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What happens if a loan rejection happens after the option period is up and an offer is already made? I heard FHA loans can take anywhere from 1 to 6 weeks to approve. If our option period is 10 days from today, and we get rejected for our loan 15 days from now, what happens? Do we just lose our earnest money and that's it? Or is it a more serious problem, as we've already made an offer because we were preapproved?
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Hi

Where I live the earnest money (deposit) would be returned if you are unable to get financing.

What does your contract say?

Harry

I would contact a Lawyer to find out the laws in your area. Greg