April 14th

Loan Approval Meeting

We found out today that we will complete the selections to our house on Monday, April 17th, but today we will be speaking to NVR about the approval of our house while going over our credit reports and other financial information. I have to admit, this is the part of the process that worries me the most, not because I don't think we will come up with the money but moreso because we do not have very much saved up for a down payment and both of us are coming in with limited assets and a large amount of student loan debt. I have been hesitant to even mention that we are progressing into purchasing a home in the chance that we are not approved.

Once again, I have no idea where NVR and Ryan Homes find the people to assist the homebuyer but to be honest I have nothing but great things to say so far. William, eased so many of our concerns going into this process and let us know that with our financial information, he does not forsee any issues for us to get approved. We will need to continue to work on the DTI ratio of our credit cards but our credit reports came back even greater than I thought they would be.  With the assistance of my wife, I do have to say that we came into this meeting extremely prepared, making copies of everything they needed, forwarding information ahead of time, and even providing more documents then requested just to make sure they wouldn't need anything further from us. It was actually an extremely painless meeting and believe it or not calmed me down for the rest of the process, I really felt a sense of relief after we came out of this meeting.

William also discussed all of the costs associated with the mortgage and how we could shop around for other services as needed. One of the only things I think we will shop around for is the homeowners insurance as we use USAA for everything and they have provided tremendous customer service and coverage.  One thing that we went over that caught me a little off guard was title insurance.  I had never heard of this and didn't realize this was a mandatory cost but didn't seem to expensive for the peace of mind know that your title wa clear and would remain that way or that you would have assistance with any type of claims made against the title.  

Overall however we figured we would use NVR mortgage as the rates seemed to be in comparison with other companies and they were offering $5,000 in closing costs, not too mention we wanted to keep most things in house to avoid any potential miscommunication as NVR and Ryan homes reps work hand in hand and help expedite the process.  We would be working on approval for an FHA loan, and William certainly provided us all the information needed to make us feel comfortable about moving along in the process and timelines of approximate approval and underwriting.  Also we would need to decide on when to lock an interest rate, I figured this was done approximately 60 days before closing but apparently they also have options to do this up to 120 days prior for a premium. Although we will likely wait until the 60 day period, it was a good idea to find a couple of days to monitor the rates.  One more thing checked off the list to owning our home.