topic Re: In Underwriting with NVR Mortgage in Mortgage Loans

In Underwriting with NVR Mortgage

MrChairman — Tue, 27 Nov 2012 13:57:30 GMT

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.

Re: In Underwriting with NVR Mortgage

lsjohns00 — Thu, 29 Nov 2012 08:55:25 GMT

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.

Re: In Underwriting with NVR Mortgage

MrChairman — Thu, 29 Nov 2012 14:38:35 GMT

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!

Re: In Underwriting with NVR Mortgage

lsjohns00 — Fri, 30 Nov 2012 02:26:59 GMT

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.

Re: In Underwriting with NVR Mortgage

MrChairman — Fri, 30 Nov 2012 13:10:23 GMT

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.

Re: In Underwriting with NVR Mortgage

Anonymous — Thu, 06 Dec 2012 01:43:17 GMT

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!

Re: In Underwriting with NVR Mortgage

lsjohns00 — Thu, 06 Dec 2012 07:43:43 GMT

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.

Re: In Underwriting with NVR Mortgage

MrChairman — Sat, 08 Dec 2012 00:20:22 GMT

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.

Re: In Underwriting with NVR Mortgage

lsjohns00 — Thu, 14 Feb 2013 09:45:17 GMT

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?

Re: In Underwriting with NVR Mortgage

Anonymous — Thu, 14 Feb 2013 13:38:35 GMT

No news is usually good news. But depends on Lender. Some are just busy and have a slower turn around.

Re: In Underwriting with NVR Mortgage

Anonymous — Thu, 14 Feb 2013 15:55:46 GMT

We were not approved by NVR......and I was happy about that. Our sales representative estimated TOTAL cash out of pocket, including our down payment, would be less than $10,000. When we went to do the application with NVR, the GFE listed over $17,000 in closing costs. Part of the problem was that they hadn't included the closing cost credits were given, but the fees were ridiculous and way more than was reasonable. IT would be one thing if we were looking to build a $300,000 house, but that wasn't the case.

A local lender with a very good reputation looked over the same information we gave NVR, pay stubs, tax returns, W-2's, bank statements, etc, and pre-approved us within 3 days. The only conditions that really existed with the pre-approval, before we can close, is that we have to pull my wife's credit score up a few points, and prove that our rental lease with our townhome ends on the last day of the month of closing. Nothing unusual or crazy.

NVR is looking to sell your loan as quickly after closing as possible. The fees are crazy, and they scrutinize every last detail to make sure they can sell the loan with no problems. My guess is they are just looking at every last detail. If you've made it this far and they built the house, you're probably fine.

Re: In Underwriting with NVR Mortgage

Anonymous — Sat, 16 Feb 2013 13:23:00 GMT

Construction has not started yet on my home. They are looking for a full approval before breaking ground. Still haven't heard a thing.

Re: In Underwriting with NVR Mortgage

Anonymous — Sat, 16 Feb 2013 15:13:07 GMT

@Anonymous wrote:
Construction has not started yet on my home. They are looking for a full approval before breaking ground. Still haven't heard a thing.

How long has it been?

Nice to have patience, but like anyone else your patience only goes so far.

NVR has a slow lousy reputation around here, but I dont complain it is actually very beneficial for me!

Re: In Underwriting with NVR Mortgage

lsjohns00 — Sun, 17 Feb 2013 06:05:37 GMT

I started the process back in November and we are still waiting. I only went to underwriting on the 4th of this month.

Re: In Underwriting with NVR Mortgage

Pesdaniel — Fri, 08 Mar 2013 07:55:59 GMT

Someone please help here.

EQ:634, I don't know what the others are. I'm trying to buy my first house with Ryan Homes, my fear is this...between VA, FHA and USDA which one is better? One specialist sent me a pre-qualification NVR form, should I go with them? Here's my stats:

$44,500 a year (salary)

First time buyer

I live in Orlando area

Any advise will be appreciated.

One more question, if EQ is 634, how will the other scores be determined?

Re: In Underwriting with NVR Mortgage

Anonymous — Fri, 08 Mar 2013 11:30:21 GMT

@Anonymous wrote:
@Anonymous wrote:
Construction has not started yet on my home. They are looking for a full approval before breaking ground. Still haven't heard a thing.

NVR has a slow lousy reputation around here, but I dont complain it is actually very beneficial for me!

They have a lousy reputation everywhere. If you search some of the blogspot stuff posted by people who are building, or have built a Ryan Home...NVR is the worst part of their experience.

We were denied because it was too early in the process...our loan officer told us that wouldn't be an issue and to do a credit app, they just wouldn't issue an approval until after my wife's discharge date. But, he was completely wrong, and that was that. lol.