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!
Thats a bummer! So sorry to hear that! they broke ground for us last week but we are still waiting to hear from NVR as well...
ReplyDeleteBest of luck to you!
Thank you! How's your house coming? I think getting denied by NVR was actually better for us. We now will have to put less money down and our interest rate is 3.99% (NVR quoted 4.625%) and we are still getting our discount based on the use of the NVR mortgage since they denied us.
DeleteNVR sounds like they are up to their old tricks. Gosh I wish they would deny me at one point. Our home is built we already had the walk thru and they are still asking us for documents. And asking me to make payments on my car and I’m not even on the home loan. It’s ridiculous already. My house is in contract to sell in 2 weeks. My husband has to be out of his apartment in a week. We are toast waiting around for them to make a decision. We are past our closing date now. We tried to get a hold of Jen from integrated financial but she doesn’t work with people in Ohio. I’m freaking out. We just want our money back and to move on at this point.
ReplyDeleteI feel the pain it's actually the reverse for me NVR actually approved our loan and the VA requested to do a manual underwrite and they denied my VA Loan had to gather up a ton of more documents and NVR resent the paperwork through the VA although I requested for them to just switch to the FHA Loan our house is ready was scheduled to do the walkthrough on the 13th and close on the 15th Thanks to the VA that didn't happen and the reasons the VA gave me were so bogus....I think we ended up with a VA underwriter who goes by his personal opinion versus the rules in the 26-7 pamphlet: Qualifications for the VA Loan
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