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Friday, May 6, 2011

Starting with NVR

I've been looking for new home construction from a reputable builder and good purchasing incentives. I've decided on a community and a home, but I'm a bit fearful of moving forward with the pre-qualification process since I have a pretty rough credit history and a modest income as a government employee - not one of the super high haying ones.

At this point, I don't have a lot of debt, but my credit scores aren't what I'd call high. Has anyone with a troubled credit history purchased a Ryan home, financed through NVR? If so, what was your experience?

7 comments:

  1. Hi Diva! Welcome again, when I started our process I wasn't sure if we would qualify, in fact I was sure we wouldn't. Boy was I wrong! Turns out all my hard work had paid off. My advice to you would be to submit a application with Nvr and put one on Lending Tree and see what happens. You never know until you try =}

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  2. Oh my experience with Nvr has been great so far.

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  3. I agree ! Never know unless you try!! We also got qualified for much higher than I ever imagined,... Good luck and keep us posted!

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  4. Hi Diva! We just started our loan process with NVR last week. I was under the impression that a credit score of at least 640 was required for FHA. To our surprise our loan officer told us that those standards have been lowered and now the requirement is 600. 40 points is a huge difference! At this time the only lenders that are only following these guidelines are Wells Fargo and Bank of America.

    I agree with Minaq2 and momoftwins, submit a contract, the worst thing they can tell you is that there are things you need to work on, but the best thing they can tell is that you are pre-approved! Go for it!

    I also live in MD, what homesite are you looking to purchase in? Our sales rep is amazing! We had concerns about claiming interest payments and Ryan actually sent us to a neutral CPA for a consultation on Ryan's dime! Even if you don't purchase a home with Ryan there is no charge to you. We decided to take them up on this offer and boy am I glad we did. We spent over an hour and half with her! She will complete worksheets for you with claiming the extra deductions and without. She will also be able to show you how much house you can afford.
    One of the best things I never paid for...

    Another thing to think about is how low interest rates are right now. When we completed our first cost estimate, the interest rate was 4.75%, one week later the rate dropped to 4.25%!

    Hope this post is helpful!

    Good luck!

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  5. What community are you building in? I am looking at the St. Charles community but I currently live in Howard County now.

    Shoot, I may need to meet with your sales rep! Do you know if CDA grants/loans could be applied to homes purchased in your community for downpayment or settlement costs if needed?

    DivaMommy

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  6. Hi Anonymous,

    My apologies, I did not see your reply! I am still trying to figure out this whole blogging thing:)

    We are building in Frederick County. I wasn't sure what CDA grant/loans were so I googled it :)

    I don't know if they accept that or not but I would suggest contacting a loan officer at NVR.

    Here is a link to their website with the telephone number to their offices: http://nvrmortgage.com/MortgageBranches

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  7. I'm still figuring out this blogging thing too! Don't feel bad. I'm actually in Howard County, but I work in Montgomery, Co. I'm considering all Ryan communities that will give my kids a good place to grow up that I can afford. That balance has been hard to find, but Ryan seems to provide a good product for the money in this area! :) I'm so happy for you!

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