Credit score requirements vary by loan type, but many conventional loans start around 620, FHA loans can allow scores as low as 580, and VA loans often offer flexible credit guidelines for eligible borrowers. The best way to know what’s possible is to get pre-approved and review your specific situation.

Not every mortgage requires a 20% down payment. Depending on the loan program, qualified buyers may be able to purchase with as little as 3% down on conventional loans, 3.5% down on FHA loans, or 0% down with eligible VA loans.

Getting pre-approved typically requires a credit inquiry, which may cause a small temporary change to your score. For most buyers, the impact is minimal, and a pre-approval can give you a clearer picture of your buying power.

The amount you may qualify for depends on your income, monthly debts, credit profile, down payment, and current interest rates. Online calculators can help estimate affordability, but a mortgage pre-approval gives you a more accurate picture.

A pre-qualification is usually based on information you provide. A pre-approval involves a more complete review of your finances, including documentation and credit verification. Because of that, a pre-approval carries more weight when you’re ready to make an offer.

In many cases, mortgage pre-approval can be completed within 24 hours, although timing depends on the loan program and documentation needed. Providing income, asset, and employment information upfront can help speed things up.