Some homebuyers lose deposits of $10,000, $20,000, or more due to high mortgage rates! Do not let this happen to you! There are new programs out to help with higher rates.
Dahianara Lopez and her husband Paulo Echeverry run a food truck outside of Orlando. "We work together every day," she says while cooking up Colombian sausages on the truck's big stainless steel grill.
​They say by putting in long hours over several years they were able to save up a down payment for a house.
"We think that renting is like we are wasting money, you know?" says Lopez. "So we want to buy a house, to have something that we can say is mine."
Late last year, they signed a contract to buy a new home before it was built for about $500,000 and put down a $25,000 deposit.
The couple has been very scared that they won't qualify for a mortgage anymore and will lose that big deposit.
"The sales guy, he always tells us we're going to lose the deposit if we don't buy the house," Echeverry said. "Even the area sales manager... she told me, too, that we're going to lose our money."
Some people have already lost their money. Karen Jensen works as a school nurse at an elementary school in Tigard, Ore. She and her husband wanted a bigger house for them and their three kids.
We put just a little over $15,000 down as a deposit," she says.
But after interest rates jumped so much higher they decided to back out of buying it, and she says the builder kept their deposit.

If you are in this situation please call as there are new programs coming out to help people just like this. A lot of loan officers got in the business in 2019 when it was a different market and do not understand how to navigate this market and where it is going. I have been helping homebuyers since 2004! There are different programs we have at UWL to help you get into your new home. Before you walk away from your 20k deposit, call me first and I can walk you through how we can help!