10 — M
ORTGAGE
Q
UALIFIER
P
LUS
®
(Cont’d)
3) Calculates the annual income (“Stated Income”)
required and allowable monthly debt for a desired
loan amount or sales price based on the stored
income and debt qualifying ratios and the entered:
•
Term
•
Interest
•
Price (down payment) or Loan Amount
4) Also finds buyer's actual income and debt
ratios given both buyer and property data. By
default, the first press of
q
displays the stored
qualifying ratios and the second press calculates the
buyer's actual ratios.
Q
Qualify Based on 31%-43% — Stores additional
Income and Debt ratios (e.g., FHA/VA) and operates
identically to the
q
key. Default Income and Debt
ratios for this key are 31% and 43%, respectively.
Note: You can store whatever ratios you desire in the
q
or
Q
keys.
s q
Interest-Only Qualifying Based on 28%-36% —
Keys used for interest-only Qualifying; operate iden-
tically to the
q
and
Q
keys.
s Q
Interest-Only Qualifying Based on 31%-43% —
Operates identically as
s q
, but uses default
Income and Debt ratios 31%-43%.
i
Income — Enters the buyer’s annual income for
loan qualifying. Enters a
monthly income when pre-
ceded by the
s b
(periodic) keys (e.g.,
5 0
0 0 s b i
).
D
Enters buyer’s long-term,
monthly debt (e.g., car
payments, credit cards with large balances/long-
term monthly payments).
