My husband and I signed a contract to buy a standing inventory home from a builder. The entire contract is contingent upon accepting a $25,000 federal grant as part of the FHA loan. The paperwork has to go through underwriting TODAY for the $25K to be approved because this is the last day of the program. We also own a condo and were approved for the loan for the new house with no contingencies to sell/rent first. We can afford both mortgages every month until we are able to find a renter/buyer (can't sell without taking a loss right now). We're having second thoughts because of the state of the economy and possible instability with our jobs. (We live in Virginia). What repercussions can the builder take against us?
I forgot to add that we have to sign a letter accepting the $25k grant -we have the letter in our possession. It's due today. If we don't sign it, does that make the entire contract null and void? Please help!
I forgot to add that we have to sign a letter accepting the $25k grant -we have the letter in our possession. It's due today. If we don't sign it, does that make the entire contract null and void? Please help!
