In Underwriting with NVR Mortgage

[foofighter74]

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.

[Anonymous]

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

[JM-AM]

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@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. 

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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!

[lsjohns00]

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

[Pesdaniel]

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?

[foofighter74]

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@JM-AM wrote:

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@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. 

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

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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.