Legal Question in Real Estate Law in California

This question can't be answered with the information you provided. The first missing piece of information is whether you had a loan contingency in your contract, and if so, was it released, and if it was released why did you release it without knowing for sure you would get the loan. If you had no contingency or released it prematurely, you could lose your deposit, up to 3% of the purchase price, or if you didn't initial the liquidated damages provision, you may be liable to the seller for his or her full losses. If you think you might still qualify for a loan, you might also see if the seller is willing to simply extend the closing, or will do so for some compensation. In short, there are way too many variables involved to tell you what will or could happen.

I agree. The answers require reviewing your contract and the underlying facts. The contract should govern the failure to close.