Saturday, January 26, 2013

NVR Mortgage

Ryan Homes gave us an incentive of a completely finished basement for free if we used their mortgage company. We really loved the morning room and couldn't afford to add that on, so our SR worked with us and gave us the morning room for free instead of the finished basement. So. Much. Happier. ! Thanks SR for doing that for us! 

Man was it a lot of work looking for all of those papers for the mortgage company. We eventually got all of our things together and met with NVR Mortgage. The only thing I didn't have was my 2010 taxes. The rep we met with advised she would send a request to the IRS for my taxes and not to worry about not having them. We were with NVR for about 1 1/2 hours and signed a ton of papers. We had to get a few bank statement things, so we returned the following day with the appropriate papers. I was a little shocked to learn we needed a check for $455 right then and there for credit report fees and such. I don't remember talking about this, but I took in so much at the meeting with our SR, so perhaps he told us and I just forgot. Who knows ?! Regardless, our rep advised we would get that back as a credit at closing. 

We've only had a few minor issues with NVR thus far. 

1. The mortgage reviewer advised she didn't have my taxes and I needed to send those. After I advised her that the rep we met with said I didn't need to worry about it, the reviewer just sent me a paper and had me sign for her to request them from the IRS. Just some missed communication there. 

2. We received some papers in the mail that we needed to initial because there was a few typo's (wrong DOB and phone number). No biggie. We initialed and mailed those back. 

3. We received a monetary gift, so we filled out a gift receipt at our initial meeting and had it signed by the people who we received the gift from. The reviewer said it wasn't in there and we needed to do another one. 

4. We received a good faith estimate of closing costs in the mail and the figures were completely off. We are using a USDA loan, but they had us marked for an FHA loan. They didn't have the transfer tax calculated properly and the closing cost estimate was a few thousand dollars more than what we had been quoted. We made a quick stop to our SR for explanation. He wasn't too sure either, but said he'd get right on it and speak with NVR to get this all straightened out. 

Hopefully there won't be any more issues, but I'm happy that they've only been minor at this point. Crossing my fingers that I didn't just jinx myself !


  1. That's awesome that your SR was able to get you the morning room instead of the finished basement. For us, the incentive was either the morning room or finished basement for free. You can always finish the basement at a later time.

    Hopefully you won't run into anymore issues with NVR. We are having so many issues with them!

  2. That is awesome that you were able to switch the finished basement for the morning room. The morning room makes the house in my opinion and it gives you a slightly larger basement too!

    My best advice in regards to NVR... Keep a copy of everything you send them because it's very likely that you will have to send things more than once. We bought an app for our phones that acts as a scanner so we had an electronic copy of everything and we just e-mailed all of our documents to save a little time (and postage).

  3. I thought the finished basement cost more than the morning room? I guess getting the morning room will also bump out the basement as well.

    1. The finished basement was actually about $2,000 less. Yes, adding the morning room does bump out the basement and it gives you a lot more space down there!!