54 — MORTGAGE QUALIFIER PLUS ®P X2Storing New Income/Debt Qualifying RatiosEnter and permanently store new qualifying ratios of 30% for Incomeand 38% for Debt in q:STEPS KEYSTROKES DISPLAYClear calculator o o 0.00Set qualifying ratios 3 0 : 3 8 q 30.00-38.00Return ratios to 28:36* 2 8 : 3 6 q 28.00-36.00*Your ratios will be permanently stored, or will remain even after your calculator isturned off. You must enter new ratios to restore your calculator to the default ratios of28:36 and 33:40.Finding Qualifying Loan Amount and Sales Price (SimpleExample Excluding Tax/Insurance)Given an interest rate of 7.5%, a term of 30 years, and the stored28%:36% qualifying ratios, for what size loan and what sales pricecan a buyer qualify for if he or she makes $75,000 annually and has$500 in long-term monthly debt? The buyer plans to put $35,000down. Also, what is the monthly (P&I) payment?(Based on no Taxand Insurance.)STEPS KEYSTROKES DISPLAYClear registers s x “All Cleared” 0.00Enter term in years 3 0 T 30.00Enter annual interest 7 • 5 ˆ 7.50Enter annual income 7 5 ) i 75,000.00Enter monthly debt 5 0 0 D 500.00Enter down payment 3 5 ) d 35,000.00Display qualifying ratios q 28.00-36.00Find qual. loan amount q “run” 250,280.85Find price P 285,280.85Find monthly P&I payment p 1,750.00— DO NOT CLEAR CALCULATOR —Re-qualify this buyer assuming $200 per month in additional debt.STEPS KEYSTROKES DISPLAYEnter new monthly debt 7 0 0 D 700.00Display qualifying ratios q 28.00-36.00Find new qual. loan amount q “run” 221,677.32Find new price P 256,677.32Find new monthly P&Ipayment p 1,550.00Note: Press sbefore pressing qin these examples for Interest-Only qualifying.
