Buyer Qualification 53
To calculate the minimum income required to qualify for a
loan, first enter the term of the loan, the interest rate, the
income/debt ratio used in your area, if not already entered
(see page 18), and one of the following:
•
The annual tax and insurance percentages applicable
to the property (
#
Q
and
#
Z
).
•
The total annual tax and insurance dollar amount
(
#
E
).
Then press
>
to start the model. You can exit the
Buyer Qualification model at any time by pressing
!
.
Name
Meaning
PRC=
Enter the sales price of the property and press
j
.
DN%=
Enter the down payment amount, or enter a
two-digit number for the down payment
percent, and then press
j
.*
DBT=
Enter monthly debt and press
j
.
LN=
Loan amount.
PMT=
Monthly payment for the mortgage loan.
PITI=
Total payment including principal, interest, tax,
and insurance.
QI=
Monthly income required to qualify for the loan.
* The calculator accepts any number greater than 99 as a
down payment dollar amount.
Buyer Qualification: Minimum Income Required
The Qualifying Income model lets you calculate the
minimum income a buyer must have to qualify for a given
sales price.
Values Used by
Qualifying
Income Model
