Ok I have made a offer on a home that is being built. Should be finished in two months. $142K There asking for 1K earnest money. My closing is going to be 4500. There going to pay 1900 of the closing that leaves me paying $1600.
Now the bad news. I have had a few issues over the past month and have used $900 of my savings. Had both cars break down in the same month and paid cash to repair them. I talked with my Broker today before I sign this deal and she went back over the numbers. She is asking me to show reserves of two months mortgage payment. Well I can will have the 1600 for closing but will be close on the reserves ($1800). I have two plus months time to get this together. How much of a issue will this cause.
I have some family that also owes me some money $500 that may be able to get that back to me over the next two months.
If I sign this put up the money and have my $1600 closing how picky are they on the reserves.
