How much can I get pre-approved for purchasing a new home?
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Your pre-approval amount comes down to four inputs: gross monthly income, existing monthly debt payments, credit score, and down payment. Most loan programs work backward from a debt-to-income ceiling, so a borrower with $6,000 monthly income and $500 in car and student loan payments lands in a very different place than someone with the same income and $1,800 in debt. I run the actual numbers before quoting a range, because online calculators skip property taxes and insurance, which vary a lot between, say, Boone County and Johnson County. A full pre-approval usually us about an hour or two but can range up to 24-48 hours once your mortgage documents are in.