Can I buy furniture before closing?

[ATLOMM]

This might be a silly question but can I buy furniture with my own money (NOT on credit) before closing.  We have the amount we need for closing, closing costs and reserved saved and more.  However because we will have no furniture when we move in and everything is delayed by several months, we would like to get a head start on core pieces.  I read everywhere that we should not buy furniture/large purchases before closing but is that only referring to if you are financing said purchases ? 

[Mortgage-Specialist]

My suggestion is that you and the family sit on the floor Indian style for the first 6 months pf purchase to avoid UW issues 😉

But in all seriousness, you can spend your funds on whatever you'd like if you currently have more than enough. 

[Mortgage-Specialist]

I thought of something. You might want to verify w tour LO if they're using your extra funds as reserves

[ATLOMM]

What about if we have more than 12 month reserves already.  I just truly want to understand the reason why people are encouraged not to purchase until closing if it's not being financed.  So I know what to do.  But you are right. I will ask LO. 

[Mortgage-Specialist]

12 months reserves are usually much more than enough.

With weaker credit, 2 months reserves are usually required.  With good credit, it's typically 0 months reserves required. If it's an investment property or if you own investment properties, the reserve requirements are more extensive