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What happens if you cancel contract and back out of FHA Loan after case # assigned?

Thinking of canceling versus denial so we can clear up an item on credit report and to save more. No official denial yet, but wondering if it makes a difference. Right now we are manual underwrite.
  • May 01 2012 - US
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Answers (2)

Since the case number is attached to the property for 6 months, just make sure you are ready to release the case number to the next person who may want to buy that property. If your the buyer, your mortgage company should take care of that.
  • May 04 2012
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refer to your purchase contract to see what contingencies you and the Seller agreed to. If you really think you'll get denied, tell the Seller and ask to be released and deposit returned.  Maybe he'll be happy you didn't tie him up for the inevitable. 
  • May 01 2012
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