Approved by NVR

Well that was pretty painless. In under a week I was just contacted that we're approved. So now just have to know when our hole will get dug. Also the "conditions" I have to meet are super easy. They just need new bank statements and proof some debts are paid off. There was one miscommunication I had with them, and between the 2 Loan Officers and an email and one phonecall, all was right in under 5 minutes. 

NVR vs. Wells Fargo

Shortly should be getting my new GFE from NVR. My Loan Officer from Wells Fargo said he's confident he can easily beat anything NVR offers, so we shall see. Once I get my new NVR GFE I'm going to send it to Wells Fargo and see what they can do. And then if Wells Fargo beats, I'll see how NVR responds. We're only tied into $6000 of incentives by using NVR. The rest of our discounts were not dependent. So I'll give updates to see how this showdown goes.

NVR, so far still pleased

So far the communication from NVR continues to be very good. I was informed I was just sent to Underwriting and should hear back in 1-3 days. I was also informed on what additional paperwork they will need, and it's very minor. Just will need my latest statement, when it is available, from stocks I cashed in. Will also need the HUD form for when the house we're selling closes. Well that couldn't be easier. Also when I have written an email, I have typically had them reply in under 1-2 hours. Hope this is the way the process remains. The biggest horror stories of the whole process I have read about building with Ryan has been NVR. So far this has been the easiest portion, hope this continues. The Chicago office appears to have their act together.

NVR!

So NVR just called and said we should have the approval within one to two business days! I know I have read that many people have had several issues with them, but we have had nothing but good experiences this far. I have to say I am feeling very grateful and blessed.

Yahoo!

NVR...so far, so good

So far things have gone smooth with NVR, but I'm still waiting for full approval. Amy W. is my Loan Officer and she has been VERY timely and responsive. So far all the horror stories I have read have not happened, but I know we're early in the game.

On the positive side for us is that we'll be very easy people to approve. My job is stable with consistent pay to report. No other crazy financial circumstances, and once our current house closes and the sale is complete, we'll be credit card debt free. My FICO is currently good, but I expect at least a 50+ point jump once all debt is paid. So currently I was quoted 4.5% for a 30 year conventional loan which I'm not thrilled with, but once I go above 720 FICO, it will then drop. 

My word of advice is I have every document they need on PDF. From W-2's, to tax returns, bank statements and pay stubs. I don't believe in old school copies and faxes. This way Amy W. has the forms and can shoot them off to whoever needs them. And if by chance something is lost, I can resend it in a matter of minutes. 

I'm also getting another quote from another mortgage company so I have something to compare NVR to. So far the Good Faith Estimate doesn't seem out of line. 

I'll report on whatever good or bad I experience. The only thing I'm anticipating is the approval going slower than some places. But so far Amy W. has been top notch. 

So in under 2 weeks we give them the remainder of the 5% down and by then hopefully approved. When that happens, ground will get broken!