I was buying real estate in florida i got a commitment but one day after the commitment the lender withdrew?

i was buying real estate in florida i got a commitment but one day after the commitment the lender withdrew the loan and commitment and gave a denial letter. the real estate agent is telling me im going to lose my deposit which was 4000$. what is the law on my deposit if the loan was denied after a commitment was produced , the lender said my deth to income ratio was to high.. am i entitled to my deposit back..

I don't know anything about Florida law. In Ohio, "earnest money" is returned if the sale does not go through because of financing (I had two buyers who were unable to get financed) You need to look at your sale contract. Most real estate contracts are conditional upon approval for financing, or that you can show that you made reasonable efforts to try to obtain financing.

Generally, the seller never sees the "earnest money"....the broker hold on to it until the deal is approved. Take your contract to a qualified real estate attorney. It's worth a couple of hundred to get $4K back.

Good luck! Namaste,
BeBe

It depends on who the lender is. It is not uncommon that a lender would withdraw their commitment of financing to an individual(s). It is also a common practice in florida that lenders have a non-refundable deposit and it also depends on the circumstance(s) and or reasoning as to why. Most often is because of an ongoing discovery process about your financial history. Read the fine lines in your intial paperwork and the denial then get an online credit bureau of yourself and see if what they are saying matches up to what is being presented. If in fact your debt to income ratio was too high they would have never offered to lend you the financial resource to begin with. You may also want to consult with an attorney who is familiar with these kinds of practices and also it depends on what county you are in Florida.