Your Homeownership Journey Starts Here.

Pre-qualification is an early estimate of what you may be able to borrow, usually based on information you provide about your income, debts and savings. Pre-approval goes further: the lender reviews your credit and verifies documents like pay stubs and bank statements. A pre-approval gives you a more reliable price range and carries more weight with sellers, but neither one guarantees final loan approval.

It depends on the loan. Some conventional loans allow as little as 3% down for qualifying buyers, FHA loans start at 3.5%, and VA and USDA loans may require no down payment for eligible buyers. Putting 20% down on a conventional loan usually avoids private mortgage insurance. Down payment assistance may also be available. Matt can walk you through the options that fit your situation.

It depends on how the lender handles it. Pre-qualification is often based on information you share or a soft credit check, which does not affect your score. Pre-approval usually includes a hard credit inquiry, which can lower your score slightly for a time. Credit scoring models generally treat several mortgage inquiries within a short shopping period as a single inquiry. Ask Matt what type of credit check his process uses before you start.

There is no single minimum. Requirements vary by loan type, lender and your overall financial picture, including income, debts and down payment. Government-backed loans such as FHA can be more flexible than conventional loans. The best way to know where you stand is to talk with a lender, who can review your credit and explain your options.

Timing varies. Much of it depends on how quickly you can provide your documents and how complex your finances are. Having your paperwork ready helps the process move smoothly. Keep in mind that pre-approval letters have an expiration date, so it's a good idea to time yours with your home search.

Lenders typically ask for a government-issued photo ID, recent pay stubs, W-2s or 1099s, federal tax returns, recent bank and investment account statements, and information about your current debts. Self-employed buyers, retirees and veterans may be asked for additional documents. Matt will tell you exactly what he needs, and documents are shared through Atlantic Bay's secure process, never through this website.

Yes. Self-employed buyers can qualify for a mortgage. The process just looks a little different, because lenders review your business income, usually through tax returns and other financial records, rather than pay stubs. Getting organized early helps. Atlantic Bay has a helpful overview of loans for self-employed homebuyers.

Beyond your down payment, plan for closing costs, earnest money, a home inspection, the appraisal, moving expenses and ongoing costs like property taxes, homeowners insurance, HOA dues and maintenance. Along the coast, insurance deserves extra attention: wind and hail coverage can add to your premium, and flood insurance may be required for homes in a flood zone. Get insurance quotes on a specific property early in the process.