Calculated Industries 43285 - Manual (Page 42)

Re-qualify this buyer assuming $200 per month in additional
housing expenses.
Steps Keystrokes Display
Enter mo. hsg. expenses 200 [Exp] 200.00
Display qual. ratios [Qual 1] 28.00 – 36.00
Find new qual. loan amt. [Qual 1] “run” 92,961.46
Find new price [Price] 127,961.46
Qualifying Loan Amount Based on Income & Debts
Buyers who make $68,000 annually with $750 in long-term
monthly debts wish to buy a home offered at $200,000. For
what loan amount can they qualify? (Use previously stored
7.5% interest, 30 year term and qualifying ratios of 28%:36%.)
Steps Keystrokes Display
Enter annual income 68,000 [Inc] 68,000.00
Enter monthly debts 750 [Debt] 750.00
Display qual. ratios [Qual 1] 28.00 – 36.00
Find qual. loan amt. [Qual 1] “run” 184,492.74
— D O N O T C L E A R C A L C U L A T O R —
“Non-Restrictive” Qualifying L/A & Actual Ratios
The amount calculated above is the lower, or “restrictive,”
ratio. What does the other “non-restrictive” qualifying ratio cal-
culate to, and which side is it based on (i.e., buyer’s income
or debt)? What are the buyer’s actual income and debt ratios?
Steps Keystrokes Display
Find non-restrictive L/A [Qual 1] “run” 226,921.30 INC
Find actual ratios [Qual 1] “run” 22.76-36.00
Note:The “INC” tells you that the non-restrictive side was based on the
Income Ratios — therefore the restrictive side was based on debts.
— D O N O T C L E A R C A L C U L A T O R —
41 – User’s Guide