Calculated Industries 43285 - Manual (Page 10)

(based either on the income ratio or the debt
ratio). The “non-restrictive” loan amount (the
other side) can be found by pressing [Qual 1] a
third time. The calculator will display the loan
amount with a negative sign (—) and the word
“INC” or “DEBT” to indicate the restrictive side
(income or debt).
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.
First press of [Qual 1] displays stored qualifying
ratios; 2nd press calculates the buyer’s actual
ratios.
[Qual 2] Stores additional (e.g., Government FHA/VA)
Income and Debt ratios and operates identically
to [Qual 1] key. Default Income and Debt ratios
for this key are 29% and 41%, respectively.
[Inc] Income — Enters the annual income for loan
qualifying.
[Debt] Enters long-term monthly debts.
In addition to Qualifying, the following keys are also involved
in PITI calculations (e.g., they are added to the monthly pay-
ment to calculate the total PITI payment):
[Exp] Expense — Enters monthly housing expenses
(e.g., homeowners’ association dues, mainte-
nance and utilities).
9 – User’s Guide