on the buyer’s
Income Ratio — therefore, the restricted
Qualifying Loan Amount is based on the buyer’s
Debt Ratio. This means that if they pay off their
monthly debt (to $453/mo. or lower) they may
qualify for a mortgage loan of approximately
$170,000 or more and afford a $175,000 home
(if they put approximately $4-$5K down).