# 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. - URL: https://explained.page/mortgage-preapproval - Language: en - Last checked: 2026-10-29 - Watch the 1-minute animated guide: https://explained.page/watch?start=mortgage-preapproval ## Step by step 1. **Thinking about buying a home?** Get pre-approved first. It shows how much you can borrow and makes sellers take your offer seriously. 2. **Pre-qualified isn’t the same as pre-approved.** Pre-qualification is a quick estimate. Pre-approval means a lender checked your credit and documents. Sellers prefer pre-approval. 3. **Gather your documents.** Recent pay stubs, W-2s or tax returns, bank statements, ID, and a list of your debts. 4. **You may need less down than you think.** Some loans allow 3% to 3.5% down, and VA and USDA loans often 0% for eligible buyers. Your state housing agency may offer down payment help. 5. **Compare at least three lenders.** Each must give you a standard Loan Estimate, so you can compare rates and fees side by side. Credit checks within a short shopping window usually count as one. 6. **Keep things steady until closing.** Avoid new credit cards or loans, big purchases, and job changes before closing. They can change your approval. 7. **Get free help.** HUD-approved housing counselors offer free or low-cost homebuyer advice and classes. ## 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 ## 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. ## 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. Source page: https://explained.page/mortgage-preapproval/questions/does-pre-approval-hurt-my-credit ### Does pre-approval guarantee a loan? No. Final approval depends on the home’s appraisal, your finances staying steady and final underwriting. Source page: https://explained.page/mortgage-preapproval/questions/does-pre-approval-guarantee-a-loan ### 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. Source page: https://explained.page/mortgage-preapproval/questions/what-is-the-difference-between-pre-qualified-and-pre-approved ### 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. Source page: https://explained.page/mortgage-preapproval/questions/what-documents-do-i-need-for-mortgage-pre-approval ### 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. Source page: https://explained.page/mortgage-preapproval/questions/how-much-down-payment-do-i-need-to-buy-a-house ### How long is a mortgage pre-approval good for? Often around 60 to 90 days. Ask your lender; you can usually update it. Source page: https://explained.page/mortgage-preapproval/questions/how-long-is-a-mortgage-pre-approval-good-for ### Will shopping for a mortgage hurt my credit? Mortgage credit checks within a short shopping window usually count as one inquiry. Source page: https://explained.page/mortgage-preapproval/questions/will-shopping-for-a-mortgage-hurt-my-credit ### What should I avoid after getting pre-approved? New credit, large purchases, job changes and unexplained big deposits or withdrawals before closing. Source page: https://explained.page/mortgage-preapproval/questions/what-should-i-avoid-after-getting-pre-approved ## Official sources - [CFPB: buying a house](https://www.consumerfinance.gov/owning-a-home/) - [HUD: find a housing counselor](https://www.hud.gov/) - [VA: home loans](https://www.va.gov/housing-assistance/) To find your local office, search for: - "[your state] housing finance agency first-time buyer" - "HUD approved housing counselor near me" --- General information, not legal or professional advice. Rules differ by state. From explained.page (www.explained.page). Life’s stuff, explained simply.