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1990-08-28
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Mangeri Agency
41 Yale Drive
Enfield, CT 06082
203-745-3839
WELCOME TO THE WORLD OF SPECIALIZED COMPUTER PROGRAMS FOR THE REAL
ESTATE INDUSTRY.
The following documentation includes detailed information on the
program entitled "CDEMO103." This is a demonstration program that
is not as complete as the "CMORT103" program that is available to
registered members.
A registered member will receive the "CMORT103" program that has the
following added features:
1) The registered member's name, address and phone number will
appear on both the opening menu screen and as a heading on the
hard copy.
2) The limits for VA, FHA, CHFA and closing costs are fixed, in
this DEMO, and cannot be altered. Registered members will be
able to change these values when it becomes necessary.
3) All members will be notified of updates and new programs developed
for the Real Estate Industry. A review of various GPM programs is
being conducted for possible addition to the CMORT103 program.
For details on how you may become a registered member choose option G
in the opening menu. When the next menu appears choose option 7 to
print the registration form.
COPYRIGHT:
The CMORT103 and this DEMO programs are protected by the United States
copyright laws and international treaty provisions. Therefore, you
must treat them accordingly. However, feel free to copy this
DEMO program and distribute it as many times as you wish.
This program will qualify a home buyer for either CONVENTIONAL,
VA, FHA and the Connecticut CHFA mortgage programs. It also can
estimate approximate Closing Costs.
Considerable effort was used to make this program user friendly.
Even the most inexperienced computer user should feel comfortable.
Simply follow the instructions as they appear and you will be
pleasantly surprised with the speed and accuracy of the calculations.
Experience has shown that no matter how user friendly a computer program
is, it sometimes becomes necessary to provide a training program.
For that reason we will provide a one hour familiarizing session for
your staff. At present this session is available to registered members
only and for selected areas of Connecticut. A fee of $35.00 is required.
Please call for more information.
EXPLANATION OF MAIN MENU CHOICES
--------------------------------
CHOICE:
A) New Buyer Statistics.
This choice will ask general questions about your potential
buyer. You can use this information to qualify the buyer for more
than one mortgage program.
Should you make an error answering the questions, do not be
concerned, you will have an opportunity to make corrections after
all questions have been answered.
B) Conventional Mortgage Qualification.
When you choose this option additional questions are asked such as
buyer monthly debt, estimated down payment, interest rate and also
the low and high qualification ratios. PITI is calculated with and
without debt. The lower of these two values is used to establish
the allowable mortgage.
C) VA Mortgage Qualification.
This option only requires answering questions about debt and
interest. The ratio of monthly expenses to monthly income of 41%
is used to qualify buyers. The residual income method was not used
for the following reasons:
1) Experience has shown that if the buyer qualifies by the
ratio method he will be qualified by the residual method.
2) The complexity of the program is minimized by using only one
qualifying procedure.
It should be noted that even a marginally qualified buyer may be
acceptable by your financial institution.
A no down payment maximum mortgage limit of $184,000 is used.
D) FHA Mortgage Qualification.
This option only requires answering questions about debt and
interest rate. The low ratio of 29% and high ratio of 41% is used
to qualify buyers. The residual method is not used for the same
reasons noted for the VA qualification.
E) CHFA Mortgage Qualification.
This qualification procedure for the Connecticut Housing Finance
Authority is similar to the FHA qualification except that there is
a Sales Price and a Family Income limit for each of the eight
Connecticut Counties. Therefore, the program requires that you
choose a County before you can proceed with the qualification.
---- NOTE ----
Because the CHFA qualification, is generally done in conjunction
with another qualification procedure, it is necessary to run two
options.
Example:
If a CHFA/FHA qualification is desired run the CHFA qualification
procedure first to determine if the buyer is within the CHFA limits.
Then run the FHA option, with the same CHFA interest rate, to
determine that the FHA limits are not exceeded.
F) Estimated Closing Costs.
This option calculates the estimated closing costs for the home
chosen by the buyer. In addition, it calculates the mortgage
amount, and PITI. It also will calculate the down payment required
for VA, FHA and CHFA.
It should be strongly noted that costs are only an ESTIMATE.
However they should be adequate for most areas.
G) Program Instructions & Limits.
Choosing this option presents you with the following Submenu:
1. VA Limits.
2. FHA Limits.
3. CHFA Limits.
4. Fixed Closing Costs.
5. Program Information. (View on screen)
6. Print Program Information. (Approx. 3 pages)
7. Print Registration Form.
8. Return to Main Menu.
Choosing any one of the first four choices will allow you to
review any of the existing values.
The remaining choices are self explanatory.
H) Exit Program.
This option terminates the program and returns you to your
computer operating system.
As a registered member you will be advised of any updates. Therefore,
any suggestions you make on either improving or adding to this
program will be appreciated.