NVR Budget Letter

[MrChairman]

NVR is requiring that I submit a budget letter. I'm guessing because we were on a payment plan for closing costs. We have since paid all of the closing costs and my loan officer is still asking for this. Any reason why?

[tooleman694]

Your underwriter is either looking for a reason to approve your deny the loan.

more BS paperwork.

[StartingOver10]

I can't remember if you are mortgaging this property in just your name and you have additional household income or not. If you do have additional household income, the underwriter is just looking to show you can afford the payment and the additional payments for your down payment through your normal household income. Once an item lands on the list of conditions, it needs to be satisfied. Think of it like a checklist that doesn't change, each of the items have to be 'satisfied' before the condition is released. Naturally it will make it a little easier since you already made all the payments!

[MrChairman]

I spoke to the underwriter a short while ago. Apparently they need this to show we could afford the closing costs. It's obvious that the Ryan Homes division of NVR and NVR Mortgage aren't talking. We are only $1400 away from having all the funds for closing (7K). NVR Mortgage is still showing we need to come up with 5K +. Today I just told the underwriter that were basically done paying for the closing costs and she was shocked. Ryan is holding the money in an escrow account. I have to forward her the remaning cleared checks from my checking account. She said there is no need for the budget letter now. Your right toole, more BS paperwork.