Buyer Qualifying - Calculated Industries 3442 User Manual

BUYER QUALIFYING

The Qualifying keys on your calculator let you instantly pre-qualify
prospective buyers. Mortgage lending pros will find these keys use-
ful for doing instant loan pre-qualifications on the phone or in front of
clients. Real estate agents/brokers can quickly pre-qualify clients so
they can show them homes in their affordable price range.
The calculator gives you three types of qualifying answers: (1) Loan
Amount Available given buyer's income and debt, (2) Income
Required given loan amount (or price/down payment) and (3) Actual
Ratios given both income/debt and property data. Here are some
notes on qualifying using your calculator:
1. The q and Q keys are multi-function "smart" keys. In other
words, they deliver a variety of answers based on what is input,
and what is not. The calculator will figure out which qualifying
solutions should be displayed, based on the qualifying variables
you've input.
2. You can use both Qualifying keys q and Q to calculate var-
ious standard loan qualifying comparisons or scenarios (e.g.,
conventional vs. FHA loans). Use s q and s Q to
calculate Interest-Only loan qualifying scenarios. Simply store
different income and debt qualifying ratios. For example, the
q key defaults to 28% Income and 36% Debt, for convention-
al loan qualifying. The Q key defaults to 33% Income and
40% Debt. However, you may store any ratios you want into
these keys, or change these ratios at any time.
3. A calculated Qualifying Loan Amount is automatically stored in
the Loan Amount l register, replacing any existing Loan
Amount value. This lets you instantly proceed to monthly pay-
ment calculations, etc.
4. When calculating Qualifying Loan Amount (based on entered buyer's
data, term, interest and stored qualifying ratios), successive
presses of the q or Q keys give the following results:
• the first press of q or Q will display your stored ratios;
• the second press in succession will display the "restrictive,"
maximum qualifying loan amount (used in loan approval);
• the third press in succession will show the buyer's actual
income and debt ratios;
• the fourth press will display the higher, "unrestricted" qualifying
loan amount;*
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