What lenders actually look at — and how to walk in ready. The simple guide that turns "maybe someday" into "let's go house hunting." 🔑
A free guide from Richard Pobre · The Rich GroupGetting pre-approved is the very first move of every smart home buyer. It tells you your budget, it makes sellers take you seriously, and it's usually free. This guide shows you exactly what lenders check and how to get ready — no stress, no surprises. 🙌
When you apply, a lender is really asking one simple question: "Can this buyer comfortably repay the loan?" To answer it, they look at four things.
Your credit score and history show how you've handled money you've borrowed. A stronger score can mean an easier approval and a better rate. You don't need perfect credit — you need a plan, and I can help with that.
Lenders want to see steady, reliable income — a paycheck, self-employment, or other regular money coming in. They're checking that you earn enough, and that it's likely to keep coming.
This one sounds fancy but it's simple. DTI compares what you owe each month to what you earn each month. Lenders like to see your monthly debts take up a comfortable, not-too-high share of your income — that leaves room for a house payment.
Lenders want to see the cash for your down payment and closing costs — plus a little left over afterward, called "reserves." Reserves are just a small cushion that shows you won't be stretched too thin. Gift money from family is often allowed too.
Getting pre-approved goes fast when you have your paperwork ready. Here's the short list most lenders ask for. Round these up and you're halfway there.
| What to bring | Why they want it |
|---|---|
| Recent pay stubs | Shows your current income |
| W-2s (last 2 years) | Confirms your income history |
| Tax returns (last 2 years) | Extra proof of income, key if self-employed |
| Bank statements | Shows your down payment and reserves |
| Photo ID | Confirms who you are |
People mix these up all the time, so let's make it clear. They sound alike, but one carries a lot more weight.
| Pre-qualified | Pre-approved | |
|---|---|---|
| What it is | A quick estimate based on what you tell the lender | A verified review of your real documents and credit |
| How strong | A rough guess — a starting point | A serious green light sellers trust |
| When to use it | Just curious about a ballpark | Ready to actually shop and make offers |
A pre-approval isn't just paperwork — it's your competitive edge. Here's what it does for you.
Let me introduce you to my trusted lender. Quick, friendly, and no cost. You'll know your real budget in no time.
Book your free lender intro call →or text me anytime: 702-619-8236