Qualifying examples, Recalling income/debt qualifying ratios – Calculated Industries 3442 User Manual
Page 58
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(Cont’d)
• the last press will display the allowable monthly debt.
(Note: You can set your Qualifying Ratios to display first or last via the
Preference Settings.
5.
When calculating Annual Income Required (based on entered
loan amount or sales price, term, interest and stored qualifying
ratios), the first press of
q
or
Q
will display your stored
ratios, the second press in succession will display the Annual
Income Required, and the third press in succession will show
the Allowable Monthly Debt.
6.
When calculating buyer’s Actual Ratios based on entered bor-
rower data (i.e., income and debt) and property data (i.e., loan
amount, sales price), the first press of
q
or
Q
will display
the stored qualifying ratios, and the second press will calculate
the buyer’s actual ratios (Insurance can be based on Loan
Amount if changed in the Preference Settings).
7.
You can use the
s D
or
A
on Desktop (
Expense)
,
s 7
(
Tax)
,
s 8
(
Ins)
, and
s 9
(
Mtg Ins)
keys as optional vari-
ables affecting buyer qualifying (and PITI payments). Tax and
Insurance rates are calculated from the Sales Price (Insurance
can be based on Loan Amount). Mortgage Insurance is calculat-
ed from the Loan Amount.
*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 dis-
played. 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 calcu-
lator will display the loan amount with “UNR” (for unrestricted) and “INC” indicate that it is
based on income.
QUALIFYING EXAMPLES
Most of the examples in this section will be based on the default
Income and Debt Ratios of 28% and 36%, respectively, which are
stored in the
q
key.
Recalling Income/Debt Qualifying Ratios
Recall stored 28%-36% and 33%-40% ratios:
STEPS
KEYSTROKES
DISPLAY
Clear calculator
o o
0.00
Recall qualifying ratios 1
® q
28.00-36.00
Recall qualifying ratios 2
® Q
33.00-40.00