12 — Q
UALIFIER
P
LUS
®
III
X
(Cont’d)
*Note: The Maximum Qualifying Loan Amount is the “restricted”
loan amount the buyer may qualify for. This loan amount is
based on whichever of the two ratios — income or debt — limits
the buyer the most. The Unrestricted Qualifying Loan Amount,
however, is the higher loan amount. This loan amount is based
on whichever of the two ratios — income or debt — limits the
buyer the least. In other words, whichever ratio will give the
buyer the highest qualifying loan amount. For this Unrestricted
loan amount, the calculator will display the letters “UNR” (for
unrestricted) in the display and the word “INC” or “DEBT” to indi-
cate what ratio side this loan amount was based from (i.e.,
income or debt).
This restricted/unrestricted qualifying loan comparison is useful to
show clients what size loan they could qualify for if they paid off
debt or increased income.
3) Calculates the annual 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 29%-41%)
— 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 29% and 41%, respectively.
Note: You can store whatever ratios you desire in the
q
or
Q
keys.
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).
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