Can I pre-qualify for a home loan before I can actually buy?
I had a foreclosure almost 3 years ago (it’ll be 3 years ago in less than 5 months). I’ve heard that the only kind of loan I can get at this point is a FHA loan. I’ve been looking at homes online with my wife. We’ve been driving by to get an idea of where we want to be, and now we think we’ve found the perfect house. According to FHA guidelines, it has to be at least 3 years since my foreclosure before we qualify for that type of loan. My question is this: can I pre-qualify now based on my income, debt, etc. before I can actually get a loan (just so that we have an idea of how realistic we’re being), or should I just wait another 5 months?