We received our mortgage loan approval from NVR!!!!
The loan processor said it was the fastest approvals she had seen in a long time, not sure if anyone else has experienced some difficulties with this process but we will take what we can get. I will say that our credit was not an issue and our debt ratio was a little on the high side, but it was approved in their automated system so now all we have to do is write MORE LETTERS :(
Yes, even after receiving the loan approval, you will receive a checklist from underwriting on letters that need to be written to explain anything from non payroll deposits into your bank accounts to why your children's names are different on your tax returns (we are a blended family!).
The one thing I have experienced so far is that as long as you go with the flow and get done what is being asked of you, then the process take care of itself and everyone else you meet during the process is more likely to help you out if needed. I've read some blogs where people had to keep providing documents or trying to explain life circumstances that were bitter about it. I am not sure how that played out in the end, but you have to know that no one is out to get you or trip you up with buying the home. NVR and RH want your business, and if you've made it to this point, most likely they will help you make it to the closing table.
Our pre-construction meeting is tomorrow so that is another good milestone! I've bought new construction homes before so I am familiar with the process, but every builder is different. I talked with some friends locally who build homes and they recommended letting the builder do their thing. It does not matter if you have 100 things to go over or 10, they are going to build the house the same way they always have, and a buyer's input or questions is not going to change that process. The key thing is not to become "that customer" for the same reasons as stated above. I've had builders offer free upgrades or extra customizing before, within reason, if you just play the part of a nice customer. If there was an upgrade or an item that you wanted, but couldn't afford at the time (wainscoting, crown molding, and things along those lines), then by all means ask the project manager how much it would cost post build or see if could work something out during the build for a reduced or low cost option.
Please chime in with your experiences or things to ask about at this point in the build!!!
Congrats on the approval! The feeling is so great. :) They always want more and more information, but it is what it is. If you want a house, you will do it, right? :) But I definitely know the feeling of 'writing more letters" which is what we are doing tonight. :) And you know, just be nice! It goes such a long way and makes the process more enjoyable for yourself and everyone else involved! :) Great tips, Mike. Congrats on your meeting tomorrow!
ReplyDeleteThank you Michelle. Everything went well today and last less than 1 hour. What I did was write one long letter to address all the conditions. I couldnt see my self writing and signing 20 letters. I created an image of my signature and pasted into the word document and then converted it to a .pdf so I dont have to sign anything, Just copy and paste :)
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