Suppose you plan to put a 20% down payment on a house and obtain a mortgage loan that is less than the GSE size limit on conforming loans ($726,525 in New York City) to finance the remainder of the purchase. Based on your understanding of the loan-to-value ratio, what is the maximum price that you could pay for a home with these restrictions in mind?

a. $581,220

b. $908,156

c. $871,830

d. $3,632,625

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