Pre-approval timing for FHA on owner occupied MF

[Jeff Davis]

Hey everyone!

Hoping to get some feedback on the timing of when we should apply for pre-approval. We are looking to purchase a MF property later this year or early 2023. We plan to live in the property and rent out the other unit(s). We had a conversation with a broker in our area and was pre-qualified for what we are looking for (2-3 unit MF, $500K - $600K range w/ FHA @ 3.5% downpayment) based on our current financials.

Question: Being that new FHA loan limits will be released in late November and are expected to increase, does it make sense for us to wait for pre-approval so we have more accurate numbers to shop with? Although technically we have a sizable downpayment now, we are not in a rush to purchase and it seems to me that waiting would give us a better/more accurate preapproval to shop with.

Any thoughts/suggestions on the way we are thinking from the community would be great. Thanks!