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The right of passage to
homeownership
A quick & easy tool to find out what you may qualify for!
The right of
passage to
homeownership
A quick & easy tool to find out what
you may qualify for!
We may have a special program for you
Select your industry below
We may have a special program
for you
Select your industry
below
Big Wave Mortgage,
a mortgage company stretching the boundaries
Whether you’re a first time buyer or a seasoned homeowner,
there are mortgage solutions available for you.
First time homebuyer program
Purchasing your second home
Jumbo loan program
Big Wave Mortgage,
a mortgage company
stretching the boundaries
Whether you’re a first time buyer or a seasoned homeowner, there are mortgage solutions available for you.
First time homebuyer program
Purchasing your second home
Jumbo loan program
Can I qualify for a loan?
When applying for a loan, lenders will evaluate your debt / income ratio (DTI) and credit
score in order to determine whether you can afford to take on another payment.
Loan program DTI requirement :
Conventional
(DTI 28/36)➜ This means that no more than 28% of your total monthly income (before taxes)
can go toward housing, and no more than 36% of your monthly income can go toward
your total monthly debt (including your mortgage payment).
FHA
(DTI 31/43)➜ This means that no more than 31% of your total monthly income (before taxes)
can go toward housing, and no more than 43% of your monthly income can go toward
your total monthly debt (including your mortgage payment).
USDA
(DTI 29/41)➜ This means that no more than 29% of your total monthly income
(before taxes) can go toward housing, and no more than 41% of your monthly income
can go toward your total monthly debt (including your mortgage payment).
VA
(DTI 41%)➜ This means that no more than 41% of your total monthly income (before taxes) can go toward housing. Possible to get approved with DTI between 41-50% with compensating factors.
JUMBO
(DTI 45%)➜ For qualified jumbo loans – meaning the loan has features that make it more likely that
you can afford to repay it – expect to see a DTI limit of 43 to 45 percent or lower.
Can I qualify for a loan?
When applying for a loan, lenders will evaluate your debt / income ratio (DTI) and credit score in order to determine whether you can afford to take on another payment.
Loan program DTI requirement :
Conventional
DTI 28/36 This means that no more than 28% of your total monthly income (before taxes) can go toward housing, and no more than 36% of your monthly income can go toward your total monthly debt (including your mortgage payment).
FHA
DTI 31/43 This means that no more than 31% of your total monthly income (before taxes) can go toward housing, and no more than 43% of your monthly income can go toward your total monthly debt (including your mortgage payment).
USDA
DTI 29/41 This means that no more than 29% of your total monthly income (before taxes) can go toward housing, and no more than 41% of your monthly income can go toward your total monthly debt (including your mortgage payment).
VA
DTI 41% This means that no more than 41% of your total monthly income (before taxes) can go toward housing. Possible to get approved with DTI between 41-50% with compensating factors.
JUMBO
DTI 45% For qualified jumbo loans – meaning the loan has features that make it more likely that you can afford to repay it – expect to see a DTI limit of 43 to 45 percent or lower.
Our home purchase loan process
Request Certificate
See what you may qualify for with our simple online tool
Get Pre-Approved
Complete our full mortgage loan application
Receive Options
Compare rates and terms based on your unique criteria and scenario
Select Best Offer
Choose the offer that best fits your needs
Our home purchase
loan process
Request Certificate
See what you may qualify for with our
simple online tool
Get Pre-Approved
Complete our full mortgage loan
application
Receive Options
Compare rates and terms based on your
unique criteria and scenario
Select Best Offer
Choose the offer that best fits
your needs
Frequently asked questions
What is a pre-qualify?
The first step in the home-buying process is to get pre-approved, which is a statement of how much money the lender is willing to let you borrow to pay for a home.
What’s required to get pre-approved?
To get pre-approved for a home loan, you will need to provide the lender your financial information such as your income, debt, and undergo a credit check.
Why should I get pre-approved now?
If you are searching for homes, sellers want to know that a lender has already vetted you and will lend you the money. If you find a home you like, you will not be able to submit an offer without a pre-qualify.
Do I need to get a loan before I find a home?
By going through the pre-qualify process you will know how much money a lender is willing to give you – saving time during your house search by eliminating the homes out of your price range.
How can I find out my credit score?
Once a year, you are entitled to a free copy of your credit score from all the major credit bureaus. To obtain your free credit report visit www.annualcreditreport.com
How quickly can I get pre-approved?
Getting pre-approved is a quick process – once you fill out a loan application the lender will need to run your credit to determine what amount and rate you can qualify for.
Frequently asked
questions
What is a pre-qualify?
The first step in the home-buying process is to get pre-approved, which is a statement of how much money the lender is willing to let you borrow to pay for a home.
What’s required to get pre-approved?
To get pre-approved for a home loan, you will need to provide the lender your financial information such as your income, debt, and undergo a credit check.
Why should I get pre-approved now?
If you are searching for homes, sellers want to know that a lender has already vetted you and will lend you the money. If you find a home you like, you will not be able to submit an offer without a pre-qualify.
Do I need to get a loan before I find a home?
By going through the pre-qualify process you will know how much money a lender is willing to give you – saving time during your house search by eliminating the homes out of your price range.
How can I find out my credit score?
Once a year, you are entitled to a free copy of your credit score from all the major credit bureaus. To obtain your free credit report visit www.annualcreditreport.com
How quickly can I get pre-approved?
Getting pre-approved is a quick process – once you fill out a loan application the lender will need to run your credit to determine what amount and rate you can qualify for.
Receive your pre-qualification certificate
A quick & easy tools to find out what you may qualify for!
Receive your pre-qualification certificate
A quick & easy tools to find out what
you may qualify for!
Have questions?
Talk to a mortgage specialist today
Have questions?
Talk to a mortgage specialist today
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