Best Answer: A "Pre-Approval" can be done over the phone with just a few questions asked from a mortgage broker. Getting "Pre-Qualified" is a little bit different. Depending on what state you are in, they will ask you for as many as 3 months of bank statements, the last 2 years of W-2's, and 30 days of pay stubs from your job. If you haven't been on your job for long, don't worry, they just want to make sure that you have been working steadily for the last 2 years, preferably within the same industry.
It is important to gather these documents now. When do you need to move by? Are you in a lease? It will take about 90 days from the time that you begin to look for a home until you close. Take the time to find a Realtor and a Mortgage broker that you will like. Begin to ask your friends who already own homes, who may have purchased recently with a Realtor, or who may have refinanced lately that has a mortgage
Stay away from no-name, mom and pop mortgage brokers. If you find a Realtor before you find a mortgage broker, then 9 times out of 10, your Realtor can help you with your financing needs. You will need to get pre-approved for a loan before your Realtor can take you out and show you houses. This is because the mortgage broker will tell you how much you can qualify for. This will also be helpful to your Realtor so that they don't show you houses that are outside of your price rage.
HUD is running a program now where you can put down $100 as a down payment. This is the website we use in GA but I am sure that you can find one in your area: http://www.hudpemco.com/
You can always email me with any more questions. Hope this helps and good luck with your purchase.
Source(s): Licensed Real Estate Agent for the State of GA for 5 years and a member of the National Association of REALTORS.
badams3208 · 6 years ago