A: The down payment requirement for a mortgage varies depending on the type of loan you choose and your financial situation. For conventional loans, the minimum down payment is typically 20%. However, there are government-backed loans available with lower down payment requirements, such as FHA loans and VA loans.
Q: What is the debt-to-income ratio (DTI)?
A: The debt-to-income ratio (DTI) is a measure of how much of your monthly income is spent on debt payments. Lenders will use your DTI to determine if you can afford a mortgage. The maximum DTI for a conventional loan is typically 36%.
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