They can pull your loan up until closing. They even commonly recheck your credit the morning of closing. Your broker did not screw up. People qualify one day and do not the next all of the time, usually because they purchased something on credit.

Since the sale was contingent on you obtaining financing, and you are unable to obtain financing the sale is canceled and you will receive your earnest money back.Your offer will serve as the written legal document in this case. Your offer clearly states that everything is contingent upon your ability to get a loan by a certain date. You weren’t able to get the loan by that date, so the sale of the house is canceled, and everyone involved gets their money back.

You will get your money back. Your real estate agent should help you. Contact whoever has your down payment money and ask that they give it back to you.

Good luck. And rest assured, you won’t loose your $30,000 because you haven’t done anything wrong. If you loan was not approved then you are fine, you will get your down payment back. They can only hold your earnest money if you don’t perform for other reasons…such as you just changed your mind.
Time to find a new broker…or go directly to the bank and stop paying extra fees for a broker that obviously wasn’t doing his job very well.

 

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