User guide

Qualifying for both “Conventional” and
“Government” Loans Based on Income, Debt,
and Expenses — No Tax/Insurance
Given a buyer’s annual income of
$36,000, $500/month in long-term debts,
monthly homeowners’ association dues
of $50, an interest rate of 7.25% and a 30
year term, what size conventional loan
can he qualify for if using 28%:36%
ratios? What size government loan if
using 29%:41% ratios? (Use
[Qual 1] for
conventional qualifying;
[Qual 2] for
government qualifying.) Find the month-
ly payment for each.
Steps/Keystrokes Display
1. Clear calculator:
[On/C] [On/C] 0.00
2. Enter annual income and monthly debts:
36,000 [Inc] 36,00.00
500 [Debt] 500.00
3. Enter monthly housing expenses then
interest and term:
50 [Exp] 50.00
7.25 [Int] 7.25
30 [Term] 30.00
Continued on the next page ➟
User’s Guide — 55