In the state of Florida our purchase contracts require the buyer to provide a loan commitment letter from the lender within a certain time period. Once a buyer provides a loan commitment letter they waive their finance contingency and are not entitled to get their deposit back if they don't close due to a finace issue. Once a buyer provides a loan commitment letter they waive their finance contingency and are not entitled to get their deposit back if they don't close due to a finance issue. DidI I say that twice? I sure did.
Two recomendations: Make sure you are working with a Realtor who undertands contracts and especially this area of the contract. I know some people only think we just open doors to show homes, but the purchase contract you sign is serious business.
Make sure you start working with a lender way before you purchase a home and be loyal.
You want someone to look out for your best interest and that takes a commitment on your part.
Does a loan commitment letter gurantee you a loan? No. Another reason you should be working with a Realtor who understands the purchase contract and is educated in mortgages.
Representing buyers in Ocala Florida: Vist my web site Ocala Florida Real Estate
or if your looking Retirement Communities in Ocala Florida visit: Retirement Communities Ocala Florida.