Let's start with the foreclosure. If the foreclosure hasn't started you should consult legal counsel with regard to a Bankruptcy and the legal ramifications of a foreclosure and BK. If you wish to purchase in the future, you will have to resolve the debt issues and adverse credit that will follow you and your husband. While the current house may have only been in your husbands name, your actions will depend on the previous home having been purchase prior to a marriage or during. An underwriter will "STIP" (stipulate or condition) for the marital party to sign the legal aspects of the loan documents. With a foreclosure "pending" a underwriter may and in most cases count that debt and the fact that it is delinquent "pending" foreclosure, other issues will come into play. You do not want to paint a picture that you are circumventing anything.
Most married couples share bank accounts is some form or fashion, this is why legal counsel should be considered. Monies have been commingled and converted (meaning conversion ... another term used in the industry) and as such, you and your husband may have creating a chain of responsibilities to each other.
Let's talk your approval. You are approved, but that is based on the discovery that the bank/lender will do. Three weeks is not enough time to satisfy potential issues that will come up during the discovery (qualifying) process. If you proceed, you will undoubtedly blame your real estate agent and lender for not performing above and beyond to do the miracle you want them to do in the three week time period.
The emotional path will push you to move forward because you are going to say, "Where are we going to go?", "What are we going to do?", etc. and you will be driven to "FIX" this issue.
The logical and financial path you can do, is take the money you have "individually" and set it aside - SAVE. If it not too late, SHORT SALE the current home (it will do better for you and your husband). Between the BK (if your husband goes that way) .... (depending on what counsel would say ... and pending no debt is jointly owed) .... and a possible postponement of the Foreclosure, you can come out of this successful. A postponement of the foreclosure can potentially put you in the HAMP or HAFA Program. The HAFA Program will provide up to $3,000.00 for relocation funds.
After you get through this process, attend a Home Buyer's Education Program and Home Buyers Counseling Program. The benefit could earn you up to $15,000.00 + down assistance money's to buyer you a new home.
Put yourself in a position of strength, utilizing your resources .... there are a lot out there. TRY, I mean TRY to not let this situation overwhelm you as much.
To deal with the wait issue, if you weren't delinquent and short soled your home, you do buy the next day (with the right lender). However, FANNIEMAE, FHA, AND FREDDIEMAC guidelines, say after a BK, Foreclosure, or Delinquent Short Sale - 3-4 Years. Conventional Loans are 4 or more depending on the lender. Again, the "how soon" is depending on your actions that you take now.
However, cliche .... PATIENTS IS A VIRTUE ... but "Silence IS NOT Golden".
Remember, you have a plethora of LICENSED Professionals on Zillow, in your community, banks, support centers, and the Maricopa Bar Association. MBA has affordable legal counsel. (And I do mean affordable .. the amount of a 2 person dinner at Outback.)
Good luck with any direction you should take.