Can we lose our downpayment if...

DomDana Posted: Dec 21, 2004 11:34 PM

Can we lose our downpayment if...

we do not get approved for a SONYMA mortgage?

skew Posted: Dec 21, 2004 11:57 PM

Re: Can we lose our downpayment if...

i do not think denial of a mortgage is grounds for the seller to keep the DP. if you decided you were having buyers remorse, then the sellers would have a case. speak w/ your realtor or lawyer for confirmation.

DjPiLL Posted: Dec 22, 2004 12:10 AM

Re: Can we lose our downpayment if...

Alas.... but you would only be denied for SONYMA... not the mortgage itself. Just being denied SONYMA is not grounds to break a RE contract. You would just get a higher rate.

IMO thats grounds for the seller to pursue closing the deal. I know if I was the seller and a buyer told me that... i'd fight to keep the deposit... especially after a buyer made me wait months to have the deal fall through.

sophie78 Posted: Dec 22, 2004 08:30 AM

Re: Can we lose our downpayment if...

Its needs to be in your contract that you get the $ back if the mortgage is denied.

KarenB Posted: Dec 22, 2004 09:53 AM

Re: Can we lose our downpayment if...

It must say there is no deal if you can't get a SONYMA mortgage. Otherwise you have no choice but to go conventional. No seller in the right mind would take a deal based on SONYMA. If you couldn't get a regular mortgage you would get your $$ back I believe.