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Software Vault: The Gold Collection
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Software Vault - The Gold Collection (American Databankers) (1993).ISO
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cdr07
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1993-06-01
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THIS IS A FAIRLY SIMPLE PROGRAM THAT DETERMINES A MINIMUM MONTHLY
GROSS INCOME NEEDED TO QUALIFY FOR THE STATED LOANS. IT IS
DESIGNED USING ASSUMPTIONS COMMON TO THE MORTGAGE INDUSTRY IN THE
ATLANTA AREA, AND SHOULD BE USED ONLY AS A STARTING POINT TO
DETERMINE IF YOU CAN AFFORD THE HOUSE OF YOUR DREAMS.
THE DATA TO BE INPUT IS VERY STRAIGHT-FORWARD:
CONTRACT SALES PRICE - - simply enter the price of the home
(ie. 150000) use no commas - - - cents after decimal are
optional
LOAN AMOUNTS - - these can be entered as actual dollar
amounts or as (L)oan (T)o (V)alues - percentages of
sales price (ie. 95%,90%,80%,etc.) - when entering LTV'S
ONLY THE FIRST TWO DIGITS ARE NECESSARY - places after
the decimal are optional (ie. 95 vs. 94.25) - do not
enter the % sign
NUMBER OF YEARS - - MUST BE AN INTEGER
ANNUAL PERCENTAGE RATE - - input same as LTV's above but
decimal fractions are O.K. (ie. 9.625, 10.75, 8.375, etc.)
LOAN TYPE - - type only the first letter & use upper case -
(fixed is default) - this selection is crucial if you are
considering an ARM (ADJUSTABLE RATE MORTGAGE)
THE OUTPUT SCREEN IS ALSO SELF-EXPLANATORY WITH THE FOLLOWING
POSSIBLE EXCEPTIONS:
P & I - - the principal and interest on the mortgage
balance itself
PMI - - private mortgage insurance - required by most
mortgage lenders if the loan exceedS 80% of sales price
PITI - - the total monthly house payment, including
escrows for home owner's insurance, real estate taxes,
and mortgage insurance (when required).