Pre-Approval w/o a Credit Check?

[Uri Robinson]

Hey BP’ers!

Is there a way to get a pre-approval letter without having to get a Hard Inquiry on my Credit Score? I’m in the Upper 800s and super meticulous when it comes to my credit. I’m currently interested in a Duplex and the seller won’t show me the rent roll without a pre-approval letter.

Thanks,

Uri Robinson

[Jeffrey Edwards]

Not that I'm aware of.  If my credit was that good, I wouldn't be concerned with the small change that a hard inquiry impacts your score....but that's just me.  And yes, no Seller is going to take you or your offer seriously without a pre-approval/pre-qualificaiton (at minimum).

[Eric Veronica]

Preapproval without a credit inquiry is not a thorough preapproval.  The credit score impact of a hard inquiry is very overstated, especially if your score is in the 800's.  

Once your score is above 740 you will qualify for the best the rate/points combination (conventional Fannie/Freddie mortgage)

[Kyle J.]

Hey @Uri Robinson. A couple thoughts. 

First, as both the above posters pointed out, if you have a credit score in the 800’s, a hard inquiry is not going to make a significant difference in your score. To give you an idea, I also have a score in the 800’s and I just had a hard inquiry on my credit for a refi I’m doing and it dropped my score all of two points. Not a big deal.

Second, if you still just don’t want to have your credit run yet, you shouldn’t really need the rent roll to value a duplex. Run your numbers and figure out if it’s worth it or not and then get pre-qualified if/when you end up deciding to pursue it.