Financing contingency question

[Jake Ferris]

I’m scheduled to close on a property that Friday but I do not have the appraisal back. We had a financing contingency stating I’d be able to get financing for 80% ($295,200) within 30 days of an accepted offer. My lender initially said they’d lend 75% to make cash flow better. After expressing my concern of the appraisal coming in low and having to bring more than I’d like to closing, my lender than said the could do 80%. Anyways, it’s been past 30 days and I still don’t know what they will officially lend me since the appraisal isn’t back. The earnest money was $5000 and the property is a 1031 exchange for the seller and he has an excepted offer on his next property.

Is the financing contingency not met since the appraisal isn’t back yet and it’s over 30 days?

I don’t want to close if I have to bring more than 20%.