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I posted my post in the "house" forum, but I think this probably more appropirate for me to post my question.
We signed a contract with a builder with Mortgage is the only contingency. Our loan was approved recently. However my husband was just got laid off by the company. The builder has not even built the foundation yet. Is it possible for us to get out of the contract with deposit back?
I'm still employed, but the loan amount is more than 5 times of my salary. I talked with a rep at the lender, she said we might still be able to qualify but she is not sure.
You can't get a loan reject letter if you still qualify. Talk to your lender about that. Read what's in the contract and if it doesn't make sense, talk to a real estate attorney.
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