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Recently, my wife and I have been looking into buying a home - I have very good credit, only a small number of outstanding debts ($7,000 car loan, $1300/mo rent, and credit cards I pay off every month) and the strong desire to own my property and build equity.

The one thing we don't have - A down payment. And while there are services to help us with that, they're mostly savings programs that require us to put that money away for X years before we can touch it.

So, we're considering putting off the actual purchase of the home for awhile - but I've already consulted a few Credit Unions to find out what kind of Mortgage we could get - and even got documentation for pre-approval from one.

I'm worried that if I push out our purchase date to next year, that we're going to lose a lot of good faith in the credit union, and get a much worse offer down the line. Should I be concerned about this? And if so, is there anything I can do to save my credit score?

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No. Your credit score won't be impacted by doing nothing (assuming, of course, that nothing else material changes). You could get pre-qualified through a dozen different banks and mortgage brokers without impacting your credit score. And you could sit on all those pre-qualifications as long as you want.

Your credit union will be more than happy to pre-qualify you again for a mortgage in a month, in 6 months, or in 5 years. There is no good faith to lose here. The credit union would, of course, love for you to sign up for a mortgage today. But they'll be just as happy for you to sign up for a mortgage tomorrow.

  • I'll just add that @Zibbobz needs to keep his credit rating around the same level or better, which means ensuring that he does not do anything to ding his credit as the time approaches to buy a home. – Scott Skiles Jan 23 at 19:18

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