NVR has had our loan application and info for 54 days...Last Thursday the LP said that the underwriter was requesting our verification of rent (this is in addition to a copy of our lease agreement and all rent receipts since November 2011- I supplied these at the initial meeting). So I emailed our LP on Monday to follow up and she responded saying that our current landlord was returning the rent verification today and once it was received everything would be submitted back to underwriting.
I just do not understand what the deal is. This is a VA loan, I've been at my job for 5 years, our credit isn't bad, and we don't have much debt other than a car payment. Seriously, I work in finance so I know that they have to take many things into consideration, but come on!
When we started looking for homes we had already contacted and started the process with Veterans United, but we decided to go with NVR when we chose to move forward with Ryan Homes in an attempt to keep everything easier. So how's that working out for me??? Not so well apparently. So what happens if NVR decides they don't want to approve us? I then have to start the entire process over again with Veterans United because the past 2 months have been a waste of time!
I really want this house and it brings tears to my eyes to write this...But if I would've have known that we would have to wait almost 2 months for the approval I don't think I would've wanted to move forward. I'm a mother of 4 children and I work full time- I have more than enough worry to keep my nerves worked up without the added stress of this NVR loan process. They haven't requested too much additional information, and the LO and LP have both been very nice and always answer my calls/emails, but 54 days of waiting and not knowing and being unsure about everything is just too much. Seriously, this house is going to be the future home for my family and I need to know what the heck is going on!
That is frustrating!! We had the approval with NVR but their rates were higher so we went with Veteran's United! So far they have been great and very low maintenance. It is annoying to have to send everything in a again but I have found they don't need nearly as much as NVR, might be worth looking into, especially if you can save money!
ReplyDeleteWe met with our NVR LO within a week of signing our purchase agreement and it took over 2 months to get an official response. I've been keeping scans of everything they might ask for, in case they need a copy (even of things I've already provided). Definitely frustrating, but if you don't have a big incentive tied to using NVR I'd shop around. We're going VA too and our SR and PM already let us know to expect a long wait for appraisal once the home is finished (we're serviced out of Roanoke, VA).
ReplyDeleteWell I do feel better knowing that your approval took 2 months. I haven't even received a verbal approval, but then again I haven't been told there were any issues either. I'm going to give it a few more days. I would like to know an answer one way or the other.
DeleteOur loan approval took about 2 months too. You will have to go through a Final Approval just before closing too. So far we are on week 3 and counting. My LP told me this is the busiest time of year for them.
ReplyDeleteI'm no RH/NVR expert but I've rarely seen them begin construction unless they are really sure an approval is imminent.