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NVR Bait and Switch

Established Contributor

NVR Bait and Switch

NVR is asking us to pay off EVEN more debt, compounded by the 3.5 required Good Faith money, and saving for reserves of 4,000. This is all within a 4 month span. Somehow according to their calculations my DTI is over 50% When I calculate myself its 48%. Seems like they are just trying to boost the appeal of the loan to make it easier to sell to their investors, not get a customer in a house. Luckily I have been talking with several other LO and WILL NOT be going with them even if they do "find a way to make it work"


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 1 of 11
10 REPLIES
Contributor

Re: NVR Bait and Switch

Who is NVR?
Message 2 of 11
Established Contributor

Re: NVR Bait and Switch

NVR is a home builder. They own Ryan Homes, NV Homes, and Fox Ridge Homes (?). They also process mortgages in house through NVR Mortgage and NVR Settlement Services.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 3 of 11
Valued Contributor

Re: NVR Bait and Switch

This is the part when you scream and yell and get bosses involved..

Message 4 of 11
Established Contributor

Re: NVR Bait and Switch

I simply told my NVR Loan rep that I'm not paying off anything else. My contract just says I have to get financing not I have to be approved through NVR to get the house. I will get financing just not through these jokers.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 5 of 11
Valued Contributor

Re: NVR Bait and Switch

Make sure there isnt any kind of incentives by using their mortgage company.

 

You could be losing out on some money by switching. But then you can always scream and yell at the higher up over at Ryan homes =)

Message 6 of 11
Established Contributor

Re: NVR Bait and Switch

There is a 7500 closing cost incentive but we were TOLD we get this anyways if we could find a better deal with an outside lender


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 7 of 11
Valued Contributor

Re: NVR Bait and Switch

There seems to be ALOT of recent negative threads concerning Ryan Homes...

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Message 8 of 11
Regular Contributor

Re: NVR Bait and Switch


beb86 wrote:

There seems to be ALOT of recent negative threads concerning Ryan Homes...


I noticed that as well.  I don't understand why a person would trust someone to build them a home if things seem odd in any part of the deal.  

I looked at a 2 year old home (foreclosed upon and not in any way related to Ryan Homes as far as i know) and noticed it was crooked. 

Mentioned it to the sales lady - her response "Oh, the first builder in the development was not a very good builder".   Scarrrrrry.

 

Message 9 of 11
Established Contributor

Re: NVR Bait and Switch

We currently lived in a rented Ryan Home and it's nice. I just don't trust their mortgage arm. That is the chief complaint I see around the internet. Every builder will have unsatisified customers if you've built over a quarter million homes. I will be watching them like a hawk when they finally start construction on our condo so I am not the least bit worried about getting an inferior house.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 684 (12 SEP 2016), Equifax: 696 (12 SEP 2016), Experian: 679 (12 SEP 2016)
Goal Score:All scores All scores at least 700+ by December 2017!!

Take the FICO Fitness Challenge
Message 10 of 11