Why Get Pre-Approved?
A mortgage pre-approval shows sellers you're a serious buyer with financing already in place. In Northwest Arkansas's competitive market, this can make the difference between winning and losing your dream home.
Documents You'll Need
Proof of Income
- Last 2 years of W-2 forms
- Recent pay stubs (last 30 days)
- Tax returns (last 2 years)
- If self-employed: business tax returns and profit/loss statements
Proof of Assets
- Bank statements (last 2-3 months)
- Investment account statements
- Retirement account statements
- Gift letters if receiving down payment help
Personal Information
- Social Security number
- Driver's license or state ID
- Employment history (last 2 years)
- Rental history or mortgage statements
Credit Score Requirements
Different loan types have different minimum credit score requirements:
- Conventional loans: 620+ (better rates at 740+)
- FHA loans: 580+ for 3.5% down, 500+ for 10% down
- VA loans: No official minimum, typically 620+
- USDA loans: 640+ recommended
Pre-Approval Timeline
Most lenders can provide pre-approval within 1-3 business days once you submit all required documents. Pre-approval letters are typically valid for 60-90 days.
Tips for Success
- Check your credit report before applying and dispute any errors
- Avoid opening new credit accounts or making large purchases
- Keep the same job if possible during the process
- Get pre-approved by multiple lenders to compare rates
