Calculated Industries 3420 Pocket Reference Guide - Manual (Page 27)

P OCKET R EFERENCE G UIDE — 26
“Restricted” vs. “Unrestricted”
Qualifying
• Buyer’s Income: $52,000
• Monthly Debt: $150
• Down Payment: 5%
• Property Tax: 1.5%
• Monthly heating expense: $75
• Term: 25 years
• Interest: 7.25%
• GDS/TDS ratios: 32% – 40%
Find the “Restricted” qualifying mortgage
amount, actual ratios, “Unrestricted” mort-
gage amount and maximum allowable
debt with above variables.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Recall Interest ® ˆ 7.25
Recall Term ® T 25.00
Recall property
Tax% ® t 1.50
Enter Income 5 2 ) i 52,000.00
Enter Debt 1 5 0 D 150.00
Enter heating expense
7 5 e 75.00
(Cont’d)
3420PRG-E-A 7/2/04 9:07 AM Page 26