Calculated Industries 3415-KITE-D User Manual

Page 15

14 — Q

UALIFIER

LUS

III

Note: Entering a number equal to or less than 10 is assumed to
be an annual percentage. Mortgage insurance is calculated from
the loan amount.

Note: Tax and Insurance entered as dollar amounts will remain
fixed, even if sales price or loan amount is changed. However, if
entered as a percentage of sales price or loan amount, these
items will automatically be re-calculated if sales price or loan
amount is changed.

Expense

— For Total Payment and Qualifying.

Enters monthly housing expense (e.g., homeowner’s
association dues, maintenance and utilities).

1st and 2nd Trust Deeds (Combo Loan) Keys

The Combo Loan keys show the savings of obtaining a 1st and 2nd
trust deed (TD) loan over a single, fixed-rate loan where mortgage
insurance, or private mortgage insurance (PMI), is required.

This routine requires a fixed-rate loan to be entered using the stan-
dard

and/or

keys so that a loan comparison can

be made.

Loan-to-Value Combo Loan for 80:10:10

— This

key provides a loan comparison (see below key out-
puts*) of an 80:10:10 combo fixed-rate loan versus a
single, fixed-rate loan requiring mortgage insurance.
The stored values are a percentage of the sales
price (e.g., 80:10 identifies that 80% of the price is
covered by the 1st TD, 10% of the price is covered
by the 2nd TD and the remaining 10% is covered by
the down payment).

s *

Loan-to-Value Combo Loan for 80:15:5

—The

second function of this key provides a loan com-
parison (see below*) of an 80:15:5 combo fixed-rate
loan versus a single fixed-rate loan requiring mort-
gage insurance. The stored values are a percentage
of the sales price (e.g., 80:15 identifies that 80% of
the price is covered by the 1st TD, 15% of the price
is covered by the 2nd TD and the remaining 5% is
covered by the down payment).

Note: You may also enter any LTV for either

s *

(80:15:5) Combo Loans keys. For example, to enter a 90:5 LTV,
enter

9 0 : 5 *

9 0 : 5 s *

and continue to

press the

key to find the below values.