Seeking Advice: Pre-approval Process
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