I had my commitment letter given to me on August 8th. I provided all requirements for the commitment to get clear to close. The letter states that the commitment can be revoked only for any CHANGE for my financial status. They then called me 1 week before closing on august 20th stating they would be declining my loan based on NSF fees in early July. This is information they should have asked for /had before my commitment, there were no changes to my status after I received my letter. I am not not receiving my deposit back from the seller because I was declined after my commitment. Is this legal? Seems like the lender failed to do adequate work.
There are lots of articles out there on this, but I found this one to be very informative. The bottom line is that depending on what other specifics are in the letter, you could possibly take them to court, but even if the letter is ‘perfect in your favor’ - you’d still just be wasting your money and time.
I am so sorry for you, it really sucks when it happens. My family was so close once to what I still think was the perfect place for us....and similar thing, the lending bank pulled my credit again, and some small charge or other, a monthly autopay, and it was just enough to change my credit to debit ratio.