Credit Card Center Advertiser Disclosure†
11-27-2012 05:57 AM
I found out today that my file was sent to underwriting with NVR before the holiday last week. We are now just waiting to hear back. Although we don't plan to use them, it will be nice to have a fallback plan in case the world collapses and no one else will approve us, pending we get approved through NVR of course. I don't see a problem with getting approved through them as we have given them roughly 8k thus far for deposits and earnest money so they know we are serious. Hopefully we get all of that back when we use an outside lender and apply NVR's $7500 closing cost assistance.
11-29-2012 12:55 AM
Good luck, Im going to underwriting soon with NVR as well. So far everything has been fine. They do ask for a lot of documents.
11-29-2012 06:38 AM
Yes, they do. I am just using them as a fallback plan. I plan to get my final mortgage with another lender. The fees are just TOO high with NVR. Especially if I add the $7500 closing cost assistance plus the 7k I have to come up with. That's almost $15,000 in closing costs!
11-29-2012 06:26 PM
They wrote most of my closing cost and funding fee (Va Loan) into the contract. They only fear I have now is he appraisal not coming back high enough. You are correct though with the fees, they seem a little outrageous.
11-30-2012 05:10 AM
Isjohns, I HOPE my appraisal comes in below the asking price. With the VA you have the option to walk away from the home if it doesn't appraise for the asking price. Most of the time the lender will lower the price to the appraisal value to keep you around.
12-05-2012 05:43 PM
I am looking into building a Ryan Home and wanted to use the VA Loan as well.... How did you go about it... were there any stipulations to using the VA Loan.... did you still get the incentives and closing cost help? Any advise would be great... thanks!
12-05-2012 11:43 PM
Not sure how bad or good the process will be just yet. So far so good. My credit isn't the greatest but it did meet the minimum which is a 620 for Va. I believe the incentives are given regardless of the type of loan as long as you start the process with NVR.
12-07-2012 04:20 PM
tiny, I didn't have to do anything special but get a preapproval from a bank. You still have to meet all the qualifications of any mortgage (i.e. debt to income, 620 minimum credit score) but the main thing is no PMI and no down payment are required with the VA Loan. There is VA funding fee is which can be rolled into the loan as well.
02-14-2013 01:45 AM
So my appraisal came in fine it was 1000 dollars more than the sales price. So we are good there. Unfortunately we are still waiting on underwriting. Is no news really good news?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.