Closing completed!!!

We got the coveted Ryan Homes bag filled with useful goodies!!!!

Everything went well with closing. Took about 2 hours of which  30 min was waiting for the forms to go through QC and a copy made of all the forms for us. Our loan officer was in touch with us routinely so there were no surprises at closing and we knew exactly what we would be getting back.

A note for people using a VA loan:

We had a last minute surprise that we had pay off and close one of my credit cards for debt ratio, which is no big deal. The problem is that the VA recently made this change and we didn't find out about it until the day before closing. That left me scrambling to get my reward points cashed out from Cabela's as I would lose them when the account was closed. This can be avoided by making sure your card balances are low or zero, prior to applying for the home loan. NVR bases your debt ratio off that initial credit pull, so keep that in mind and use the info how best fits your situation.

All of our pre settlement blue taped items were fixed during the week. Can't say enough good things about our PM. We should have very little things to address at the 10 day and 30 day marks.

We will be posting more pics of how we decorated as we get the projects done and as funds allow, lol.

Pre-Settlement Walkthrough

We had our pre-settlement walkthrough last friday and everything went well. Not sure how 2.5 hours went by so fast, but it was a good chance for us to go over all of the features with the PM.  The PM did a great job, as usual, in explaining the walkthrough process and what to expect over the next week.

I printed out a list of questions or things to go over that I found on another blog, but did not need it.  I read over it and felt that some of the questions were not necessary but everyone's experience is different.  I have built new construction homes before so I am familiar with the process and we have been to the house several times during the build process and nothing has stuck out at this point.

We had our realtor there to help and they have been through other Ryan Homes but with a different PM, and they were glad to see that very little had to be addressed.  I've thought of hiring an inspector to come out, but figured I would do that before the 30 day mark so that we can have a good run through of the house and we would have a list of issues at that point, if any.

SOMETHINGS TO NOTE:

Wife may have gone overboard with the blue tape, but its her home so we gotta keep her happy!  I did not think until after we were done that in my previous home we only marked stuff that was 1-2" or longer or was a dent.  Minor dings and scratches didnt need to be taped.  That would have made sense as there were a lot more of the "minor" things that got taped then actual issues to address.

ITEMS TO FIX:

Shingles over morning room appeared to be scuffed and damaged.  It was a small area, maybe only 4 or 5 rows and only about 2 feet wide.  Not sure what happened but PM noted that it was not normal.

Only the master bath had a toilet paper roll thingy installed.  Not sure how this was missed by us previously, but they will be installed.  Heaven forbid we have a central "wiping" area in the house!!!!

Shower door was not installed level and was crooked.  PM noted that it was not normal after trying to adjust rubber seal.

Some of the HVAC seal material had dripped onto basement floor.  PM had noted this before we got there and was going to have it removed and/or paint the unfinished section floor as the glue stuff most likely would be removed easily.

NOT A FIX, but just FYI, there was some gaps in the stone of the front of the house where you could see through to the mortar backing.  THIS IS NORMAL.  We thought there wasn't enough mud between the bricks, but a layer of mortar is built around the frame of the house and allowed to dry before the bricks and mud get placed on it.  It allows the brick to stick better to the house and creates an extra layer of protection.

Nothing else was notable and everything else turned on and off and flushed and drained as expected. Overall, we are very satisfied with the build of the house, knowing we have one of the best PM's around.

We will be closing later this week on the house after we do one more walk through to verify the items identified have been fixed.  One thing I found helpful is ask the PM what the tolerance is for something before taping it.  Some items are allowed a variance, like trim or walls that they can off by before they need to redone.  Knowing this ahead of time saves the effort of marking every little scratch and sets a reasonable expectation on what can be fixed at the 30 day and 10 month mark.  I've read some blogs where this has been an issue where people didnt want their baseboards filled with caulk because they were off the wall by 1/4" and wanted them redone or the wall redone, but that is within the building standards.  Not everything is going to be perfect in a home and you just have to accept that.

Mortgage Approval Update

It has been 2 weeks since I submitted the laundry list of items that NVR needed and the letters of explanation for various things, and I have not heard anything back about extra letters or documents.  Keeping fingers crossed!!!

What could be a good sign of things to come is that our loan office sent me over an update GFE and TIL that will be pretty close to the final version.  The best part is that we should be getting some cash back at closing and this is even after most of the fees and escrows are estimated on the high side. Also, we should be able to lock our interest rate in a couple of weeks, so that tells me that we should expect a smooth sailing from here on out on the loan side of things.

Mortgage Approval and Pre-Construction Meeting

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!!!

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.