Getting Pre-Qualified for a Mortgage Loan... This step helps both you and your lender learn just how much home you can afford. And you should begin this process before you even start looking for a home. A lot of first time home buyers use FHA loans.  Usually FHA loans are easier to obtain than Conventional Loans.  FHA loans usually require 3.5% down opposed to conventional loans that usually require 10-20% down. According to the Federal Housing Administration (FHA), their pre-qualification essentials include: - Having a steady employment history, covering at least 1 year. - Consistent or increasing income over the past 1 year.. - Credit report reflecting a good repayment history with creditors, usually a credit score of 620 or better. - Any bankruptcy must have been discharged at least two years prior (one year for a Chapter 13), with good credit since the discharge. - Any foreclosure must have been completed at least three years prior, with good credit since the completion of the fo