After waiting over a month and half, we were told our loan was denied. It took some some time to finally get a response from our LO (I'm assuming since we were denied). I finally emailed her boss and received a call from her right away. It turns out the loan gods have changed their policy on how to account for student loans. Instead of adding what I pay each month, they had to use 1% of my loan total which is SIX times higher. This put our debt-to-income ratio way out of whack. Melissa (our LO) told us she could try for one more different loan but at this point we had had it with her and NVR and asked her to issue a denial. This way we still get our incentive (40% off options).
So, next step is working with Jen at Integrated Financial Solutions. Apparently, 80% of the loans that do not go though NVR are pushed and approved by her. Our SR wrote a letter to NVR requesting all of our documents be sent to Jen. When we asked Melissa when Jen can expect them, she sent an email that someone else was working on it so we are assuming it will take forever.
Anyway, this really sucks. Through the entire process we were constantly told, "Everything looks good!... You guys should be fine!" Apparently not. Good news is Jen will give us an answer within 10 days as opposed to NVRs ~60 days. Her debt-to income ratios can be a lot higher and Brad may even qualify for a VA loan under her guidelines.
Everybody pray for us!
In other news, they pushed back our start date to the first week in February due to weather conditions. I have a bad feeling it will get pushed back again due to Juno coming in this week. Oh well... More time to get approved and more time to save money!
