Getting pre-approved for a mortgage
Pre-approval means a lender checked your credit and documents, which makes your offer stronger than a quick pre-qualification. Gather pay stubs, W-2s or tax returns, bank statements, ID and a list of debts. Some loans allow 3% to 3.5% down, VA and USDA loans often 0%, and state agencies may help. Compare at least three lenders’ Loan Estimates. Avoid new credit, big purchases and job changes before closing. HUD-approved housing counselors offer free advice.
Your checklist
- Get pre-approved, not just pre-qualified
- Gather pay, tax and bank papers
- Look at low down payment options
- Compare three Loan Estimates
- Keep credit and job steady
- Talk to a HUD-approved counselor
Rather read it? Here’s the whole thing.
Why get pre-approved
A pre-approval letter shows sellers a lender has checked your finances and how much you can likely borrow. It also helps you shop in the right price range.
Pre-qualified vs pre-approved
- Pre-qualification: a quick estimate based on what you report.
- Pre-approval: the lender checks your credit and documents. Much stronger.
Documents to gather
Recent pay stubs, W-2s or tax returns (especially if self-employed), bank and investment statements, ID, and a list of debts and monthly payments.
Down payment options
- Some conventional loans allow as little as 3% down.
- FHA loans: 3.5% down with qualifying credit.
- VA (for eligible veterans and service members) and USDA (certain rural areas) loans: often 0% down.
- State and local first-time buyer programs may offer down payment help.
Compare lenders
Apply with at least three. Each must give you a standard Loan Estimate, so you can compare interest rates, fees and closing costs. Mortgage credit checks within a short shopping window usually count as a single inquiry.
Until closing
Don’t open new credit, make big purchases, change jobs or move money around without asking your lender. Pre-approval letters usually expire after a few months.
Free help
HUD-approved housing counselors offer free or low-cost advice and homebuyer classes.
Official sources, and where to look
- CFPB: buying a houseconsumerfinance.gov
- HUD: find a housing counselorhud.gov
- VA: home loansva.gov
[your state] housing finance agency first-time buyerHUD approved housing counselor near me
Common questions
Does pre-approval hurt my credit?
It usually involves a credit check, which may lower your score slightly. Shopping several lenders within a short window usually counts as one inquiry. More ›
Does pre-approval guarantee a loan?
No. Final approval depends on the home’s appraisal, your finances staying steady and final underwriting. More ›
What is the difference between pre-qualified and pre-approved?
Pre-qualification is a quick estimate based on what you tell a lender. Pre-approval means the lender checked your credit and documents. More ›
What documents do I need for mortgage pre-approval?
Usually pay stubs, W-2s or tax returns, bank statements, ID, and information about your debts. More ›
How much down payment do I need to buy a house?
Some loans allow 3% to 3.5% down; VA and USDA loans often allow 0% for eligible buyers. State programs may help. More ›
How long is a mortgage pre-approval good for?
Often around 60 to 90 days. Ask your lender; you can usually update it. More ›
Know someone who needs this?
Not yet reviewed by an expert. Last checked 2026-10-29. This is general help, not legal, medical or professional advice. Rules are different in every state.