NVR: Same game, different month

[MrChairman]

I finally got some answers back to NVR's too good to be true GFE. Just like Sunshine said, if it's too good to be true it most likely is. They quoted on the GFE, a rate of 3.75% which was dated a couple of days ago. I asked what would the final rate would be and they said 4.5. I then asked questions that were problems when we first started and application with them. Same ol song, lies and bs. I e-mailed the loan officer back and said thanks but no thanks. And they still wanted us to bring $800 to the table after getting a $7500 credit from Ryan Homes?! Other lenders I've been working with I had money left over out of the $7500. Wth. NVR always seems to have funny math from everyone else. And that $800 is $200 more than I got when I did the math myself.

[adymax]

I don’t understand why you are complaining. You are getting a house with no down payment and you are complaining.  What is the purchase price of your house?

[MrChairman]

adymax,

I'm complaining because NVR is a rip off which has been proven by many before me. If you're mad that I don't need a downpayment then by all means, don't read my posts.

[Sunshine85]

Mr. Chairman, 

1st- Thanks for your service. Anyone who has served in the military has earned the right to 100% financing and no downpayment. 

Re: NVR, the good thing is that you have two good options for lenders and you don't have to deal with the builder's mortgage company. Ryan homes doesn't build in my state, so I don't know much about them, but I see nothing but horror stories about them on the board. They never should have sent you a GFE with 3.75, when they knew the final rate would be much higher. It's a very shady way to do business. 

[MrChairman]

Sunshine, I totally agree. NVR has been shady since day one and nothing has changed. It just makes me think of all the people who were simply uninformed buyers and have been ripped off by these clowns.  And thanks for the kind words!

[swtneka]

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@Sunshine85 wrote:

Mr. Chairman, 

1st- Thanks for your service. Anyone who has served in the military has the earned the right to 100% financing and no downpayment. 

Re: NVR, the good thing is that you have two good options for lenders and you don't have to deal with the builder's mortgage company. Ryan homes doesn't build in my state, so I don't know much about them, but I see nothing but horror stories about them on the board. They never should have sent you a GFE with 3.75, when they knew the final rate would be much higher. It's a very shady way to do business. 

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Amen to that!

[cocomadd]

I have heard the Ryan/NVR are great to work with.  they are very reputable and have been in the business for over 60 years,  Did you lock in?  Everyone knows that if you do not lock in you will not be able to keep the rate. This is usually done 60 days no later than 45 days before closing.  I hope it will work out for you, but again I have only heard great things about this builder and their mortgage company.  I know several people that have used them and were completely satisfied and have referred others as well.

[tunseeker1]

When you look at the numbers, check to see if the $7500 is from Ryan or from Nvr. A lot of times it's a lender credit not a seller credit. A lender credit from Nvr wouldn't exist if you don't get a loan from Nvr. I know a few people that didn't get the credit because Ryan said its a lender credit, and the seller has nothing to do with the financing side of things.

[aerosarcasm]

That is how it works with Lennar/UAMC, you have to stick with their in-house lender to get any credit (for us it was $8200). The rates I saw from shopping were a little high and the fees are around $4k, so it is nearly a wash with my CU after a few years. Have to weigh it. Other than that my LO with UAMC is nice and answers Q's, but is slow and has had a few errors, keeps all the details behind the curtain, oh well, we can't all get all-star LO's.