Purchase Tips · January 22, 2025
How to Get Pre-Approved for a Mortgage in 2025
Pre-approval is the single most important step before buying a home. Here is what lenders look for, what documents you need, and how to get the strongest letter possible.
Pre-approval answers the critical question: How much can I actually borrow?
Pre-Qualification vs. Pre-Approval
Pre-qualification is an informal estimate — no credit pull, no document review. Pre-approval is the real thing: credit pulled, documents reviewed, formal letter issued. This is what makes sellers take your offer seriously.
What Lenders Evaluate
Credit Score: 760+ earns best rates. FHA accepts 580+. Below 620, conventional loans become difficult.
Income and Employment: 2+ years of stable history. W-2 employees provide pay stubs and W-2s. Self-employed provide 2 years of tax returns.
Debt-to-Income Ratio: Total monthly debts divided by gross monthly income. Most programs cap at 43-50%.
Assets: 2 months of bank statements covering your down payment and reserves.
Documents to Gather
- Last 2 pay stubs
- Last 2 years of W-2s or tax returns
- Last 2 months of bank statements (all pages)
- Photo ID
Why Broker Pre-Approval Is Better
When you apply with HMS, we run your profile through 15+ wholesale lenders — finding the program that works best for your specific situation, often at lower rates than retail banks offer.
Pre-approvals are typically valid for 90 days. Do not open new credit while house shopping.
Apply online or call 309-222-8286 for your HMS pre-approval.