Qualifying
The Qualifying functions on your calculator let you qualify buy-
ers for mortgage loans in three ways: (1) Loan Amount Available
given buyer income and debts, (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 [Qual 1] and [Qual 2] 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 may use both Qualifying keys [Qual 1] and [Qual 2] to
qualify buyers for 2 different loan programs by storing two
different income and debt qualifying ratios. The [Qual 1]
key defaults to 28% Income and 36% Debt, for
Conventional loan qualifying. The [Qual 2] key defaults to
29% Income and 41% Debt, for Government loan qualify-
ing. However, you may use these keys to store any ratios
you desire, (i.e., to compare different lenders or different
programs).
3. A calculated Qualifying Loan Amount is automatically
stored in the Loan Amount [L/A] register, replacing any
existing Loan Amount value.
4. When calculating Qualifying Loan Amount (based on
entered buyer’s data, term, interest and stored qualifying
ratios), the first press of [Qual 1 or 2] will display your
stored ratios, the second press in succession will display
the “restrictive” qualifying loan amount, the third press in
succession will show the “non-restrictive” qualifying loan
amount, and the fourth press in succession will display the
buyer’s actual income and debt ratios. (Note: If you are in
the “Pro-Mode,” the order which the above is displayed
will change.)
38 – Qualifier Plus
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IIx DT
