Big Wave Mortgage

Talk to a mortgage professional

(720) 919-8528

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).

(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).

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