Kevin Neely

A pre-qualification is really just a conversation. A pre-approval means your loan officer has actually reviewed your credit report, income, and asset documentation.

Think of it this way: if someone tells you they bought a fancy car, you’ll probably believe them. But until they pull up in it, you’re still a little skeptical. A pre-approval is the documentation that backs up what the borrower is saying. Both are conversations about what you can afford, but a pre-approval verifies it.

This is different for everyone. Two people can each make $70,000 a year, but if one has car payments, student loans, and credit card debt while the other has no debt, they’ll qualify for very different loan amounts.

Your monthly debt compared to your income is one of the biggest factors. The loan program you choose also matters. VA loans are generally the most flexible, while conventional loans tend to have stricter debt ratio requirements. Your down payment also plays a role.

That’s why we encourage buyers to get pre-approved first. We can review your income, debts, and assets to give you an accurate number instead of a rough estimate.

The truth is, you don’t actually need a credit score to buy a home. However, once you’re at about a 640 credit score, the process becomes much easier.

Believe it or not, having no credit score can actually be better than having a very low one. No score simply means you don’t have enough credit reporting to the bureaus, not that you have bad credit.

In some cases, we can manually underwrite a loan using alternative trade lines like rent payments, car insurance, cell phone bills, or even consistent monthly transfers between your checking and savings accounts.

Generally speaking:

• Around 580, you’ll typically need a larger down payment.
• At 600 and above, financing becomes easier.
• Around 640, you’ll have the most flexibility.

A lower score doesn’t necessarily mean you can’t buy a home. It just means we may need to explore different options.

Toggle content goes here, click edit button to change this text.

Typically, we can close a loan in about three weeks.

Most delays actually come from third parties like appraisers, title companies, or insurance providers. Weather, holidays, and scheduling can all affect those timelines.

Borrowers can also unintentionally slow things down by waiting too long to complete requested items. For example, once you’re under contract, you should start shopping for homeowners insurance right away so there aren’t any last-minute delays.

Our loan officers and processors work quickly, and we can often request rushes from appraisers and title companies when needed.

Technically, the absolute minimum time to close a loan is 12 calendar days because of federal TRID requirements, but that’s very rare. Most purchases take about three weeks from application to closing.

In my opinion, yes.

There’s no rule that says you have to, but it’s easy to become emotionally attached to a home before knowing whether you can actually afford it. If that home isn’t an option, everything else you look at tends to fall short by comparison.

It’s perfectly fine to browse Zillow, attend open houses, and get a feel for the market. But before you start touring homes seriously, it’s best to know exactly what you qualify for.

Getting pre-approved early also gives your loan officer more time to help improve your situation if needed. Sometimes we can recommend small changes that significantly improve your credit score, giving you better financing options and potentially a lower interest rate.

When someone waits until they’re already under contract, we’re often working with a much tighter timeline and have fewer opportunities to improve their loan scenario.