You have to read your contract to find the answer to whether you can get out of the contract. You have a good faith obligation to do all things necessary that are contemplated by your documents, such as apply for the loan and supply the necessary documentation requested by the bank.
You could check with a local consumer lawyer to assure that the seller did everything proper to bind you to the contract, but without seeing the documentation, no one can give you a good answer. Check on Avvo for a local attorney who practices in the area of consumer law.
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You need to look at the terms of the contract you signed. It is fairly common for there to be a clause which allows the contract to be rescinded without penalty if the buyer was unable to obtain financing after making a good-faith effort to do so.
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I agree with the previous answers. You must look at the contract and see if there is an out clause. Likely, without proof of income, the bank will not approve the loan. However, you should speak to your bank immediately. Also, you should also look into the issue of whether you would be able to recoup your down payment.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyze this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here