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Good morning. I certainly understand the situation and your concern. The purchase agreement is a legal binding contract, if agreed to and executed by both parties. As such, you would be expected to proceed with the purchase and act in good faith, pursuant to the terms and conditions stated within. However, the contract likely contains a lot of conditions which have to be met and I am inclined to believe that obtaining finance is one of them. As such, if you are unable to obtain the FHA loan as a result of your credit, income, debt or lack of a down payment, you could have a legal basis to walk away, assuming you can obtain evidence from the loan officer, that you can not qualify. In addition, read the contract and see if it contain a period of time where you have a right to walk away or cancel. Often times, there is an inspection period and time for you to perform your due diligence, which could benefit you in this situation as well. If you fail to perform and advise them you are not going to close, they could proceed and sue you for damages
suffered, which also will be stated within the contract. This may be a situation if you read the contract, where their damages are limited to only the deposit you gave, depending on the time frame in which you backed out.
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