My experience with national builders was they attempt to hold all the cards, I backed out of 2 deals with national builders and decided it was too high pressure for a reason. One deal I had given them money, but did not sign anything until we had agreed upon a attorney review period...they tried to tell me no need but my Realtor was actually watching out for me. We ended up canceling when they would not agree to adding appraisal contingencies and financing contingencies (was not going to use their in house lending which is a form of more control for them). We were ready to accept the fact I would have lost $20k, luckily we did not.
You did not answer if you had any contingencies in the contract? I am guessing no, you accepted the standard builder contract?
Lesson one, consult an attorney before signing anything on a house. Your realtor should have known better, but maybe the laws are different in NC.
lesson two, it sounds like your realtor is not looking out for your interests, only theirs. It continues when they tell you oh, just go through with it an rent it out. my negative side tells me this is code for, hopefully I get commission when they sell it too.
lesson three, do not take a builder's in-house financing, it is a form of control over you.
I would not screw up your credit over this, with in house financing I bet they will make sure it goes through somehow.
I personally would not continue with the purchase, renting might seem like a good idea, but you will not be able to buy another house anytime soon (takes 3 years to count rental income as 75% income I think for underwriting?)
Reason number two for not buying, it will probably cost you more than 25K to sell it if the house is this much, factor 10% of the price of the house so 50K maybe? No one mentioned this, and some assumptions you will make money on the house assuming it appreciates. No one here knows what the area is like, how many more homes does the builder have left, are there any other new subdivsions nearby going up for competition, etc.
If you cannot find another house with this builder closer and work out a deal, maybe the best idea is to forfeit 25K now for lesson(s) learned? I don't know how long it would take to build back up 25K for you though. I also have no idea how YOU would deal with a long commute, around Chicago, it is not uncommon for long commutes, not saying that is right way.