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Frequent Contributor
Posts: 490
Registered: ‎02-07-2010
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My Home Buying Journey Thread

[ Edited ]

My wife and I signed the contract on a $240,000 new construction condo on 10/20. We gave them a $2500 deposit. We are buying a Ryan Home and loooking at financing through SunTrust Mortgage. One of the conditions of our application is that we also apply through their in house mortgage company, NVR Mortgage. When we first were interested in the house they ran my wife and I's credit and said my wife's middle score was too low. It was a 590. So we began to pay off stuff. Last week my wife and I get blindsided by a Wage Garnishment to her paycheck due to an old apartment lease she broke almost 2 years ago.

 

We contacted our NVR Loan officer immediatley and told them the situation. She said that we could probably just run the mortgage in my name since my score is arounds 640 and my salary is solid at almost 60K per year before taxes. She said she would have to consult with underwriting tomorrow (Monday, 10/29) to see what I would need to pay off personally. I am going to contact our SunTrust loan officer as well to see what she says. SunTrust gave us our preapproval when NVR basically blew us off so I am hopeful the SunTrust loan officer can work with us because I would like to give her my business more than NVR. NVR is charging us rougly 4k more than SunTrust in closing cost as well as .50% more on the interest rate (NVR: 3.75%, SunTrust 3.25). These are just quotes as we can't lock in a rate until we are 45-60 days from closing. I am interested has anyone else on the board been in a similar situation and how did it turn out. My gut tells me if SunTrust can't approve me by myself that NVR will because they already have our $2500 deposit and signed contract and they're not going to let a sale just slip away from them. This is a VA Loan by the way.


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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Posts: 66
Registered: ‎10-22-2007
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Re: My Home Buying Journey Thread

Hello,

 

I'm doing a Va loan as well with Ryan homes. I believe even if you want to go with another lender they make you apply with them. They quoted 3.25% and my FICO is around 624. I know I'm borderline as far as credit score but I already signed the contract on the 13th. No looking back now. I don't see much talk about Ryan homes on this site. I need to do some research on the mortgage approval process.


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


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Frequent Contributor
Posts: 490
Registered: ‎02-07-2010
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Re: My Home Buying Journey Thread

Wow you got 3.25% quoted. Mine was 3.75% and my scores are around the 640 ish range.


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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Regular Contributor
Posts: 209
Registered: ‎01-31-2012
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Re: My Home Buying Journey Thread

They quoted me @ 3.25% also earlier this month, though I haven't signed with them yet. I need to compare their GFE with that of a family friend.


Starting Score: EQ: 532, EX: 569, TU: 621 (All lender pull 10/15/11)
Current Score: EQ: 660,lender pull 4/13, EX: 671 lender pull 4/13, TU: 691 lender pull (4/13)
Goal Score: 700


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Re: My Home Buying Journey Thread

UPDATE:

 

Ryan Homes left my wife a voicemail today stating that we need to delete roughly $2700 in changes to get qualified through their mortgage broker, NVR Mortgage. Of course my wife is livid and I plan to be at their sales office bright and early on Monday to tell them we aren't deleting anything. NVR Mortgage has constantly asked for more and more documentation. We have given them $7,000 in good faith money yet they are still asking for more money. Today it was $500 from my loan officer. I flat out asked her how much more money are you requiring and didnt get a clear answer. The only real reason I even put up with this BS is to meet the "showing good faith" qualification to get the $7500 in seller assistance when I decide to use another loan officer. I've been hoping for weeks that NVR would just deny us so I could get this out of the way but they're not giving up it seems like. Just to note, the Ryan Homes sales rep didn't request that we delete the flooring and security system changes, the voicemail said "Hey we deleted them from your home, can you come to the office and sign the change order?" Any suggestions from the board?


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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Re: My Home Buying Journey Thread

[ Edited ]

In that case I would also be livid. Its your house. I would remind him that you are not going to sign any change order and that he doesn't have authority or Power of Attorney to make changes on your design.


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Re: My Home Buying Journey Thread

Web, I plan to do just that. I'm just going to walk in and say all options are stayin as is and that we never intended to go with NVR Mortgage in the first place so they can deny away!


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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Registered: ‎02-07-2010
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Re: My Home Buying Journey Thread

I forgot that the sales office is open today (Saturday) so I will be her bright and early to notify her that no change order will be signed by my wife or myself. I work nights so she surely isn't worth the 30 mile drive to deal with this BS right after a 12 hour shift.


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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Re: My Home Buying Journey Thread

Spoke to the Ryan Homes sales rep today. She told me the LO instructed her on Wednesday to remove our flooring options and our alarm system (roughly $2300) "to make the numbers work". This is less than $8.00 a month added on to the mortgage. I just laughed and simply told her that we weren't going to take anything out and if NVR can't make work, that's their problem not ours.


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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Valued Contributor
Posts: 1,146
Registered: ‎11-30-2012
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Re: My Home Buying Journey Thread

That's nuts. Like you said, it barely makes a difference and even if it did make a bigger difference, it should be your decision. If you can't have your dream house, then maybe you're prepared to wait a little longer until you can have it, they shouldn't make decisions for you and start stripping away features to "make it work".

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