← Buyer Toolkit
The buying playbook

Stage 2: Choosing your financing

Talking with lenders, comparing loan types and reading the paperwork they send you.

  1. Read 1 · 6 minQuestions to ask a loan officerHow banks, credit unions, non-bank lenders and mortgage brokers differ
  2. Read 2 · 12 minPre-qualified vs. pre-approvedWhy the labels themselves settle nothing — what separates two letters is whether credit was pulled, documents were reviewed, and a file went through underwriting
  3. Read 3 · 10 minWhat a lender will ask you forHow prequalification, standard preapproval and a fully underwritten TBD preapproval differ in what a lender has actually verified
  4. Read 4 · 4 minConventional loansHow conventional loans differ from government-backed FHA, VA and USDA financing, and why sellers often read them as a cleaner offer
  5. Read 5 · 15 minFHA loansWhat FHA requires and where the down payment can come from: HUD credit tiers, debt-to-income, gift funds, and assistance programs
  6. Read 6 · 14 minVA loansWho qualifies by service history — active duty, veterans, Guard and Reserve, and unremarried surviving spouses
  7. Read 7 · 11 minHow to read a Loan EstimateWhen a lender must provide your Loan Estimate, and the six pieces of information that count as a mortgage application
Next: Your agent and your search

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Buying for the first time? HUD-approved housing counselors offer pre-purchase counseling, often at no cost. Find a counselor