Meeting With the NVR Loan Mortgage Officer

A couple days after we signed our contract with Ryan Homes, we made an appointment to sit down with NVR Mortgage. Due to my husband's work schedule we had to meet before office hours and they didn't have any issues opening the office early for us. Two weeks prior we sat down with another mortgage company and got pre-approved so we could start looking for houses. Ryan Homes makes it very clear that you do not need to finance with NVR Mortgage but, for us, said that they would cover a certain amount of the closing cost if we were to use NVR. Now understand that NVR Mortgage and Ryan Homes is the same company. I have read many things online where people are complaining about using NVR but honestly my husband and I didn't see why we shouldn't use them. We were still able to use a VA loan, still got a great interest rate and then we don't have to pay closing costs... sold! NVR sells the loan to another company after 6 months anyway.

When we signed our contract with Ryan Homes we were given information on what documents NVR would need. A couple days before our meeting Scott and I sat down and got everything together. It made things at our meeting go much more smoothly. The loan officer took down all of our information, looked at our Good Faith Estimate from Ryan Homes and gave us our debt to income ratio. Again we signed about a million papers, were given a big ol' folder and were sent on our way.

In the folder we were given "The Road Map to Closing," which outlines the financial piece of things. After our meeting, all of our information will go to the underwriters and then we will (*hopefully*) get our loan approval. She said that this process can take 30-45 days. After the loan approval we will have our pre-drywall metting with Ryan Homes. The loan will then have to be sent back to the underwriters for final approval, it will be cleared to close and then you go to closing on your home. This process takes about two months.

I am still a little amazed (and slightly skeptical/terrified) that it takes such a small amount of time to build a home. Guess I'll have to update this blog again in 10-15 years and let ya know if shit is falling down around us :)