First Time Homebuyer’s Guide: Loan Pre-Approval

INCOME ELIGIBILITY FOR KENTUCKY USDA LOANS AND RURAL HOUSING DEVELOPMENT RHS | Kentucky USDA RHS Rural Housing Mortgage Loans

The time has finally come.  You’ve diligently and painstakingly saved up the cash that you are going to need for a down payment and closing costs.  You’re ready to go look at houses!

Not so fast…

There is one more step that you need to take before you are ready to go home shopping.  You need to be pre-approved for a home loan by your lender.  A pre-approval lets you know how much the lender is willing to lend to you given your current financial circumstances and other factors such as your credit score.

This isn’t the most stimulating process so I’ll break it down step-by-step…

Step 1: Selecting a Lender

This is an EXTREMELY important step!  Not all lenders are created equal.  In fact, the lenders that folks are most likely to go to first are usually your worst option!

Shopping for a lender is similar to searching for…

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