Am I wasting my time with mortgage pre-approval?

For the past year I have been dreaming of buying a home to stop renting, a $800 per month rent is killing me when I could be paying less per month and actually have it go towards home ownership.

Last night I think I jumped to gun by submitting a request for a pre-approval certificate. The woman called me today and told me to get my 2 most recent paystubs and tax assessments for the meeting… This made me realize I may be wasting her time.

While I made $30,000 last year (my first FULL year of full time work) I am not going to be filing my tax return for another month or so. My 2 prior tax assessments (from 2-3 years ago) are a mere fraction of my current income since I was in school.

I was hoping for a $75K home. I have a $4000 down payment and $2000 set aside for the additional closing costs… But I also have a $10K student loan.

I was thinking maybe of telling her I'm going to delay this another year so that my tax assessments actually show a full time income, but part of my wonders if I could actually be pre-approved.

Is it likely that I am just going to embarrass myself by wasting her time?

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