- 3 years ago
- Wedding: May 2014
FI and I just submitted all of the documentation (pay stubs, tax returns, W-2s, bank statements, etc) to the bank to try to be pre-approved for a mortgage. I’m so nervous, I literally am sitting at my desk at work unable to concentrate (luckily it’s a slow day) and feeling like I want to throw up! I know that it’s not the end of the world if we are not approved now, as we can do what we need to to become approved in the future but we are so ready to buy a house after our wedding in May.
The potential sticking points are FI’s credit score (he’s been rebuilding and it’s been hovering around 640) and my student loan + credit card debt (lots of student loan debt – over 100k). Luckily FI has no debt and together we make pretty decent money for our area. I’m more worried that we will be approved for a way less amount due to my debt, rather than worrying about his credit score (the score is a “quicker” fix of trying to get it up to where it needs to be). Also worried about figuring all of this out (buy now for less than we thought if approved for less or wait until we can be approved for more). We already have our budget in mind for a monthly payment, so it doesn’t matter if we’re preapproved for more than that, but I just so badly want to be approved for the amount we are thinking about as we are not interested in a starter home, we want to buy a house that will be enough space for our future family. Please wish us luck!