The lender you choose for your FHA loan can make all the difference. While the basic requirements are the same everywhere, the experience, speed, and support you receive are not. A great lender does more than just approve your loan; they act as your guide, helping you find exclusive programs and a financial solution that truly fits your life. Getting your fha pre approval online should be a simple, empowering experience that sets the tone for your entire home purchase. Here, we’ll walk you through how our process is designed to give you a distinct advantage, from our unique loan options to our dedicated personal support.
Key Takeaways
- Pre-Approval Makes You a Power Buyer: It solidifies your budget so you can shop confidently and proves to sellers that your offer is serious and financially backed, giving you a significant advantage in a competitive market.
- Focus on the Financial Fundamentals: A strong application hinges on a few key areas. Lenders want to see a stable employment history, a manageable debt-to-income ratio, and a consistent record of on-time payments.
- Keep Your Finances on Cruise Control: Once you’re pre-approved, it’s crucial to avoid any major financial changes. Hold off on opening new credit cards, taking out other loans, or changing jobs until after you close on your home.
What is FHA Pre-Approval?
Getting pre-approved for an FHA loan is one of the smartest first steps you can take on your homebuying journey. Think of it as a green light from a lender. It means a mortgage lender has reviewed your financial information—like your income, credit, and assets—and has conditionally committed to lending you a specific amount of money for your home purchase. This isn’t just a rough estimate; it’s a solid understanding of your buying power. Having a pre-approval letter in hand transforms you from a window shopper into a serious contender, giving you the confidence to make a strong offer when you find the right home.
Why Get Pre-Approved?
Getting pre-approved is all about giving yourself an edge in the housing market. First, it shows sellers you’re a serious buyer who is financially prepared to make a purchase. In a competitive situation, an offer backed by a pre-approval letter often stands out because it tells the seller your financing is already in order. Second, it gives you a clear and realistic budget. Knowing exactly how much you can borrow helps you focus your search on homes within your price range, saving you time and preventing the disappointment of falling for a house you can’t afford. It’s a foundational step that sets you up for a smoother homebuying experience.
Pre-Approval vs. Pre-Qualification: What’s the Difference?
It’s easy to mix up pre-qualification and pre-approval, but they are very different. Pre-qualification is a quick, informal snapshot based on information you provide. A lender gives you a general idea of what you might be able to borrow, but nothing is verified. Think of it as a casual conversation. Pre-approval, on the other hand, is a much more thorough process. You’ll complete a full mortgage application and provide documents for verification. We’ll review your credit, income, and assets to give you a conditional loan commitment. This is the document that carries real weight with sellers and real estate agents.
FHA Pre-Approval Myths, Busted
Some common myths about FHA loans stop great people from even applying. Let’s clear a few things up. A major misconception is that you need a 20% down payment. In reality, you can qualify for certain FHA loan programs with as little as 3.5% down. Another myth is that you need a perfect credit score. While credit is important, FHA guidelines are often more flexible than conventional loans, making homeownership accessible to more people. Finally, some worry that a recent job change will automatically disqualify them. While lenders look for stable employment, a new job isn’t a dealbreaker if you can show a consistent history in your field.
What You Need for FHA Pre-Approval
Getting pre-approved for an FHA loan is a huge step toward buying your home, and it’s not as complicated as you might think. Lenders are mainly looking for a clear picture of your financial health to feel confident about your ability to handle a mortgage. It really boils down to four key areas: your credit history, your income and job stability, your current debts, and the savings you have for a down payment. Let’s walk through what you’ll need for each one so you can feel prepared and ready to go.
Your Credit Score
Your credit score is one of the first things a lender will look at. For an FHA loan, you don’t need a perfect score, which is great news for many homebuyers. To qualify for the popular 3.5% low down payment option, you’ll generally need a FICO score of at least 580. Lenders also want to see a reliable payment history, so having fewer than two 30-day late payments over the last couple of years is ideal. This shows them you’re responsible with your finances and can manage monthly payments. If you’re not sure where you stand, it’s a good idea to check your credit report before you apply.
Income and Employment History
Lenders look for stability. A steady income gives them confidence that you can consistently make your mortgage payments. Typically, they like to see that you’ve been with the same employer for at least two years. If you’ve recently changed jobs but stayed in the same field, that’s usually okay, too. The main goal is to demonstrate a reliable employment track record. This history helps your lender understand your earning potential and financial stability, which are key factors when they review your application for one of our exclusive loan programs. Don’t worry if your situation is unique; we can talk through the specifics.
Your Debt-to-Income (DTI) Ratio Explained
Your debt-to-income (DTI) ratio sounds technical, but it’s just a simple way for lenders to compare how much you owe each month to how much you earn. They look at two numbers. First, your housing costs (your future mortgage payment, taxes, and insurance) should ideally be less than 31% of your gross monthly income. Second, all your monthly debt payments combined—including housing, car loans, student loans, and credit cards—should be less than 43% of your income. Keeping this ratio in check is crucial for qualifying. You can find more homebuying guides and tips in our learning center.
Preparing Your Down Payment
One of the biggest draws of an FHA loan is the low down payment requirement. If your credit score is 580 or higher, you may only need to put down 3.5% of the home’s purchase price. This makes homeownership much more accessible, especially if you don’t have a massive amount saved up. You’ll need to show the lender where these funds are coming from—whether it’s your savings account, a gift from a family member, or a down payment assistance program. Having this money ready shows you’re financially prepared for the commitment. When you’re ready to see what you qualify for, you can start your application with us online.
Your Online Pre-Approval Document Checklist
Getting your documents in order is one of the most important steps for a smooth and speedy pre-approval. Think of it as creating a financial snapshot for your lender so they can see you’re a reliable borrower. When you have everything ready to go, the process feels less like a scramble and more like a calm, confident stride toward your new home. It also shows your loan officer that you’re serious and prepared, which can help build a great working relationship from the start. Lenders are looking for a complete picture, and providing clear, organized documents is the best way to present your case. This checklist covers everything you’ll likely need for an FHA loan pre-approval. Having these items on hand before you start your application will make a world of difference and help us get you an answer faster.
Financial Paperwork
This is where you show your financial story. Lenders need to see a consistent and reliable history of your income and how you manage your money. You’ll want to pull together your last two years of federal tax returns (all pages), your W-2 forms for the past two years, your two most recent pay stubs, and your last two months of bank statements for all accounts. If you’re self-employed, you may need to provide a profit-and-loss statement. This collection of documents helps paint a clear picture of your financial health for the underwriting team.
Personal Information
Next up are the basics that confirm who you are. You’ll need to provide a clear, unexpired copy of your driver’s license or another government-issued photo ID. You will also need your Social Security number, which allows the lender to run a credit check and verify your identity with the credit bureaus. This is a standard and secure part of any loan application process. Make sure all the information you provide is accurate and matches your legal documents to avoid any potential delays down the road. A simple typo can cause unnecessary back-and-forth, so it’s worth double-checking everything before you submit.
Proof of Employment
Lenders look for stability, and a steady job is one of the best ways to show it. Your recent pay stubs and W-2s already help with this, but your lender will also perform an employment verification. They’ll typically contact your employer’s HR department to confirm your position, length of employment, and salary. If you’ve recently changed jobs, don’t worry. Just be prepared to provide contact information for both your current and previous employers. The goal is simply to demonstrate a reliable source of income to cover your future mortgage payments.
Other Key Documents
Every homebuyer’s situation is unique, so you might need a few extra documents depending on your circumstances. If you currently own a home, have your most recent mortgage statement ready. If you’ve experienced a bankruptcy or foreclosure in the past, you’ll need to provide the relevant discharge paperwork. And if a portion of your down payment is coming from a gift, you’ll need a signed gift letter from the donor. Being upfront about these details and having the paperwork ready will help your loan officer guide you through the process efficiently.
How to Keep Your Paperwork Organized
Feeling overwhelmed by the list? Take a deep breath. The easiest way to handle this is to create a dedicated folder on your computer. Scan each document and save it as a PDF with a clear, simple name like “2023 W-2 – [Your Name].” This way, when you’re ready to upload everything to our secure portal, you can just drag and drop. It saves you from digging through file cabinets and ensures you have a digital backup. Once you have your folder ready, you’re in a great position to apply with confidence.
The Online Pre-Approval Process, Step-by-Step
Getting your FHA pre-approval online is more straightforward than you might think. It’s all about finding the right partner and having your information ready to go. Think of it as a few simple steps that move you from dreaming about a new home to actually holding the keys. This process shows sellers you’re a serious buyer and gives you a clear budget to work with, which is a huge confidence builder. It takes the guesswork out of house hunting and lets you focus on finding a place you truly love. The beauty of handling this online is the convenience—you can work on your application from your couch, on your own schedule, without having to take time off for bank appointments. It puts you in the driver’s seat of your home-buying journey. We’re going to break down the entire process, so you know exactly what to expect at every turn. Let’s walk through it together, from picking a lender to getting that exciting pre-approval letter in hand.
Step 1: Choose Your Lender
First things first, you need to select a lender that feels right for you. You’re looking for a partner who not only offers FHA loans but also provides the support and speed you need. Many lenders offer a completely online process, so you can get started without even leaving your house. When you’re comparing options, look at their reputation, customer service, and any special programs they offer. For example, our clients get exclusive access to our Elite Partner Program, which provides preferred rates and a level of service that makes the whole process smoother. Finding a lender you trust makes all the difference.
Step 2: Complete the Application
Once you’ve picked your lender, it’s time to fill out the application. This is where you’ll provide a detailed look at your financial situation. Getting pre-approved means your lender will carefully review your finances to determine exactly how much they can lend you for your home purchase. It’s a much more thorough step than pre-qualification, and it’s what makes your offer so strong to sellers. Take your time with the application to ensure everything is accurate. When you’re ready to begin, you can apply now and get the ball rolling on your home-buying journey.
Step 3: Submit Your Documents
After you submit your application, your lender will ask for some paperwork to verify your financial information. Don’t worry, this is a standard part of the process! You’ll typically need to provide documents like your last two years of tax returns and W-2s, your most recent pay stubs, and a couple of months’ worth of bank statements. Having these files gathered and ready to go can really speed things up. The sooner you can provide these documents, the faster your loan officer can get to work on your pre-approval.
Step 4: What to Expect During the Review
During the review stage, your lender’s underwriting team will take a close look at your application and the documents you submitted. They are essentially confirming that you meet all the criteria for an FHA loan. They’ll check your credit, verify your income and employment, and calculate your debt-to-income ratio. If everything lines up, you’ll get the official approval! At UDL Mortgage, you’ll have a personal team guiding you through this stage, so if any questions pop up, you’ll have a direct line to someone who can help.
How to Handle Potential Delays
While everyone aims for a speedy process, sometimes delays can happen. The mortgage industry can get busy, or a unique situation might pop up with your application that requires a little extra attention. The absolute best way to handle any potential hiccups is to maintain open and frequent communication with your loan officer. A good lender will be proactive in keeping you updated and will work with you to resolve any issues that arise. This is where having a dedicated team really makes a difference, ensuring you’re never left wondering what’s going on.
What Kind of Home Can You Buy with an FHA Loan?
Once you have your FHA pre-approval in hand, the fun part begins: house hunting! But before you start scheduling tours, it’s important to know that not every home on the market will qualify. An FHA loan is a home loan insured by the Federal Housing Administration, making it a fantastic option for many people, especially first-time home buyers or those who might have trouble qualifying for other types of loans.
Because the government is backing your loan to protect the lender, the property you choose has to meet certain criteria. Think of it this way: the FHA wants to ensure the house is a sound investment. This is actually a good thing for you, too—it acts as a built-in layer of protection against buying a home with major, unforeseen issues. These requirements ensure the property is safe, secure, and structurally sound. So, while it might seem like an extra step, it’s designed to give both you and your lender peace of mind. Let’s walk through exactly what that means for your home search.
FHA Property Standards
The FHA has a set of rules known as Minimum Property Standards, which are all about ensuring the home is a safe and healthy place to live. During the loan process, the home must be checked by an FHA-approved appraiser who will verify that it meets these standards. This isn’t a deep home inspection, but the appraiser will look for key things like a solid foundation, a roof that’s in good condition, and properly functioning electrical and plumbing systems. The property must also be safe and accessible. These standards apply to single-family homes, multi-unit properties with up to four units, and even some approved condos and manufactured homes.
Understanding FHA Mortgage Insurance
A key feature of FHA loans is their mortgage insurance requirement. This is what makes it possible for lenders to offer loans with lower down payments and more flexible credit guidelines. FHA loans require two types of mortgage insurance: an Upfront Mortgage Insurance Premium (UFMIP) and a monthly Mortgage Insurance Premium (MIP). The UFMIP is paid once, usually as part of your closing costs, though you can sometimes add the UFMIP to your loan amount. The MIP is a recurring fee that’s included in your monthly mortgage payment. This insurance protects your lender if you default on the loan, and it’s a standard part of securing FHA financing.
Check Your Local FHA Loan Limits
The FHA also sets limits on how much you can borrow, so you won’t be able to buy a million-dollar mansion in an area with modest home prices. The maximum amount you can borrow with an FHA loan changes every year and depends on home prices in your county. These limits are set to reflect the typical cost of housing in a particular region. Before you get too far into your search, it’s a great idea to check the FHA loan limits for the specific counties where you’re looking to buy. This will help you narrow your search to homes that fall within the allowable price range for your area.
The FHA Appraisal Process
The FHA appraisal is a critical step in your homebuying journey. Unlike a conventional appraisal that focuses only on the home’s market value, the FHA appraisal does double duty. An FHA-approved appraiser will assess the home’s value and perform a basic property review to ensure it meets the FHA’s Minimum Property Standards. If the appraiser flags any issues that compromise the home’s safety or structural integrity—like peeling lead-based paint, a faulty water heater, or broken stairs—those problems will need to be repaired before your loan can be approved. This process is designed to protect you, the buyer, from purchasing a property with significant and costly defects.
How to Strengthen Your FHA Application
Getting pre-approved is a huge step, and you want to put your best foot forward. A strong application not only increases your chances of approval but can also make the entire homebuying process smoother. Lenders are looking for a complete picture of your financial health to feel confident in your ability to manage a mortgage.
Think of your application as your financial resume. You want it to be clear, accurate, and impressive. By focusing on a few key areas before you even submit your paperwork, you can present yourself as a reliable borrower and set yourself up for success. Let’s walk through five practical ways you can make your FHA loan application shine.
Manage Your Credit Score
One of the biggest draws of an FHA loan is its flexibility with credit scores. While conventional loans often require higher scores, FHA guidelines are more forgiving, which is great news for many first-time homebuyers. However, that doesn’t mean your credit score doesn’t matter. A higher score can still lead to a better interest rate, saving you thousands over the life of your loan. Before applying, pull your credit report to check for errors, make all your payments on time, and try to keep your credit card balances low. These small steps can make a big difference.
Lower Your Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is a percentage that shows how much of your monthly gross income goes toward paying your debts. Lenders use it to gauge your ability to handle monthly mortgage payments. To calculate it, you simply add up all your monthly debt payments (student loans, car payments, credit cards) and divide that by your gross monthly income. While FHA loans often allow for a higher DTI ratio than other loan types, lowering yours is one of the best ways to strengthen your application. Focus on paying down high-interest credit cards or personal loans before you apply.
Showcase a Stable Work History
Lenders want to see that you have a reliable and consistent source of income to cover your mortgage payments. A stable work history, typically two years at the same job or in the same industry, demonstrates that reliability. If you’ve recently changed jobs, it’s not necessarily a deal-breaker, especially if it was for a promotion or higher pay in the same field. However, frequent job hopping or gaps in employment can be a red flag. If possible, it’s best to avoid major career changes right before or during the home loan process.
Avoid These Common Application Mistakes
Simple mistakes can cause unnecessary delays or even lead to a denial. One of the most common issues is submitting an incomplete application. Double-check that you’ve filled out every field and provided all the requested documents. Another pitfall is opening new lines of credit—like financing a car or new furniture—while your loan is in review. This can alter your DTI ratio and credit score, forcing the lender to re-evaluate your file. Finally, be completely transparent about your finances. Hiding debts or financial issues will only cause bigger problems down the road.
Should You Add a Co-Borrower?
If you’re concerned about your income or DTI ratio, adding a creditworthy co-borrower to your application can be a smart move. A co-borrower, who could be a spouse, partner, or family member, shares responsibility for the loan. Their income and credit history are considered alongside yours, which can significantly strengthen your application. This is a great option if your income alone doesn’t quite meet the lender’s requirements. Just remember that their finances will be scrutinized just as closely as yours, and they will be equally responsible for the mortgage payments.
You’re Pre-Approved! Now What?
Congratulations! Holding that pre-approval letter is a huge step toward buying your new home. It’s your green light to start house hunting seriously. But before you jump into scheduling tours, it’s important to understand what this letter means and what comes next. Think of your pre-approval as your roadmap for the homebuying process. It sets your budget, proves your credibility to sellers, and gives you the confidence to make a strong offer when you find the right place. Let’s walk through how to use it effectively.
How to Read Your Pre-Approval Letter
Your pre-approval letter is official proof that a lender has reviewed your financial information—your income, assets, and credit—and is prepared to offer you a loan up to a specific amount. When you look at your letter, you’ll see a few key details. The most prominent is the maximum loan amount, which is essential for setting your home search budget. It will also specify the loan type, in this case, an FHA loan. Pay attention to the interest rate mentioned; it might be an estimate, so ask your loan officer if it’s locked in. Finally, note any conditions that need to be met before your loan can be finalized. Understanding these components helps you know exactly where you stand as you explore different loan programs.
How Long Your Pre-Approval Lasts
Your pre-approval doesn’t last forever. Typically, these letters are valid for 60 to 90 days. Why the expiration date? Because your financial situation and the market can change. Lenders need to ensure your income, credit, and debt information is still current before they fund your loan. Don’t worry if your house hunt takes a little longer than expected. If you see your expiration date approaching, just reach out to your loan officer. Renewing your pre-approval is usually a straightforward process of providing updated financial documents. The key is to stay in communication with your lender so there are no surprises when you’re ready to make an offer.
House Hunting with Confidence
With a pre-approval letter in hand, you’re not just a window shopper anymore—you’re a serious buyer. This single document gives you a major advantage. It shows sellers and real estate agents that you have the financial backing to close the deal, making your offer more attractive than one from a buyer who hasn’t taken this step. Because you’ve been approved for an FHA loan, you’re also taking advantage of a program that allows for more flexible credit scores and a lower down payment than many conventional loans. This lets you shop with confidence, knowing exactly what you can afford and that you’re ready to move forward as soon as you find your dream home. Our Elite Partner Program connects you with top agents who know how to leverage this advantage.
Keep Your Finances Stable While You Shop
Your pre-approval is based on a snapshot of your finances at a specific moment in time. To ensure your final loan approval goes smoothly, you need to keep that picture consistent. Any major financial changes can put your loan at risk. Avoid opening new credit cards, taking out an auto loan, or making any other large purchases on credit. It’s also best to avoid changing jobs or making large, undocumented cash deposits into your bank accounts. Lenders look closely at your debt-to-income (DTI) ratio, which is the percentage of your monthly income that goes toward debt. Most prefer to see this at 43% or less. A new loan or credit line can push your DTI too high, so it’s best to wait until after you close on your home.
Helpful Tools and Resources
Getting your ducks in a row for an FHA pre-approval can feel like a lot, but you don’t have to go it alone. There are some fantastic tools out there that can make the process much clearer and less stressful. Think of these as your pre-game warm-up—they’ll help you get prepared so you can step into the application process with total confidence. Let’s walk through a few of my favorites.
FHA Loan Calculators
Before you apply, it’s smart to play with the numbers. An FHA loan calculator helps estimate your monthly payment, including principal, interest, taxes, and FHA mortgage insurance. By plugging in different home prices and down payments, you get a realistic sense of your budget. This simple step clarifies your financial picture and helps you search for homes in your price range, preventing surprises later on.
Pre-Approval Document Checklists
A smooth pre-approval starts with having your paperwork ready. Lenders typically need your last two years of tax returns, W-2s, recent pay stubs, and bank statements. If you have other financial circumstances, you may need extra documentation. Using a comprehensive checklist helps you gather everything in one place, which can speed up your application and show your lender you’re an organized, serious buyer.
Credit Monitoring Tools
Your credit score is a key piece of your FHA loan application, so it’s smart to know where you stand. Credit monitoring tools let you check your report and score without impacting it. This gives you a chance to spot and dispute errors or find ways to improve your score before a lender sees it. You can get your free credit reports from the three major bureaus to review your history. Being proactive about your credit puts you in a much stronger position.
More Homebuying Guides
The homebuying journey is filled with new terms, and it’s normal to have questions. Beyond pre-approval, it’s helpful to read up on the entire process. Our team at UDL has put together resources to help you feel prepared. Whether you want to learn about different loan programs or read tips for first-time buyers, arming yourself with knowledge is one of the most powerful things you can do. The more you understand, the more confident you’ll feel.
The UDL Mortgage Advantage
Getting pre-approved for an FHA loan is a huge step, but the lender you choose can completely change your homebuying experience. While the basic requirements are set by the FHA, the service, speed, and savings you get are not. At UDL Mortgage, we’ve built our entire process around providing a better, more supportive path to homeownership. From our streamlined online tools to our dedicated team, here’s what sets us apart.
Our Simple, Fast Online Process
We know you’re busy, and you don’t have time for a clunky, confusing application. That’s why we’ve made our online process incredibly straightforward. You can apply for pre-approval from the comfort of your home and get a clear answer quickly. We’ve stripped away the unnecessary steps to create a streamlined system that gets you from application to pre-approval letter without the usual stress and paperwork headaches. Our goal is to get you house hunting with confidence as soon as possible, and our fast, user-friendly platform makes that happen.
Exclusive Elite Partner Benefits
One of the most unique things we offer is our Elite Partner Program. If you were referred to us by one of our trusted real estate or financial partners, you get access to exclusive perks you won’t find anywhere else. This can include preferred rates, special programs, and other benefits designed to make your FHA loan even more affordable. It’s our way of rewarding strong relationships and ensuring our partners’ clients receive the highest level of service and value. Think of it as having an insider connection to a better mortgage.
Access to Unique Loan Programs
An FHA loan is a fantastic option, but it’s not one-size-fits-all. We believe in finding the perfect financial solution for your specific situation, which is why we offer a variety of unique loan programs. Whether it’s our Closing Cost Advantage to reduce your upfront expenses or our Lifetime Saver Program for long-term savings, we look beyond the standard options. Our team will work with you to explore every possibility, ensuring you get a loan that not only helps you buy a home but also supports your financial goals for years to come.
A Personal Team to Guide You
An online process should be convenient, not impersonal. At UDL Mortgage, you get the best of both worlds: modern technology backed by real, human support. From the moment you start your application, you’ll have a dedicated team of experts ready to answer your questions and guide you through every step. We pride ourselves on our white-glove service, ensuring you never feel like just another number in a system. Our clients’ experiences speak for themselves, and you can read their testimonials to see how our personal approach makes a difference.
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Frequently Asked Questions
How long does the FHA pre-approval process usually take? The timeline can vary, but if you have all your documents organized and ready to go, the process can move very quickly—sometimes in just a few business days. The biggest factor is how promptly you can provide the necessary paperwork, like your tax returns and bank statements. Our streamlined online system is designed for speed, so once we have everything we need, our team gets to work right away to give you a clear answer.
Will applying for pre-approval hurt my credit score? This is a common concern, and it’s a great question. When you apply, the lender will perform a “hard inquiry” on your credit, which can cause a small, temporary dip in your score. However, this is a normal and necessary part of the homebuying process. Credit scoring models understand that people shop for rates, so multiple mortgage inquiries within a short period are typically treated as a single event, minimizing the impact. The benefit of having a solid pre-approval far outweighs the minor effect on your score.
What if I’m self-employed or have a non-traditional income? You can absolutely get an FHA loan with non-traditional income. The process just looks a little different. Instead of relying on W-2s, we’ll look at documents like your last two years of tax returns and profit-and-loss statements to verify a stable and reliable income history. The key is demonstrating consistency. Every situation is unique, and our team has experience working with all kinds of borrowers, so we can guide you on exactly what you’ll need to provide.
Is the interest rate on my pre-approval letter my final rate? Think of the rate on your pre-approval letter as a very good estimate based on the market at that moment. Interest rates can change daily, so your final rate isn’t set in stone until you “lock” it in with your loan officer. This usually happens after you have a specific property under contract. Your pre-approval gives you the buying power, and your loan officer will help you decide on the best time to lock in your rate for the home you choose.
What’s the most important thing to avoid doing after I get pre-approved? Once you have your pre-approval, the best thing you can do is keep your finances as stable and consistent as possible. Avoid making any major financial moves until after you close on your home. This means you shouldn’t open new credit cards, finance a car or furniture, or change jobs. Your pre-approval is based on a snapshot of your financial health, and any significant changes could put your final loan approval at risk.
