Step 1 — Do This First
Pre-approval is the single most important step before you tour any home. FSBO sellers won't take you seriously without it — and neither should you.
FSBO sellers take pre-approved buyers seriously. LendingTree lets you compare rates from 200+ lenders in minutes — for free.
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You need a minimum 580 for FHA loans (3.5% down) or 620 for conventional loans. Check your score free at annualcreditreport.com.
Lenders want your total monthly debt (car, student loans, credit cards + new mortgage) to be under 43–50% of gross monthly income.
Last 2 years W-2s/tax returns, last 2 months pay stubs, 2 months bank statements, and ID. Self-employed buyers need 2 years of business tax returns.
Get quotes from at least 3 lenders. Multiple mortgage inquiries within a 45-day window count as a single credit pull.
Apply online with your chosen lender. They'll run a hard credit pull and review your documents.
The letter shows the maximum loan amount. Use this when making offers on FSBO properties.
Personalized mortgage rates in 3 minutes
See real rates from multiple lenders with one soft credit pull. Credible pays up to $240 per funded loan — which means they have every reason to find you the best rate.
Compare Mortgage Rates →Best for buyers with lower credit scores. Requires mortgage insurance (MIP) for the life of the loan with low down payments. Backed by the Federal Housing Administration.
No government backing. PMI required if down payment is under 20%, but PMI can be removed once you reach 20% equity. Lower long-term cost than FHA if your score is strong.
Zero down payment for homes in eligible rural and suburban areas. Income limits apply. Geographic eligibility at eligibility.sc.egov.usda.gov.
Exclusively for veterans, active military, and surviving spouses. No PMI, no down payment, competitive rates. Best mortgage product available if you qualify.
Track spending & build your down payment faster
Last 2 years W-2s or 1099s, last 2 pay stubs (or 2 years tax returns if self-employed)
Last 2 months bank/investment statements — all pages, even blank ones
Student loan, car loan, and credit card statements (lenders pull these anyway)
Government-issued photo ID and Social Security number
FSBO sellers take pre-approved buyers seriously. LendingTree lets you compare rates from 200+ lenders in minutes — for free.
Affiliate link — we earn a commission at no cost to you. Disclosure