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In contract closing on a house - what happens if loan is denied before closing?

My fiancé and I are currently closing on a home. We were preapproved with some concern about how much I earn but was resolved and his pay was golden from the beginning. We finally found a house and now I’m just stressed they will deny us because of my lack of pay surrounding Covid. It’s improved some since pre-approval but not as much as I wanted. Everything I’ve been reading online has just increased my anxiety about it.

Anyways, I’m just curious if the loan is denied what happens to the house we are in contract with? Is there a way to save the deal? And would getting a co-signer save the deal?

I’m just unfamiliar with how this all works as a first time home buyer. Everything I’ve read online so far hasn’t helped me figure out what would happen.

I know this isn’t looked upon well but his dad will co-sign for us if need be. Basically if for some reason we can’t pay, his dad wants the house as a flipper/ rental property so it works out for him too. We would have him removed from loan once things are back to normal or keep him until we resell a few years down the road after flipping it if we decide to not stay there.

We are both super stressed navigating through purchasing our first home and I’m hoping I can get some reassurance or options if things go sour.

submitted by /u/meep332113
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source https://www.reddit.com/r/RealEstate/comments/hzprsd/in_contract_closing_on_a_house_what_happens_if/
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