It is a clear doctrine of Scripture that believers in Christ may fall from grace, or lose their faith, Luke 8, 13.14; 1 Tim. 1, 19. This is proved also by the examples of David and Peter. This truth must be emphasized over against the Calvinists, who affirm that believers, when committing mortal sins, lose indeed the exercise of faith (exercitium fidei), but not faith itself.
Our Lutheran Confession strongly condemns this Calvinistic doctrine as unscriptural and pernicious. It says Smalcald Art., III, 42: “If certain sectarists would arise . . . holding that all those who had once received the Spirit or the forgiveness of sins or had become believers, even though they should afterwards sin, would still remain in the faith and such sin would not harm them: ... I have had before me many such insane men, and I fear that in some such a devil is still remaining.” On the other hand, it must be maintained that those who have fallen from faith may again be converted (conversio reiterata). (Poenitentia iterata lapsorum, qui ad meliorem frugem redeunt.) This truth we hold against the ancient Novatians and their modern followers. Augsb. Conf., XII, 9.
However, when the sinner has committed the sin against the Holy Ghost, reiterated conversion is impossible. Matt. 12, 31—32; . Since, however, man can only in rare cases definitely know who has committed the sin against the Holy Ghost, it is the duty of the Christian Church to preach repentance and faith to all men as it has opportunity, Ezek. 18, 23—32; 3, 16—21.
With regard to the Terministic Controversy, which occurredi in the Lutheran Church early in the 18th century and in which the Pietists, on the basis of such passages as Matt. 3, 7 ff.; 7, 21; 20, 1—16; 2 Pet. 2, 20; Heb. 6, 4 ff., defended “terminism,” that is, the doctrine that only a limited term (terminus peremptorius salutis) is accorded to an individual for salvation, while the orthodox Lutherans, on the basis of Luke 23, 40 ff.; Rom. 5, 20; Is. 65, 2, affirmed that God desires the salvation of every sinner throughout his life and that, if there is a shortened term of grace (terminus gratiae peremptorius), this is due only to the sinner’s self-hardening against the means of grace, the rule just stated suffices: The Church should not withhold, but bestow, the grace of the Gospel as long as men are ready to receive it, Mark 16, 15.
Read Luther's interpretation of Isaiah's word to Israel (and other prophets' calls for repentance):
Turn to me, for I will deliver you.
This conversion does not take place in one day or in one month, as the Lent was under the papacy, but it is a perpetual duty of the people of God.
(St.L, vol.6, page 542-543, section 27, Isaiah 44:22)
See also Publishers comment in subchapter Scriptural basis for the doctrine (15.1), and subchapter Instantaneous conversion (15.07)