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.
Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)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.
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!
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.
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.
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.
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.
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?
