Reserves/cc balances??

[Anonymous]

Ok so I am closing next Friday (yeah!!) and in the beginning I had about $4000 in the bank when I applied for my loan. After my down payment I will have only $300-400 left (because I have spent some). Will this matter? Do I have to have reserves?? Also, I have been buying some stuff for the house and putting it on credit cards. The whole house needs cosmetic stuff and I have been buying things for my kids rooms. I used to have a $0 balance on my discover and now I have $350 on it with a $3500 limit, and I have a Citi visa that had a beginning balance of about $1000 and now has about $1500 with a $4500 limit. Will this hurt me if they repull my scores? Will they then deny my loan (eek!!)? I am going FHA with a 624 mid fico score. The house is $70,000 and I make $2800 a month, and my only other payment is my students loans which are $296/month. Am I stressing over nothing??

[DallasLoanGuy]

fha doesnt requir reserves. although they help in qualifying.

i dont know of any lenders who would repull credit.... but i heard some do.... good question for the loan officer.

the credit report & bank statements you provided to the loan officer are what will be used. they are a snapshot in time. lenders undrstand that.

BUT... we still advise people to not buy anything until after close. just in case