Thursday, January 29, 2015

Financing - NVR

I wanted to dedicate a blog post to the financing aspect of this home building experience.

We are working with NVR Mortgage, owned by NVR, the parent company of Ryan homes.  We chose to use them because of the incentives (free options) they provide.

In a new build, you typically need a construction loan, and then a final loan.  However, this is different case, because the builder takes care of the construction costs and then you don't make a payment until after closing (June or July for us).  Instead, you are in a contract, which if you break has stiff financial consequences.

We met with our Loan Officer (LO) last week to turn in all the financial information and get "pre-approved" although nothing is final until the application makes it's way to underwriting (takes about 45 days).  I don't expect any road bumps, but you never know.

We don't apply for OHFA until 60 days prior to closing, about the same time we lock in our loan rates.  So, everyone pray that rates do not go up much!

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