Seeking Advice: Pre-approval Process

[Sarah Camic]

Hey all!

My fiancé, Nick, and I are going to be making our first big move in investing within the next year. We are planning on buying a 3-4 unit multifamily in Maine and house hacking for a year. Right now, I am unsure of when to get pre-approved. I have been working as a teacher for over a year. I am worried that we might run into problems getting pre-approved because Nick has been a student for the past six years. He will begin his dental residency this summer. I am worried that since this will be his first paying job that we will not be pre-approved. Will lenders consider his income potential when considering us for pre-approval? Also, do we need to have a specific property in mind before we seek pre-approval? I am looking forward hearing your advice and experiences.

Thanks, 

Sarah 

[Upen Patel]

@Sarah Camic Your fiancé income can be considered since he would be a recent graduate. He just needs to have started his residency. Also income from the other units would be considered.

Given what you are saying, you are likely working with limited income, so rate is going to be critical for you. Rates are moving up. If you do plan to buy then you want to do it sooner then later.

Good luck.