So Seth and I got our pre-approval letter in the mail this weekend. This letter indicates how much we can afford to purchase on a house and how much the bank will lend us. Unfortunately, it was significantly lower than I thought it would be. Like $100,000.00 lower! I'm soooooo bummed. I'm guessing it's because of our credit scores, where one is lower than the other. One of our scores is in the high 700s but the other is just in the middle 600s. I'm guessing this is because that person doesn't have any credit cards so their debt to credit ratio is waaaaaay high. Ooops. And damn!
My initial instinct was to panic. But I've since e-mailed our Realtor, who told me not to panic, and she's going to call me today to talk about it. I'm also thinking of trying another bank to maybe see if we can get a little bit more money out of them. Ugh! So frustrating!
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