Pas Requirements Home Buying May 2026

: You must prove you have the funds for a down payment and closing costs.

for the past two years, especially if you are self-employed or have rental income.

: Lenders look for a DTI ratio typically below 43% , meaning your monthly debts shouldn't exceed 43% of your gross monthly income. pas requirements home buying

: It prevents you from falling in love with a home that is financially out of reach.

if a family member is providing funds to help with the purchase. : You must prove you have the funds

if possible, as a career change during the process can trigger a re-evaluation.

: In competitive markets, sellers often won't even look at an offer unless it's accompanied by a pre-approval letter. : It prevents you from falling in love

To obtain a pre-approval, lenders generally require documentation and proof across four main categories: