P
OCKET
R
EFERENCE
G
UIDE
— 22
“Restricted” Qualifying
Buyers who make $45,000 annually and
have $600 in long-term monthly debt wish
to buy a home offered at $165,000. They
will put 15% down. Will they qualify? For
what maximum mortgage amount can they
qualify?
(Use previously stored 7.25%
interest and 25-year term, tax rate of 1.5%,
monthly heating expense of $100, and
qualifying ratios of 32%:40%).
Note: If you aren’t continuing from the previous
problem, you’ll need to re-enter interest, term,
and property tax.
STEPS
KEYSTROKES
DISPLAY
Clear
o o
0.00
Enter annual
Income
4 5 ) i
45,000.00
Enter monthly
Debt
6 0 0 D
600.00
Enter monthly
heating cost
1 0 0 s D
100.00
Recall Interest
® ˆ
7.25
Recall Term
® T
25.00
Recall property
Tax%
® t
1.50
Enter Down Payment
1 5 d
15.00
Display Qualifying
Ratios
q
32.00 – 40.00
Find “restricted” Qualifying
Mortgage Amount
q
“run” 92,702.30
Find sales
Price
P
109,061.53
