Do I need financing pre-approval before making an offer?

Pre-approval is recommended but not required to tour Opendoor homes. However, you will need proof of financing when you submit an offer — so getting pre-approved early puts you in a stronger position.

What is pre-approval?

Pre-approval is when a mortgage lender reviews your financial information — income, credit, debts, and assets — and tells you how much you are qualified to borrow. You receive a pre-approval letter that shows sellers you are a serious, qualified buyer.

When do you need it?

• Touring homes: Pre-approval is not required. You can browse and tour freely.
• Submitting an offer: You will need to provide a pre-approval letter (if financing) or proof of funds (if paying cash) with your offer.

Why it matters

• Strengthens your offer. A pre-approval letter signals that your financing is already in progress.
• Speeds up closing. With pre-approval done, the loan process moves faster after your offer is accepted.
• Sets your budget. You will know exactly what price range works for your finances before you fall in love with a home.

How to get pre-approved

1. Contact a mortgage lender or bank to start the application.
2. Gather your documents — pay stubs, tax returns, bank statements, and identification.
3. Complete the lender's application. Most lenders can issue a pre-approval letter within a few days.

Opendoor accepts most loan types, including conventional, FHA, VA, and USDA loans.

Can I use any lender?

Yes. You can use any licensed mortgage lender of your choosing — Opendoor does not require you to use a specific lender. Shop around for the best rates and terms that work for your situation.

Note: If you are using an FHA loan, be aware of the 90-day flip rule, which may affect eligibility for some Opendoor homes. See our FHA eligibility article for details.

Tip: Get pre-approved before you start touring. It helps you focus on homes within your budget and puts you in the best position to move quickly when you find the right one.