Shopping for a home without a pre-approval is like going to a car dealership with no idea what you can spend. Fun for about ten minutes. Then it gets awkward.
Here is how pre-approval works in Dallas–Fort Worth, what you need, and how to get it done without losing a month of your life.
Pre-approval is not pre-qualification
People mix these up all the time, so let’s clear it up.
Pre-qualification is a rough estimate. You tell a lender your income, debts, and savings, and they say “sounds about right.” Nothing is verified. It is a conversation, not a commitment.
Pre-approval means we actually looked at your documents. Pay stubs, bank statements, credit report. The whole picture. That is why sellers and their agents take a pre-approval letter seriously, and why a pre-qualification gets a polite nod.
In a market where good houses get multiple offers, that letter matters.
What you will need to bring
The exact list depends on how you earn money, but most W-2 borrowers need:
- Photo ID and Social Security number
- Recent pay stubs, usually the last 30 days
- W-2s from the last two years
- Bank statements for the last two months
- Info on any debts, like car loans, student loans, and credit cards
- A rough idea of the price range you want
Self-employed? Different documents, same idea. Tax returns, a profit-and-loss statement, or bank statements can all work depending on the program. If your income does not fit the standard box, ask. There are options for that.
How the process works
- Quick conversation. We talk through your goals, timeline, and budget. Ten minutes, tops.
- Application. You fill out a standard loan application, often called a 1003. Yes, that is the real name. No, nobody knows why it sounds like a tax form.
- Documents. You send what we need. The faster they come in, the faster this moves.
- Credit check. We pull your credit, which tells us what programs you fit.
- Review. We look at income, debts, and assets together and figure out what you can comfortably afford.
- Letter. You get your pre-approval letter, and you are ready to shop.
Many people finish this in a day or two once the documents are in.
What programs you might fit
Pre-approval is also where we figure out which loan makes sense. A few common ones:
- FHA: 3.5% down, flexible on credit.
- Conventional: from 3% down.
- VA: 0% down, no monthly mortgage insurance, for eligible veterans and service members.
- USDA: 0% down in eligible areas outside the city core.
- Down payment assistance: up to 5% of the price, with no first-time-buyer requirement and no income cap.
You do not have to pick one on day one. That is my job. You just tell me what you want your life to look like.
Mistakes that slow things down
Most delays are avoidable. Watch out for these:
- Opening new credit. No new car loan or credit card between pre-approval and closing. Lenders check again right before you close.
- Moving money around. Large, unexplained deposits need paper trails. Keep it simple.
- Changing jobs. Not always a problem, but tell me first.
- Waiting too long. Pre-approval before you start touring means you know your number and can move fast when the right house shows up.
How long does the whole thing take?
Pre-approval itself is quick. Once you are under contract on a home, closing can happen in as little as 14 days. Faster if your documents are ready and the file is clean. The slow part is almost always waiting on paperwork, not on the loan.
Do I need a down payment saved up?
Not as much as you might think. Between low-down-payment programs, VA and USDA options, and down payment assistance, plenty of buyers get in with much less than 20% down. Twenty percent is a nice number. It is not a requirement.
A word on timing
If you are planning to buy in three to six months, start now. We can look at your credit, see what to clean up, and set a plan. If you are ready right now, even better. Either way, the first conversation is free and the answer to “can I do this?” is often yes.
Next step
Text me at (817) 697-4281 or tap See what I qualify for. Tell me roughly what you earn and where you want to live. I will tell you what is realistic, no pressure.
Néstor Caussade, NMLS #1538512, DFW Mortgage Pros
