Three tiers of mortgage approval: pre-qualification (10 min, conversational), pre-approval (24-72 hrs, automated UW), and TBD underwriting (7-14 business days, human underwriter, cash-equivalent offer). Which one you have decides whether sellers take your offer seriously.
The 2-year employment rule is widely misunderstood. Lenders want 2 years of stable income history, not 2 years at the same job. Here are the 6 big exceptions and how each income type is counted.
Buying a house in 2026 requires three cash buckets: down payment, closing costs (2-5%), and post-close reserves (0 months VA/USDA, 0-6 months Conv/FHA, 6-12 months Jumbo).
Mortgage DTI ceilings in 2026: up to 50% Conventional, mid-50s FHA, no cap on VA, 41% USDA. The 43% rule is a disclosure safe harbor, not an approval ceiling.
Mortgage credit score minimums in 2026: 620 conventional, 580 FHA, no VA minimum, 640 USDA, 680 jumbo. Plus the LLPA FICO tier breakpoints that actually move your rate.
BLS Sept 2026 CPI: headline +3.7% YoY (from 3.4%), core +2.6% YoY (from 2.4%), shelter reaccelerated to 3.2%, energy +20.4%. Hawkish print. Actual MND reaction muted at 7.45% (-1bp). Treasury-MBS divergence framework reinforced.
How much down payment do you need to buy a home in 2026? Conventional loans go as low as 3%; FHA 3.5%; VA and USDA 0% for eligible borrowers. The 20% rule avoids PMI but is not required. Full guide to loan program minimums + PMI mechanics + piggyback 80-10-10 + gift funds.
How much income do you need to buy a $500K, $750K, or $1M home? Illustrative tables using 7.5% rate + 20% down + OC tax: approximately $95K-$290K depending on DTI ratio. Three ratios lenders actually use + why 43% DTI is a floor, not a ceiling.
September 2026 jobs report cold at +29K vs 100-150K consensus, yet mortgage rates rose 7 bp to 7.61% by Oct 5. Why? Mortgage rates = 10Y Treasury + MBS spread + lender margin. Four candidate drivers of divergence from the obvious macro signal.
BLS Sept 2026 jobs report: +29K payrolls vs 100-150K consensus. Unemployment 4.2%. July revised to -10K, Aug to +133K (combined -60K). Dovish surprise. Historical rate response: illustrative 15-40 bp lower in 24-72 hours.