What kind of APR should I expect for preapproval?

[Chris C.]

Hi. I am trying to analyze my first deal. I’m aiming for $200/month in cash flow. But the loan rates I am getting in pre-approval are about half a point higher than the proforma budgets I am seeing.

What APR should I expect? I have no debt. No mortgage. I would qualify as a first time home buyer. My credit score is in the 800's. I have about $1,000/month in excess cash flow, which I've saved up in order to make a down payment.

I feel like I should be a good bet for a bank. But the rates seem a little underwhelming.

Am I missing something?