Which of the following is NOT a factor limiting mortgage payment?

The factor that does not limit mortgage payment is related to property type. While the budget, housing ratio, and debt-to-income (DTI) ratio are critical components that help determine how much a borrower can afford to pay in mortgage payments, the property type itself does not directly influence the calculation of those payments.

When assessing mortgage affordability, lenders look primarily at the borrower's financial situation, which includes their income, existing debts, and overall budget. The housing ratio refers to the proportion of a borrower's income that goes toward housing expenses, while the DTI ratio compares total monthly debts to gross monthly income. Both ratios are essential tools for lenders to gauge the suitability of a mortgage payment given a borrower’s financial profile.

In contrast, property type—whether it's a single-family home, condo, or multi-family dwelling—affects other aspects such as potential appreciation, insurance costs, and loan eligibility but does not inherently limit the dollar amount a borrower can pay in mortgage payments. Hence, it stands apart from the financial metrics that directly constrain those payments.