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If I let my Pre-Approval lapse, and re-apply, will it hurt my credit score?

We did a pre-approval because we were given incorrect information about the timing of our move and our income situation. If we do not find a house within the 60-day pre-approval time frame and let it lapse, and we decide a month later, or even a few weeks later, to re-apply (with the same or a different mortgage company) how much will it affect our credit? We have great credit scores right now between 720&790. I just want to know if it is better to rush as much as we can to try to make this happen before the pre-approval goes away, or if we shouldn't stress and just re-do an application if we don't get everything together in time.We applied for a VA loan. My husband gets out of the military right around the 60-day mark, and we want him to see the house prior to putting in a contract and he needs a letter of employment prior to the contract so that we can be approved for the correct amount.*Please don't just ask me to call you.Any advice would be greatly appreciated!Thank you. by jtyler_09 from Desert, California. Jun 14th 2011 Reply

Marty Stern (rubicon1020)
#434 ranked lender in California - 74 contributions

Do not stress over this. Wait until your husband gets home, and go shopping together to find a home. You don't want to rush into such a big decision; this could just cause more stress if you end up buying a home or paying a price that you're unhappy with. Running your credit score for a mortgage usually only drops your score minimally, perhaps a few points. For a VA loan, you only need a 640 minimum score for loans $417,000 or less, or 720 minimum for loans $417,001 or higher. You should be okay. Happy house hunting!

Jun 14th 2011
Connie Snider (connie.snider)
#276 ranked lender in California - 4 contributions

Hi,Don't rush into anything... Credit scores are less an issue (because they are very good for a VA) than the fact he is getting out of the military. Need to inquire more about that (i.e. what will employment beetc.)I hope this is of some help to you and if and good luck!

Jun 16th 2011
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