: Much of the heavy lifting regarding your finances is done upfront, leading to a smoother final underwriting process. Common Pitfalls to Avoid
if possible, as a career change during the process can trigger a re-evaluation.
: It prevents you from falling in love with a home that is financially out of reach. pas requirements home buying
: Lenders often call your employer to confirm your current position and salary. If you've recently changed jobs, they may look for a consistent history in the same field. Why PAS is Essential
To obtain a pre-approval, lenders generally require documentation and proof across four main categories: : Much of the heavy lifting regarding your
: Lenders look for a DTI ratio typically below 43% , meaning your monthly debts shouldn't exceed 43% of your gross monthly income.
if a family member is providing funds to help with the purchase. : Lenders often call your employer to confirm
: Most conventional loans require a minimum score of 620 , though FHA loans may allow scores as low as 500–580 .