Jeni VanOrnum | Real Estate Insights & Education

Pre-approval is your crucial first step. I’m Jeni VanOrnum, your Douglas County real estate agent, walking you through the pre-approval process for 2024.

Pre-Qualification vs. Pre-Approval

Pre-qualification is a quick estimate based on self-reported information. Pre-approval is comprehensive—lenders verify your income, assets, credit, and employment. In Douglas County, sellers take pre-approved buyers seriously while pre-qualified buyers often get overlooked.

Documents You’ll Need

Gather two years of tax returns, recent pay stubs (last two months), two months of bank statements for all accounts, employment verification, and identification. Self-employed first-time buyers need additional documentation including profit/loss statements and business tax returns.

Your Credit Score Matters

Lenders pull credit from all three bureaus. Scores above 740 get best rates, while FHA loans accept scores as low as 580. Before applying, check your credit report for errors and pay down credit card balances below 30% of limits—this boosts your score quickly.

Debt-to-Income Ratio

Lenders calculate DTI by dividing monthly debt payments by gross monthly income. Most conventional loans require DTI below 43%, though some programs allow up to 50%. This includes your future housing payment, car loans, student loans, credit cards, and other obligations.

The Pre-Approval Process

Choose a lender experienced with Douglas County first-time buyers. Complete the application (30-60 minutes), provide documentation, and wait 2-5 business days for underwriting review. Your pre-approval letter specifies maximum loan amount and is typically valid for 60-90 days.

Shopping for Lenders

Compare rates, fees, and service from at least three lenders. Multiple mortgage inquiries within 45 days count as one credit pull, so shop without fear of hurting your credit.

Local Lender Advantages

Douglas County-based lenders understand local property values, appraisal timelines, and title company partnerships. They close faster and handle unique situations better than national online lenders.

Get Pre-Approved

Contact Jeni VanOrnum for referrals to trusted Douglas County mortgage lenders helping first-time buyers.