Are you an owner occupant buyer or an investor ?
For an owner occupant there is a 15 days contract cancellation contingency.
I am in elk grove, CA, and this is based on the HUD PEMCO contract which is available on their website http://www.hudpemco.com
This is the clause copied from the contract:
15-DAY CONTRACT CANCELLATION CONTINGENCY FOR CONTRACTS OWNER OCCUPANT
Owner Occupant Purchaser(s) may request that the Sales Contract be canceled if, within 15 days of HUDâ€™s acceptance, the property is inspected by a professional home inspector, who discovers a structural, roof, system defect, or non-compliance with local codes, zoning, or building equirements that were not previously disclosed and HUD elects not to correct, or if within such 15 day period, the property is inspected for the presence of radon by a professional radon inspector to an extent unsatisfactory to the Buyer.
A copy of the property inspection report, or radon test report, as applicable, must be attached to the cancellation request. The cancellation contingency is limited to structural, roof, defective components within the mechanical and operating systems (which include the electrical, plumbing, sewage, heating and air conditioning systems only) or noncompliance with local codes, zoning, or building requirements. Kitchen appliances, window air conditioner units, light fixtures, receptacles and switch covers are not included in the operating systems. Equipment age or energy efficiency ratings are not included in the cancellation contingency.
The earnest money deposit will be returned to owner occupant purchasers ONLY if HUD concurs with the home inspection report finding(s).