Calculated Industries 3420 User Guide - Manual (Page 72)

U SER ’ S G UIDE — 71
(Cont’d)
“Unrestricted” Qualifying
The amount calculated on the previous page is the loan they may
qualify for, based on current income and debt. What are the buyer's
actual income and debt ratios? What does the “unrestricted” loan
amount calculate to, and which side is it based on (i.e., buyer's
income or debt)? What is the buyer’s maximum allowable debt?
STEPS KEYSTROKES DISPLAY
Find actual Ratios q “run” 22.76-36.00
Find “unrestricted”
Loan Amount q UNR 170,870.75 LA INC *
Find allowable Debt q ALW 453.33 MO DEBT
*Note: The “INC” tells you this unrestricted Qualifying Loan Amount is based on the
buyer’s Income Ratio — therefore, the restricted Qualifying Loan Amount is based on
the buyer’s Debt Ratio. This means that if they pay off their monthly debt (to $453/month
or lower) they may qualify for a mortgage loan of approximately $170,000 or more
and afford that $175,000 home (if they put approximately $4-$5K down).
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