NVR Update

Well, after sending the same documents again and writing letters to explain this and that,  our loan is in underwriting right now.

There was nothing unusual about my financials or credit, but because of federal laws aimed to prevent money being laundered through residential transactions by terrorists, certain things get scrutinized. Be prepared to write letters for any non payroll deposits into your accounts, this includes gifts from family or birthday money from grandparents. Silly right?

Also, if you take any type of loss on your taxes due to business or invest property transactions, be prepared to write a letter. Finally, if you move money around in your IRAs because your a savy investor or have taken a loan out in the past from your IRA, which I have not, you will need to write a letter explaining why that happened.

Most of it seems like common sense when you look at someone's loan packet, but dont be alarmed and work with your rep to get NVR what they need. I used to work in the mortgage industry and some of this seemed excessive to me. Just got to roll with it. Just remember that the more flexible and helpful you are during this process the more likely things will work out in your favor if issues come up later with the loan or build process.