Get deposit back if we can not get financing ?

Q: We’ve made an offer on a house that was accepted. We’ve put a deposit down on the home. If sor some reason, we cannot get the financing, will we be getting this deposit back? The agent has preapproved us for the loan, but it seems like the rules keep changing quickly, plus it’s an investment property, plus we’re self-employed.

A: Your contract (if like most I see) should have a mortgage contingency clause. If you cannot obtain financing, can prove it with a denial letter from your bank, then your deposit would be returned to you in full.