You might want to have a real estate attorney look your contract over, if you don't have an agent representing you. Your contract is just that, YOUR contract and without any of us being able to read it, we really can't answer that question with 100% certainty. If you need a direction to go for finding a very capable attorney (who can look it over for a small fee), please let me know.
Best of luck,
Robert M. van der Goes
Look at your Purchase Agreement (contract) as see what it says about using the builder's lender. If the "incentive" was conditioned on that, you must use that lender to get the incentives. If you want to terminate the contract, both parties must agree and both parties must agree to the dispositon of the "deposit". If it is a large deposit and the builder was to keep it, you may have to talk to a lawyer.
You can also tell the builder that they cancel or you will make their life a living hell. You will not sign off on the house until every scratch is fixed and the house is 100% perfect. Since no house is perfect, they can't possibly get your satisfaction.
Don't let some scumbag realtor try to convince you that you can't get out. They all say that because they want their commission dollars.
As a trusted Realtor, our duty to our principals is to ensure that they are educated in the residential purchase process. A good real estate agent will take you through each item so that you understand the consequences of each clause in the contract so that there are no surprises as you move forward.
In your case, a builder cannot force you to use a certain lender, unless that was mutually agreed upon in your contract. Buyers retain the right to the return of the earnest money deposit should they wish to exercise cancellation of the agreement.
If you have any questions on this or any other real estate related matters, I specialize in homebuyers in Irvine, so I am always happy to help!
Joshua Sun Hong
First Team Real Estate