Calculated Industries 3442 - Manual (Page 13)

8 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
(Cont’d)
*The Maximum Qualifying Loan Amount displayed is the “restricted”
loan amount that the buyer may qualify for. This loan amount is
based on whichever of the two ratios, income or debt, limits the
buyer the most. If the buyer’s maximum qualifying loan amount is
restricted by their debt, then the unrestricted qualifying loan amount
will also be displayed. The unrestricted qualifying loan amount is
based purely on the buyer’s income and is not restricted by their
debt. If the maximum qualifying loan amount is restricted by their
income, the unrestricted qualifying loan amount will not be
displayed. This is useful to show clients what size loan they could
qualify for if they paid off debt. Here, the calculator will display the
loan amount with “UNR” (for unrestricted) and “INC” to indicate that
it is based on income.
3) Calculates the annual income required and
allowable monthly debt for a desired loan amount
or sales price based on the stored income and debt
qualifying ratios and the entered:
• term
• interest
• price (down payment) or loan amount
4) Also finds buyer’s actual income and debt
ratios given both buyer and property data. By
default, the first press of
q displays the stored
qualifying ratios and the 2nd press calculates the
buyer’s actual ratios.
s q (Interest-Only Qualify Based on 28%-30%) —
Preforms the same qualifying calculations as q ,
but based on the Interest-only payment rather than
the fully amortized payment.
Q (Qualify Based on 33%-40%) — Stores additional
Income and Debt ratios (e.g., FHA/VA) and operates
identically to the
q key. Default Income and Debt
ratios for this key are 33% and 40%, respectively.
Note: You can store whatever ratios you desire in the q or Q
keys.
s Q (Interest-Only Qualify Based on 33%-40%) —
Preforms the same qualifying calculations as Q ,
but based on the Interest-only payment rather than
the fully amortized payment.
i Income — Enters the buyer’s annual income for
loan qualifying. Enters a monthly income when pre-
ceded by the s key (e.g., 5 0 0 0 s i ).
D Enters buyer’s long-term, monthly debt.