San Francisco loan contingencies and justifications

[Vivek S.]

Hi,

Lets say I have a loan contingency for a house on contract, do I need to give a justification to back out of the contract based on it? I.e. I get a loan but some terms are not to my liking, can I back out without losing my deposit?

Essentially, do I have to justify the reason why I would like to back out to get my 3% good faith money back? Or can I just say that I haven't gotten a loan to my liking?

Thanks,