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Established Member
Posts: 16
Registered: ‎06-09-2010
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First time buyer - Ryan Homes - Overwhelmed.

Hi all,

 

Tried looking around the web and could not find a good forum so I am coming back to this comunity to get some help. Sorry if this is not the right place to post, kindly let me know of a good forum where ic an get help and then delete this post.

 

So we are first time buyers and went to a communty in Delaware built by Ryan Homes.

The rep asked us a few questisons and did a quick calculations and told us that we quality based on the the info we gave. he also todl us that to get the incentives we have to finance through NVR and the rate he todl us was 3.25% which I think is fine.

 

But I wanted to knwo if some of you experts have dealt with ryan homes and thier mortagage, also can you negotiate on the options. We added aroudn $35,000 of options.

 

We though that our realtor need sto be replaced as she did not negotiate at all, when we came out and asked her she said that ohh well they are giving a pretty good incentive (sun room part of theincentive/special) so at most we might ebable to be able to negotiat eonly $10,000 or so.

 

I came back home and did some quick search and found out that a lotof people have been abel to negotiate most or all of their options some costing $25-$35,000. i also foudn from my search that you should put all the options and then make an offer, and when they come back you shoudl counter witha lower offer and usually they come back witha lower price.

 

Can anyone who has dealt with Ryan homes tell me what exactly the steps are shodul you make the low offer the first time you make the offer or once they come back to you with their offer.

 

 

So, my questions is shoudl be get another realtor? shoudl we negotiate on or own or get a more aggresive realtor?

Also, he said that our Mo payments would be around $2000, but with tax deductions its almost will be $200 less.

 

So I am looking to get some expert advice from you guys on getting some tips as to how to preceed and what things to keep in mind as a new home buyer.

Valued Contributor
Posts: 1,115
Registered: ‎10-31-2011
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Re: First time buyer - Ryan Homes - Overwhelmed.

There seem to have been a few post concerning Ryan Homes lately...I wouldn't recommend negotiating by yourself but if you are unhappy with your realtor you can find a new one or go to the principle broker.

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Frequent Contributor
Posts: 491
Registered: ‎02-07-2010
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Re: First time buyer - Ryan Homes - Overwhelmed.

I am currently under contract with Ryan Homes in DC Metro Area. I don't know about negotiating because the development were moving into has been selling as a good clip so they were offering no discounts at all. In fact we were told they will most likely raise the prices on the next phase of development. One word of suggestion I would give is to find your own outside lending. NVR Mortgage is loaded with fees and probably .50% higher than what you can find out there as far as mortgages. They told my wife and I if we found a better deal than what NVR was offering and they couldn't match it, they would still give us the seller's closing assistance. Although our contract says the exact opposite so we'll see. You will soon have to do a mortgage app with NVR within 7 days of signing the contract on your new house. Be sure to read the HOA documents as well. We bought a condo and the HOA fees are $150 per month. For a townhouse I think it's around $70 or so.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!

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Member
Posts: 16
Registered: ‎12-03-2011
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I wouoldRe: First time buyer - Ryan Homes - Overwhelmed.

I would first advice you to do a tax prep and see how it woud change. It used to be you could only take interest on a primary hone by filing schuale A and giving up up your standard deduction. Getting a $2400 deduction VS a 5700 deduction is a huge differance.

New Contributor
Posts: 66
Registered: ‎10-22-2007
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Re: I wouoldRe: First time buyer - Ryan Homes - Overwhelmed.

Just signed a purchase agreement on the 13th as well with Ryan homes. They ran my credit and my scores are around 624 mid with high credit card utilization (90%). Va loan requires 620 mid. Meeting with the loan officer soon to fill out the mortgage app. I'm already stressing. 


Starting Score: 565
Current Score: EQ 653, TU 657, EX 656 Lender Pull (MyFico)
Goal Score: 720


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Frequent Contributor
Posts: 491
Registered: ‎02-07-2010
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Re: I wouoldRe: First time buyer - Ryan Homes - Overwhelmed.

The actual mortgage application isn't bad. Like I said, the only thing that concerns me is the .50% rate increase as well as all the fees. NVR is just a mortgage broker and will most likely sell your loan before the ink is dry. When you go to app for your mortgage you will sign a sheet of paper that states NVR doesn't service loans.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!

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New Contributor
Posts: 66
Registered: ‎10-22-2007
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Re: I wouoldRe: First time buyer - Ryan Homes - Overwhelmed.

Still going to try and get my scores up by paying down my cards. I don't have much credit card debt (3500). hopefully all goes well. 

 

 


Starting Score: 565
Current Score: EQ 653, TU 657, EX 656 Lender Pull (MyFico)
Goal Score: 720


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Frequent Contributor
Posts: 491
Registered: ‎02-06-2012
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Re: First time buyer - Ryan Homes - Overwhelmed.

I can't speak to Ryan homes, but we purchased a Richmond American home in May and the asking price was $276k, we only added $800 in upgrades (we were already at the top of our budget and didn't need to add more especially because the home is beautiful!) and we closed at $271,500. That included our upgrades and around $7500 in closing costs. Our development was also selling quickly, in fact we are full now. Someone down the road in our same model, closed at $275k. They did not have any upgrades at all that we could see.
CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


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Established Member
Posts: 16
Registered: ‎06-09-2010
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Re: First time buyer - Ryan Homes - Overwhelmed.

I was talking to my friends yesterday and I foudn out something which I want to share and confirm from you guys.

 

my friend told me that you can get the ryan incentives but you dont haveto go with their NVR mortgage,a lso thier closing cost is higher than other and their fees is also apprantly higer.

 

I told him that we were gonna put 5% down and he said make sure to take home equity loand and NOT PMI.

 

Does anyone knwo what ryan homes does.

Frequent Contributor
Posts: 491
Registered: ‎02-07-2010
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Re: First time buyer - Ryan Homes - Overwhelmed.

It is true that you can get the incentive IF you find a better deal with an outside lender that NVR can't match. And yes their fess and rate will be higher than other lenders.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 635 (15 APR 2015), Equifax: 685 (15 APR 2015), Experian: 662 (15 APR 2015)
Goal Score:All scores All scores at least 680+ by Jan 2016!!

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