Calculated Industries 43285 - Manual (Page 40)

5. When calculating Annual Income Required, (based on
entered loan amount or sales price, term, interest and
stored qualifying ratios) the first press of [Qual 1 or 2] will
display your stored ratios, the second press in succession
will display the Annual Income Required, and the third
press in succession will show the Allowable Monthly Debt.
6. When calculating buyer’s Actual Ratios based on entered
borrower data (i.e., income & debt) and property data (i.e.,
loan amount, sales price), the first press of [Qual 1 or 2]
will display the stored qualifying ratios, and the second
press will calculate the buyer’s actual ratios.
7. You may use the [Exp], [Tax], [Ins], and [Mtg Ins] keys as
optional variables affecting buyers’ qualifying (and PITI
payment). Taxes and Insurance rates, if applicable, are cal-
culated from the Sales Price. Mortgage Insurance is calcu-
lated from the Loan Amount.
Qualifying Examples
All of the example problems in this section will be based on the
default Income and Debt Ratios of 28% and 36%, respectively,
which are stored in the [Qual 1] key. The default Income and
Debt Ratios stored in the [Qual 2] key are 29% and 41%.
Setting Income/Debt Qualifying Ratios
Enter and permanently store qualifying ratios of 28% for
Income and 36% for Debt:
Steps Keystrokes Display
Clear calculator [On/C] [On/C] 0.00
Set qualifying ratios 28 [:] 36 [Qual 1] 28.00 – 36.00
39 – User’s Guide