The answer is mostly found in the terms of your purchase agreement. There should be a financing contingency that provides you with a fairly clear answer. Usually these agreements provide that in the event the purchase defaults on the agreement (and I'm not suggesting that you have), that the seller is limited to retaining the earnest money as damages. You cannot be forced to buy the house anyway. There are also ways of tweaking things to give you "cover" and be able to bail on the deal if you don't like the financing. Hopefully your lender or attorney has relationships with some lenders who can look at your situation and maybe you can get the conventional financing you hope for. If you need some contact, feel free to contact me.
Answered on May 15th, 2015 at 2:59 PM