Mortgage pre-approval is a lender's conditional commitment to lend you a specific amount. Unlike pre-qualification (which is an informal estimate), pre-approval involves verifying your income, credit history, assets, and debts. The result is a pre-approval letter that shows sellers you're a serious, financially vetted buyer.
Quick estimate — no credit pull, no obligation.
This is an estimate only — not a pre-approval. Actual approval requires document verification. NMLS #65506.
2 years W-2s or tax returns, 30 days recent pay stubs. Self-employed: 2 years business tax returns.
Lender pulls your credit report. Most VA lenders look for 580-620+. Higher scores get better rates.
2 months bank and investment statements showing funds for down payment and closing costs.
Government-issued photo ID and Social Security number for identity verification and credit pull.
2 years in same field preferred. Job changes are fine if income is stable or increasing.
VA borrowers need a COE. Your lender can pull this electronically — usually takes minutes.
Yes, slightly. Pre-approval involves a hard credit inquiry that may temporarily lower your score by 2-5 points. However, credit scoring models treat multiple mortgage inquiries within a 14-45 day window as a single inquiry — so shopping multiple lenders won't hurt you if you do it within that window.
Pre-qualification (like the tool above) typically uses a soft pull or no pull at all, with zero impact on your score. The small temporary dip from a hard pull is almost always worth it — a pre-approval letter makes your offer significantly stronger and helps you know exactly what you can afford. Use our affordability calculator to estimate before applying.
Have your documents ready before you apply: 2 years of W-2s, 30 days of pay stubs, 2 months of bank statements, and government ID. Avoid opening new credit accounts or making large purchases in the weeks before applying — these can delay approval. Choose a lender who offers electronic document submission and can pull your credit and COE (if VA) digitally. Valley West typically completes pre-approvals within 24 hours when documents are submitted upfront.
VA loans: COE + 580-620+ credit + stable income + primary residence intent. No down payment required. FHA loans: 580+ credit (3.5% down) or 500-579 (10% down) + stable income + primary residence. Conventional loans: 620+ credit + 5-20% down + stable income. All types require a DTI ratio typically under 41-45%. See our eligibility checker for VA-specific requirements.
With your pre-approval letter in hand, you can make offers on homes with confidence. Sellers see you as a serious buyer with verified financing. Once your offer is accepted, you move into the full underwriting process: appraisal, title search, and final loan approval. The entire process from pre-approval to closing typically takes 28-45 days. Use our mortgage calculator and closing costs breakdown to plan the full picture.
In the Las Vegas market, a pre-approval letter is essential for competitive offers. With median prices around $435K and inventory moving quickly, sellers often prioritize pre-approved buyers over those with only a pre-qualification. Valley West Mortgage is located at 8010 W Sahara Ave Suite 140, Las Vegas NV 89117. We typically complete pre-approvals within 24 hours, shop 50+ wholesale lenders for your best rate, and can pull your VA Certificate of Eligibility electronically in minutes.
Valley West Corporation DBA Valley West Mortgage. NMLS #65506. Equal Housing Lender. Not a government agency. Not all applicants will qualify. Pre-qualification estimates are not pre-approval and do not guarantee loan approval. Actual approval requires document verification, credit check, and underwriting review. All rates and terms subject to change.
