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My lease in Las Vegas not up for 6 mos. How soon can I get a mortgage to go looking for my own home?

I came to Las Vegas with intention of moving here, but decided to rent for a year to see how I like it and have a more relaxed time to search for a new home. Ever since, I have been watching sales and mortgage rates and finding homes that I would probably buy, if I already had a mortgage commitment. Now, it looks like asking prices are going up and I do want to buy soon. Here it is necessary to have a mortgage commitment to even go looking for a house with a real estate agent and be considered seriously. As the end of my lease approaches when will be the right time to apply for a VA loan that I will use to buy a home? If it is zero down I want to find a low enough sales price to afford the monthly mortgage payments.
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March 07 2013 - Las Vegas
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Best Answer
A thought for you, try searching for homes that meet your criteria with a tenant already in place and a lease that expires within the next 6 months or a seller willing to do a lease option while you are getting VA approved so that you will be ready to go when the time comes. 
Applying with a lender right away will give you time to overcome any obstacles that may need to be addressed. Once approved, ask your current landlord if they may be willing to grant an early release on your existing lease, it can't hurt to ask.
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March 08 2013
When you get a pre approval from a lender it is good for three months. After the three months the pre approval letter is not valid anymore and you have to reapply. If you find a house and get an offer accepted it is possible to close and be in 30 days after they accept your offer. If you have a lease you need to be ready to buy it out or wait right before it is about to expire to start looking.
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March 07 2013
I work with a great lender. She loves VA loans. I have worked with Dorothy for over 14 years. Contact me and I will give you her contact information. It is against the rules to include that information in my answer. I would get started looking now. I would be happy to set up personal property search page for you. That way you have the most current property information. I just need your criteria. I will set up your personal web search and send you the link. I look forward to talking with you. Thank You Suzie Marquardt
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March 07 2013
Profile picture for georgew6
My real estate vocabulary is bad, I guess. I do mean a pre-approval for a mortgage.  I am wondering if I could apply and obtain a VA pre-approval now and would it be useful to me six months later when I actually pick out a home that I want to buy.

One agent told me I have to have a pre-approval to even go looking for a house which limits me somewhat,  in seeing what to expect to find within my price range in a Las Vegas home. There are not many open houses here and Zillow pictures are only good up to a point.   
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March 07 2013
Profile picture for wetdawgs
You may be able to get a pre-approval from a lender,  but no lender will commit to a mortgage until you have put a purchase offer on a house and had an appraisal.  

It doesn't hurt to start talking to lenders now. 
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March 07 2013
 
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