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Mortgage answers, one question at a time

Short answers to the narrow questions buyers text Dillon most. Each one links up to the guide it belongs to if you want the whole picture.

Every answer here started as a real text message. Somebody asked, Dillon answered, and enough people asked the same thing that it was worth writing down properly. If yours isn't here yet, send it to 317-847-6869 and it probably will be.

Each answer opens with the short version, because most of the time that's all you need. The rest of the page is there for the situation where the short version raises another question, which it often does.

Everything is dated and sourced. Where a figure comes from a federal agency or a market report, the link to it is on the page, and the numbers are checked every quarter rather than left to rot.

If you want the whole picture rather than one answer, start with the guides instead. There are five of them, one for each decision that actually changes a purchase, and every answer here belongs to one of them.

These pages carry no rates and no payment figures on purpose, because both depend on your file and on the day. What is here is the part that holds still: how the programs work, what the limits are, and what an underwriter is actually reading.