Mortgage pre-approval is your ticket to serious home shopping. It shows sellers you're a qualified buyer and helps you understand exactly how much house you can afford. Getting pre-approved requires specific documents and meeting certain requirements.
2025 Update
Pre-approval requirements have tightened in 2025, with lenders requiring more documentation and higher credit scores. However, digital lenders can now provide pre-approval in as little as 24 hours with the right documents.
Pre-Approval Requirements at a Glance
Credit Score
Minimum for most loans
Max DTI Ratio
Debt-to-income limit
Employment
Stable work history
Down Payment
Minimum for FHA loans
Complete Pre-Approval Document Checklist
💰 Income Documentation
W-2 Employees:
- ✅ Last 2 years W-2 forms
- ✅ Most recent 30 days pay stubs
- ✅ Employment verification letter
- ✅ Bonus/commission documentation (if applicable)
Self-Employed:
- ✅ Last 2 years tax returns (personal & business)
- ✅ Year-to-date profit & loss statement
- ✅ Business license
- ✅ CPA letter (recommended)
🏦 Asset Documentation
Bank Accounts:
- ✅ Last 2-3 months bank statements
- ✅ All checking and savings accounts
- ✅ Explanation for large deposits
Investments & Retirement:
- ✅ 401(k) and IRA statements
- ✅ Investment account statements
- ✅ Stock/bond certificates
💳 Credit & Debt Information
Credit Information:
- ✅ Social Security number
- ✅ Credit report (lender will pull)
- ✅ Explanation for credit issues
Existing Debts:
- ✅ Credit card statements
- ✅ Auto loan information
- ✅ Student loan details
- ✅ Other monthly obligations
📋 Additional Documents (If Applicable)
Credit Score Requirements by Loan Type
| Loan Type | Minimum Score | Best Rates Score | Down Payment |
|---|---|---|---|
| Conventional | 620 | 740+ | 3% - 20% |
| FHA | 580 | 680+ | 3.5% |
| VA | No minimum | 660+ | 0% |
| USDA | 640 | 700+ | 0% |
| Jumbo | 700 | 760+ | 10% - 20% |
Income & Employment Requirements
✅ Employment History
- • 2+ years stable employment
- • Same field/industry preferred
- • Gaps explained with documentation
- • Recent job changes acceptable if in same field
💰 Income Calculation
- • Base salary (full amount)
- • Overtime (2-year average)
- • Bonus (2-year average)
- • Commission (2-year average)
- • Part-time income (if 2+ years)
📊 Debt-to-Income Ratio
Front-end DTI: ≤ 28%
Back-end DTI: ≤ 43%
Includes: All monthly debt payments
Calculation: Total debts ÷ Gross income
🏢 Self-Employed Special Rules
- • 2 years tax returns required
- • Net income after deductions used
- • Business must be profitable
- • CPA letter may be required
Pre-Approval Process: Step-by-Step
Gather Your Documents
Collect all required documents from our checklist above. Having everything ready speeds up the process significantly.
Choose Your Lender
Shop with 3-5 lenders to compare rates and terms. Consider banks, credit unions, and online lenders.
Submit Application
Complete the mortgage application online or in person. Be thorough and accurate with all information.
Credit Check & Verification
Lender pulls your credit and begins verifying your income, employment, and assets.
Receive Pre-Approval Letter
Get your pre-approval letter stating the loan amount you qualify for. This is valid for 60-90 days.
Ready to Get Pre-Approved?
Start your pre-approval process today with our recommended lenders and get your letter in 24-48 hours.
Frequently Asked Questions
What are the basic requirements for mortgage pre-approval?
Basic requirements include a credit score of 580-620+, stable employment for 2+ years, debt-to-income ratio below 43%, and sufficient funds for down payment and closing costs. Specific requirements vary by loan type and lender.
How long does pre-approval take?
Pre-approval typically takes 1-3 business days with complete documentation. Digital lenders may provide pre-approval in 24 hours, while traditional banks may take up to a week depending on their workload.
What documents do I need for pre-approval?
You'll need recent pay stubs, W-2s or tax returns, bank statements, employment verification, and information about debts and assets. Self-employed borrowers need additional business documentation and tax returns.
Does pre-approval guarantee a mortgage?
No, pre-approval is not a guarantee. Final approval depends on property appraisal, final underwriting, and maintaining your financial situation. However, pre-approval indicates a high likelihood of approval.
How long is a pre-approval letter valid?
Pre-approval letters are typically valid for 60-90 days. After that, you'll need to update your financial information and may need a new credit check to get a fresh pre-approval letter.
Can I get pre-approved with bad credit?
Yes, you may qualify for FHA loans with scores as low as 580, or VA/USDA loans with lower scores. Some lenders offer programs for borrowers with credit challenges, though rates may be higher.
Related Mortgage Resources
Don't Wait - Get Pre-Approved Today
Pre-approval gives you a competitive edge and shows sellers you're serious. Start your application now and get your letter in 24-48 hours.
Begin Your Pre-Approval Application