What You Need to Know:

Deciding How Much House You Can Afford

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A loan approval:

1. Determines how much home you can afford.

2. Shows what your total investment will be for down payment and closing costs.

3. Estimates your monthly payments of principal, interest, taxes and insurance (PITI)

4. Identifies the loan programs you can qualify for.

5. Strengthens your offer.

In order to be pre-approved, the Lender will need to know your employment history and income, your monthly debts and obligations, and amount and sources of cash available for down payment and closing costs.

Your lender can also provide info on first-time homebuyer program, co-mortgage financing and debt consolidation counseling.