Calculated Industries 43285 User Manual

Calculated Industries 43285 User Manual Manual pdf 39 page image

QualifyingThe Qualifying functions on your calculator let you qualify buy-ers for mortgage loans in three ways: (1) Loan Amount Availablegiven buyer income and debts, (2) Income Required given loanamount (or price/down payment) and (3) Actual Ratios givenboth income/debt and property data. Here are some notes onqualifying using your calculator:1. The [Qual 1] and [Qual 2] keys are multi-function “smart”keys. In other words, they deliver a variety of answersbased on what is input, and what is not. The calculator willfigure out which qualifying solutions should be displayed,based on the qualifying variables you’ve input.2. You may use both Qualifying keys [Qual 1] and [Qual 2] toqualify buyers for 2 different loan programs by storing twodifferent income and debt qualifying ratios. The [Qual 1]key defaults to 28% Income and 36% Debt, forConventional loan qualifying. The [Qual 2] key defaults to29% Income and 41% Debt, for Government loan qualify-ing. However, you may use these keys to store any ratiosyou desire, (i.e., to compare different lenders or differentprograms).3. A calculated Qualifying Loan Amount is automaticallystored in the Loan Amount [L/A] register, replacing anyexisting Loan Amount value.4. When calculating Qualifying Loan Amount (based onentered buyer’s data, term, interest and stored qualifyingratios), the first press of [Qual 1 or 2] will display yourstored ratios, the second press in succession will displaythe “restrictive” qualifying loan amount, the third press insuccession will show the “non-restrictive” qualifying loanamount, and the fourth press in succession will display thebuyer’s actual income and debt ratios. (Note: If you are inthe “Pro-Mode,” the order which the above is displayedwill change.)38 – Qualifier Plus® IIx DT