In Virginia, a financing contingency automatically extends to the closing date, unless it's specifically changed in the contract terms, so if you were here, you wouldn't have cause to cancel.
As Dan says, have an attorney review the terms of your contract and tell you your options.
Why would you want to cancel instead of pursuing this transaction? Do you really want to put your property back on the market and start over?
Sounds like a communication, or lack of, issue between the parties. If you have an agent, ask them to get details from the buyers agent and loan officer to find out why there is a delay. There are a lot of desks a loan file goes across, could be held up for some mundane reason somewhere.