Getting New Construction Deposit Back

[MrChairman]

My wife and I put a deposit down on a new construction home in Fort Worth. I am active military stationed in MD. I found out that I will be getting involunarily medical discharge. Will we be able to get our depsoit back? I MAY still be in the military when the home is complete but we won't be moving to Fort Worth anymorew They will start framing next week. I assume since I won't be able to qualify for a loan they'd give it back but I've heard horror stories. Any information is appreciated.

[Anonymous]

What do your contracts say? When we went into contract we signed a document that said if we could not secure financing we would get out deposit back. However, this was for an "inventory" home that just wasn't finished yet. I'm pretty sure if you can't secure financing you will get your deposit back.

[DallasLoanGuy]

the contract should spell out the terms.
go ahead and get denial letter from lender

[Anonymous]

Check the financing contingency portion of your contract. That should spell out what happens to an earnest money deposits if you can't secure financing. You should speak with your real estate agent. Despite not wanting to buy the home, they are legally required to work on your behalf while representing you.