Pre-approval for an FHA 203(k) loan or a USDA loan?

[Jason Wright]

Hello BP!

This is my first post in the BiggerPockets forums - I searched through the database and didn't find an answer to this question yet, but forgive me if I overlooked it somewhere. 

I am currently going through my options to buy my very first investment home - I was originally hoping to go the FHA route, multifamily home, "house hack" or live-in-flip - which would require me to go with the 203(k) option to force appreciate some equity, as well as, to gain some landlord experience and passive rental income.

After reading Brandon Turner's book, he opened my eyes to the USDA loan option. To my understanding - you cannot use the USDA loan to buy a multifamily property to do the things I mentioned above - but it does allow me the option to still gain some equity through a forced appreciation. (correct me if I'm wrong)

The 0% down and lower MIP rates are intriguing to me, as well as the option to be able to roll in some cosmetic rehab costs into the loan.

I am still trying to decide which route to take, so any input would be greatly appreciated on your personal experiences, BUT my main question is this, and forgive me if it is a silly one - 

Can you get pre-approval through these loans (to ultimately find out how much I can borrow) without having a specific house for them to look at? To my understanding - a lender will only pre-approve on specific properties that will match up with their underwriter's guidelines. I want to know, with my current financial situation, what I can even afford (by the lender's standards) before I dive head first into a property. 

Thank you all in advance!

- Jason