A lot of first time home buyers talk themselves out of purchasing long before they even attempt to get pre-approved for financing. Purchasing a home isn't something that people do every day, so fear of uncertainty is a major factor as to why many potential home buyers will remain in their comfort zone paying rent each month even though purchasing makes much more sense.

Pre-approval, for the most part, is quick, simple, and free of obligations for home buyers. If you have a name, birthday, social security number, current address, and employment information, then you have the basics of a loan application. Some companies will charge either an application fee, or a fee for a credit report, however these are minimal costs ranging from $15-$30 for most lenders.

After an application is taken, a home buyer should know whether or not they are pre-approved within a reasonable amount of time (typically the same day). After pre-approval, there will be documentation required, but there should be plenty of time to get everything together. This documentation includes tax returns and W-2's for the previous 2 years, bank statements, pay-stubs, driver's license, social security card, a copy of a divorce decree (if one exists), and possibly a few other things depending on the loan type.

All in all, it is pretty simple to get started. Never pre-judge your credit, there is help available for anyone who has the desire to be a home owner.