58 — Q
UALIFIER
P
LUS
®
III
FX
(Cont’d)
4. When calculating Qualifying Loan Amount (based on entered
buyer's data, term, interest and stored qualifying ratios), succes-
sive 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 “restricted,”
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” qualify-
ing loan amount; and
•
the last press will display the allowable monthly debt.
Note: You can set your Qualifying Ratios to display first or last via the
Preference Settings. See
page 22
.
5. When calculating Annual Income Required (based on entered
loan amount or sales price, term, interest and stored qualifying
ratios), the first press of
q
or
Q
will display your stored
ratios, the second press in succession will display the Annual
Income Required, and the third press in succession will show
the Allowable Monthly Debt.
6. When calculating buyer's Actual Ratios based on entered bor-
rower data (i.e., income and debt) and property data (i.e., loan
amount, sales price), the first press of
q
or
Q
will display
the stored qualifying ratios, and the second press will calculate
the buyer's actual ratios.
7. You can use the
e
(Expense)
,
s 7
(Tax)
,
s 8
(Ins)
, and
s 9
(Mtg Ins)
keys as optional variables affecting buyer qual-
ifying (and PITI payments). Tax and Insurance rates are calculat-
ed from the Sales Price. Mortgage Insurance is calculated from
the Loan Amount.
