I would go for it, however as some people have said above to get your loan underwrote you need to get it approved by BBVA in the first place.
Another thing to consider is BBVA are supposedly stopping loans at the end of the year. I also wouldn't hold out for BAFPP. It may not even open again and if it does it's unlikely it would be until next year and if you go off rumours that have been said on here they're probably not going to be sponsoring it anymore.