With a downpayment of at least 5%, lenders use 33% of monthly gross income as a guideline for PITI (principal, interest, taxes, and insurance).

Question

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This statement is true. Lenders typically use a guideline of 33% of monthly gross income for PITI (principal, interest, taxes, and insurance) when a borrower makes a downpayment of at least 5%. However, some lenders may have different guidelines, so it's important to shop around and compare offers.

With a Downpayment of at Least 5%, Lenders Use 33