Also, if you have any of the following prior to attempting to be Pre-Qualified; these two items must be cleaned up or announced PRIOR TO getting pre-qualified.
1. Judgments- They must be paid off entirely or a payment schedule needs to be made and shown on paper and sent to the loan officer as proof.
2. Child Support- They must be announced to the loan officer because that is considered a debt payment and will affect someone's Debt to Income ratio thus purchasing power. If they are caught way ahead of time in the buying process, it will make for a much smoother lending process and will also lead to a smooth closing.