P
OCKET REFERENCE GUIDE — 25
“Restricted” vs. “Unrestricted”
Qualifying
• Buyer’s income: $68,000
• Monthly debt: $750
• Down$: $5,000
• Property taxes: 1.5%
• Property insurance: 0.25%
• Mortgage insurance: 0.6%
• Monthly association dues: $50
• Term: 30 years
• Interest: 7.5%
• Qualifying ratios: 28%: 36%
Find the “Restricted” qualifying loan
amount, actual ratios, “Unrestricted” loan
amount and maximum allowable debt.
(Re-enter 0.6% mortgage insurance rate,
$50 association dues and $5,000 down.)
Note: If you are not continuing from the previ-
ous problem, you’ll need to re-enter interest,
term, tax/insurance.
STEPS KEYSTROKES DISPLAY
Clear o o 0.00
Recall interest ® ˆ 7.50
Recall term ® T 30.00
Recall property
tax% ® 7 1.50
(Cont’d)
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