How long does it take to get pre-approved for a home loan?

I talked over the phone this morning with a loan officer with a bank and I faxed him all the paperwork he said he needed. He did say that if he needed anything else that he would call me and then that he would call me to let me know if I was approved. Oddly enough he told me how much my payments would be a... show more I talked over the phone this morning with a loan officer with a bank and I faxed him all the paperwork he said he needed. He did say that if he needed anything else that he would call me and then that he would call me to let me know if I was approved.

Oddly enough he told me how much my payments would be a month....is that a good sign?

How do they verify your income if it is social security? Do they go off the letter of award that I got from social security?

So..how long till I know if I am pre-approved?
Update: G-Man I am guessing now that it is not a pre-approval, because he asked for all my verification forms to be faxed to him today. (Income and banking statements from my current bank.) I think he pre-approved me based on my waiting an 80/20 loan and having a credit score of 589. And I am sure that he said that he... show more G-Man

I am guessing now that it is not a pre-approval, because he asked for all my verification forms to be faxed to him today. (Income and banking statements from my current bank.) I think he pre-approved me based on my waiting an 80/20 loan and having a credit score of 589. And I am sure that he said that he would call me to tell me if I was approved or not...so even if I was denied he would call me. My current bank says I am fine and should get a loan.
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