Calculated Industries 3423 User Manual

Page 28

OCKET

EFERENCE

UIDE

— 24

(Cont’d)

**The restricted Qualifying Mortgage Amount is
based on the ratio (income or debt) that limits the
buyer the most — in this case it was debt. This
means that if the buyer lowers their debt below
the maximum allowable of $300 a month, they
would qualify for the larger “unrestricted” mort-
gage amount.

Qualifying Comparison
(Two Ratios at Once)

• Buyer’s Income:

$50,000

• Monthly Debt:

$125

• Property Tax:

1.25%

• Monthly heating cost

and condo fees:

$120

• Down Payment:

10%

• Term:

25 years

• Interest:

7.25%

Qualify this buyer based on both stored
32%:40% and 35%:42% ratios:

STEPS

KEYSTROKES

DISPLAY

Clear

o o

0.00

Enter Income

5 0 ) i

50,000.00

Enter Debt

1 2 5 D

125.00

Enter Tax%

1 • 2 5 t

1.25

Enter monthly

Expenses

1 2 0 s D

120.00

Enter %Down

1 0 d

10.00

Enter Term

2 5 T

25.00

Enter Interest

7 • 2 5 ˆ

7.25