Calculated Industries 3442 - Manual (Page 59)

54 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
P X2
Storing New Income/Debt Qualifying Ratios
Enter and permanently store new qualifying ratios of 30% for Income
and 38% for Debt in
q :
STEPS KEYSTROKES DISPLAY
Clear calculator o o 0.00
Set qualifying ratios 3 0 : 3 8 q 30.00-38.00
Return ratios to 28:36* 2 8 : 3 6 q 28.00-36.00
*Your ratios will be permanently stored, or will remain even after your calculator is
turned off. You must enter new ratios to restore your calculator to the default ratios of
28:36 and 33:40.
Finding Qualifying Loan Amount and Sales Price (Simple
Example Excluding Tax/Insurance)
Given an interest rate of 7.5%, a term of 30 years, and the stored
28%:36% qualifying ratios, for what size loan and what sales price
can a buyer qualify for if he or she makes $75,000 annually and has
$500 in long-term monthly debt? The buyer plans to put $35,000
down. Also, what is the monthly (P&I) payment?
(Based on no Tax
and Insurance.)
STEPS KEYSTROKES DISPLAY
Clear registers s x “All Cleared” 0.00
Enter term in years 3 0 T 30.00
Enter annual interest 7 • 5 ˆ 7.50
Enter annual income 7 5 ) i 75,000.00
Enter monthly debt 5 0 0 D 500.00
Enter down payment 3 5 ) d 35,000.00
Display qualifying ratios q 28.00-36.00
Find qual. loan amount q “run” 250,280.85
Find price P 285,280.85
Find monthly P&I payment p 1,750.00
— DO NOT CLEAR CALCULATOR —
Re-qualify this buyer assuming $200 per month in additional debt.
STEPS KEYSTROKES DISPLAY
Enter new monthly debt 7 0 0 D 700.00
Display qualifying ratios q 28.00-36.00
Find new qual. loan amount q “run” 221,677.32
Find new price P 256,677.32
Find new monthly P&I
payment p 1,550.00
Note: Press s before pressing q in these examples for Interest-Only qualifying.