Calculated Industries 3420 User Guide - Manual (Page 13)

12 — Q UALIFIER P LUS ® III X
(Cont’d)
Note: This restricted/unrestricted qualifying mortgage comparison
is useful to show clients what size loan they could qualify for if
they paid off debt or increased income.
3) Calculates the annual income required and
allowable monthly debt for a desired mortgage
amount or sales price based on the stored income
and debt qualifying ratios and the entered:
• Term
• Interest
• Price (down payment) or mortgage 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.
Note on U.S. Qualifying: If the calculator is in
Canadian Mode (see page 16) and you want to
qualify in
U.S. Mode, activate U.S. Mode via s 9
and enter new U.S. Qualifying Ratios into the q
and Q keys.
Q (Qualify Based on 35%-42%) — Stores additional
Income and Debt ratios and operates identically to
the
q key. Default Income and Debt ratios for this
key are 35% and 42%, respectively.
Note: You may store whatever ratios you desire in the q or
Q keys.
i Income — Enters the buyer’s annual income for
mortgage qualifying. Or, enters a monthly income
when preceded by the
π key (e.g., 5 ) π
i ).
D Enters buyer’s long-term, monthly debt (e.g., car
payments, credit cards with large balances/long-
term monthly payments).
e Expense — For Total or PITH Payment and
Qualifying. Enters monthly heating or other housing
expenses (e.g., condominium fees).
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