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You need to consult your attorney and share with him/her the reasons why you want to cancel your purchase. The issue here is with the homeowner and the risk to lose your deposit.
Joel, good luck!
The problem is not with your lender. You can cancel your loan application at any time and you will only lose whatever you have spent in the way of application fees, appraisal fee, etc. The problem is with the other party to your real estate contract. If you already have a mortgage commitment, mortgage contingency clause cannot protect you if you are having second thoughts about purchasing the property. You should consult your attorney to protect yourself from losing your deposit.