My husband and I signed a contract with Cambridge homes in Feb. We made the stupid mistake of using the builders mortgage company because of a no closing cost promotion.
We were approved for our loan in March and made payments to the builder for our down payment. The closing was set for Nov and in Oct I was informed by the mortgage broker (K Hovnanian Mortgage) that my husband was not approved for the loan. She tried to pressure me into putting both of our names on the title and having the mortgage in my name only.
They refused to give back our deposit stating that I was still qualified. As I see it they broke the contract when they decided my husband wasn't approved for the loan.
My warning, do not use their mortgage company. What do they have to lose? Nothing, they keep your deposit and make money off the sale of the house.
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