Question on an accepted offer.

[Nate Pucel]

So I, the buyer, have an accepted offer, signed purchase agreement, and earnest money down on a home as of last week. The thing is, I work in a construction related field and am unsure about the future of my job. My concern is I'd have a job up until I sign for the loan and then I lose it after and can't afford the mortgage. I have 2 questions: worst case, how big of a deal is it to back out at this point given my uncertainty?

Is it possible or inappropriate to bring this up to my agent and ask to reach out to the seller and explain the situation and propose a lower offer that I'd feel more comfortable offering if I went through with the deal and ended up losing my job and had to float the mortgage with savings? I'm completely unsure if this is even an option at this point.