Build Home Earnest Money + Options = Upfront Cost : Disappointed :-(

QuestionsBuild Home Earnest Money + Options = Upfront Cost : Disappointed :-(
Shoshana Chan asked 4 years ago

I decided to move forward and purchase a home that would be a new build.  I chose a third car garage and 4-sided brick as upgrades, totally $ 22k.  I just don’t like the Hardiplank siding.  I have been pre-qualified for $ 350k.  And, was moving forward with pre-approval.  However, now I am being told I need to pay $ 5k in earnest money and $ 17k towards the upgrades, a total of $ 22k at the beginning of the build.  4-Brick homes are not the standard for this community.  Hardiplank is.


My rental home we had built 15 years ago only required $ 1500 in earnest money and nothing towards the upgrades..  I know times have changed; however, I am quite disappointed 1) it was not disclosed until I had already put in my application for pre-qual and got my credit scores (by the way my scores are listed below) and 2) I am giving up a large sum of $ , 4 months early (planning to withdraw from my 401k; thus, I will be making payments 4 months early).


I cannot help thinking there is a reason for this obstacle.  


Any comments to help me make a decision about this.


Thank you.




MyFICO Mortgage Scores: EQ 756, TU 760, EX 804 (I pulled them a hour before they did)

Mortgage Lender Scores: EQ 757, TU 760, EX 804


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