Get Prequalified for a Mortgage
Understand what lenders check, how prequalification works, and estimate your buying power before you shop.
Estimate Your Buying Power First
Before you talk to a lender, it helps to know your own numbers. These free tools give you an instant, private estimate you can bring to a loan officer — no sign-up required.
Mortgage Calculator
Estimate your monthly payment, principal, interest, and full amortization.
Affordability Calculator
See your max home price using the lender-standard 28/36 rule.
DTI Ratio Calculator
Check your debt-to-income ratio against the 43% QM limit.
How Much House Can I Afford?
Turn your salary, debts, and down payment into a max home price.
Prequalification vs. Preapproval
Prequalification is an early, low-commitment estimate. Preapproval is the verified step sellers expect once you are serious about an offer. Knowing the difference helps you move at the right speed and avoid surprises at closing.
- Prequalification: self-reported figures, often no credit pull, fast and informal.
- Preapproval: documented income and assets, a hard credit inquiry, and a letter you can show a seller.
Next Step
Run the calculators above to set your expectations, then take your estimate to a lender for a verified preapproval when you are ready to make offers.
How Much You Can Get Prequalified For, by Loan Program
A prequalification estimate rests on the same debt-to-income (DTI) guidelines lenders use to underwrite a loan. The caps differ by program, so the number a lender will quote you shifts depending on which loan you target. The table below shows the typical starting ratios — your actual prequal amount also depends on credit score, assets, and the lender's own overlays.
| Loan program | Front-end (housing) cap | Back-end (total debt) cap | Notes |
|---|---|---|---|
| Conventional (Fannie Mae / Freddie Mac) | Varies; many lenders start near 28% | Often up to 45–50% with automated underwriting | The 28/36 rule is the common starting point; final ratio depends on credit and reserves. |
| FHA | 31% | 43% (up to ~50% with compensating factors) | Backed by the Federal Housing Administration; popular for lower credit scores and 3.5% down. |
| VA | No fixed front-end cap | ~41% guideline (flexes higher with residual income) | For eligible veterans and service members; no monthly mortgage insurance. |
DTI caps shown are typical agency and lender guidelines for 2026, not guarantees. Lenders may apply stricter overlays, and final approval depends on credit, assets, and documentation.
Trusted External Resources
These official and non-profit resources explain the lender-side process in depth. We are not affiliated with them, and they open in a new tab.
- Consumer Financial Protection Bureau — Get a preapproval letter: what a preapproval letter is, why sellers ask for one, and what lenders verify.
- Fannie Mae: the official source for conforming-loan guidelines and the homebuying process.
- National Council of State Housing Agencies — State HFA directory: find your state housing finance agency for down-payment and closing-cost assistance.
Educational reference only. RateFig does not offer loans or financial advice. Confirm any figure with a licensed lender or housing counselor before making a decision.
Frequently Asked Questions
What does it mean to get prequalified for a mortgage?
How is prequalification different from preapproval?
Does mortgage prequalification hurt my credit score?
What do I need to get prequalified?
How much can I get prequalified for?
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