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Mortgage Qualification Guide
Learn what it takes to qualify for a mortgage. Understand credit requirements, debt-to-income limits, pre-approval processes, and approval timelines.
Key figures
- Minimum credit scores: FHA (580), conventional (620), jumbo (680+)
- Debt-to-income limits: front-end 28%, back-end 36-43% depending on loan type
- Income verification: recent pay stubs (usually 2 months), W2s (usually 2 years), tax returns
- Employment history: typically need 2+ years in current position
- Down payment minimum: 3-5% for conventional, 3.5% for FHA, 0% for VA
Frequently asked questions
What do lenders look at to qualify me for a mortgage?
Credit score, debt-to-income ratio, employment history, income verification, down payment, and credit history.
What credit score do I need?
FHA loans accept 580+; conventional loans typically require 620+. Better scores get better rates and terms.
How do I get pre-approved?
Contact a lender with income, employment, and credit information. They'll review your finances and issue a pre-approval letter showing your maximum approved loan amount.
How long does pre-approval last?
Typically 60-90 days, though some lenders extend to 120 days. You may need to get re-underwritten closer to closing if conditions change.
Can I get approved with bad credit?
Yes, but with limitations. FHA loans are more flexible, but you'll pay higher interest rates and may need a larger down payment.
Tax outcomes depend on whether you itemize, your filing status, and local rules. These are estimates, not tax advice. A tax professional or lender can confirm the details for your situation.