What if a buyer is unable to obtain a mortgage to complete the purchase of a home. Sometimes a buyer’s financial situation changes while under contract, such as from a job loss or a sudden medical situation.
Options include:
- Ask the seller to grant a loan extension or extra time to obtain financing.
- Explore alternative financing, such as loans through the Federal Housing Administration, which are known to be more friendly to first-time home buyers. Qualifying requirements for credit scores and down payment thresholds for approval may be more lenient.
- Consider a cosigner or guarantor on the loan, which may help you qualify.
- Ask the seller to consider renegotiating the terms of the real estate purchase agreement to lower the price.
- If you have a financing contingency in the home purchase agreement, you can cancel the transaction without penalty.
Check out below to see what sold in Bellagio in August 2025:
47690 Florence Drive, Novi: 4 bedrooms, 4.2 bathrooms, 4,754 sq. feet, 4 car garage, Sold Price: $1,565,000
Bellagio Home Sold
August 2025
For more information on Bellagio, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.