NVR Mortgage Update #5 Guess what...

Chicken Butt...............


Just kidding!  After a bit of prompting through an e-mail on our part to NVRM, a small freak out about some inaccurate numbering and change order information, and reassurance from the LO that we are in fact fine, we've been approved!

I am so freaking relieved!  This calls for a celebration!

There will be a full detailed blog entry/page about our NVRM experience and review after the process is complete and we've closed....

NVR Mortgage Update #4

It's been about 20 days since we've heard from NVR Mortgage.  I have to say that's pretty discouraging.  I'm worried. :-S  I've been constantly encouraged by our SR but how can someone not be concerned?  No news is good news.  Say it with me.  No news is good news.  Right?


***  Update ***

I sent an e-mail to NVR asking for an update and some questions regarding the loan.

Ryan Homes Blog | Bedrooms to Backyards

Ryan Homes has a blog!  Ryan Homes Blog | Bedrooms to Backyards  Yup, they sure do.  Some helpful information, not just about home buying but also home maintenance, budgeting, credit repair, decorating, landscaping, and more.  Although I don't feel like the articles are overly informative, they do give you somewhere to start in just about every category.  Having a starting point when you're considering such a huge decision is price-less.

I wish that I would have been referred to the blog when I first visited a Ryan Homes model.  It would have been helpful to peek into the wide world of Ryan Homes.  Definitely this article would have been helpful: How to Choose the Not-Yet-Built Home.

This one is helpful to those of us who are wondering what's next or what's taking so long: Building a New Home.

It was fun to look through and I bookmarked a few things.  Some of the items are tailored, obviously, to Ryan Homes and building with them but some of the information is general and can be applied to the building process, home buying, home financing, and home maintenance of any home.

Just thought I'd share with those just considering Ryan Homes or home building.

NVR Mortgage Update #3

We finally heard from our LO with NVRM yesterday.  A few items needed to be sent (proof of deposit checks to RH clearing bank) and I think we're off to Underwriting!  Whew, I'll be so relieved

when this part is over.  Both the SR and LO do not seemed to be concerned that there will be any problems.  Fingers crossed.

NVR Mortgage Update #2

I sent an e-mail to our NVRM loan officer on 28-MAR-13 get an update on our loan status and request on some small loan detail information but still have yet to hear back.  Our initial NVRM meeting for the Loan Application was 26-MAR-13.  I'm concerned.  We have received a specific letter today we requested stating we're purchasing a home that we worked through RH to get from NVR but we've heard NOTHING directly from NVR or the LO.  No calls, no letters, no request for additional information, not a single peep.  Should we be concerned?  Should we consider this bad customer service?  I have no idea if we ever made it to under-writing.  I have no idea if our file is sitting under a dried out coffee cup on someone's desk or if it fell into the trash can near the edge of this same desk.  This goes beyond no news is good news because now I feel like I'm completely in the dark and nervous!

~Update~
I've spoken to our SR and she assures me everything is good.  There is usually around 2 weeks of silence as things work through the process.  She also assures me that if NVR needed something they'd let us know.  I'm beginning to think that because we were so very thorough when we were preparing for the loan application that we may have given them everything they needed.  Let's hope so :)

NVR Mortgage Update

I sent an e-mail to our NVRM loan officer a week ago to just get an update on our loan status and request on some small loan detail information but still have yet to hear back.  Our SR was able to answer one of our questions which helped a little bit but I have no idea if we're on the right track or not.  Maybe no news is good news!?  Fingers crossed that we're all good!

NVRM Appointment - So Far So Good :)

We've just had our NVRM appointment.  It went fairly quickly and we left feeling much better about building our home.

Of the appointments we've had scheduled for this process this is the one I was most concerned about.  First, you always fear the worst when it comes to financing.  You can never be sure about creditors.  There are many factors that go into the approval process that it can leave you nervous and sleepless.  It has me.  The second reason is because I've read so many bad things about NVRM.  There are many bloggers out there that have run into a lot of problems.  My impression thus far is pretty positive though and I hope it stays that way.  We did our homework, we had all the initial requested documentation ready, so, perhaps that will keep us on the straight and narrow.  Our hope is that this is smooth going for not only us, but for NVRM too.

First, we made our introductions.  We then provided all the requested documentation.  That was fun to gather together.  It seems like they want everything, from every part of your life.  I guess it's better to have it all from the beginning than to have to scrambled to get everything together and possibly hold up the loan or ground breaking.  This part required careful scrutiny of Beth, our loan officer.  We ended up only needing a few additional documents and those only because of bad copies.

We next walked through our credit reports step by step.  Explaining what was bad, good, and great.  What was great about Beth is she actually provided information on how to make your credit report look even better.  This was extremely helpful to me personally because mine isn't great.

The next step was to walk through the financing information. 

Visting Ryan Homes Website

I've visited the Ryan Homes website countless times over the last 6 months.  I've also visited other home building websites but settled on RH for many reasons, including our budget.

I was extremely impressed by the simplicity of the website.  It wasn't cluttered and searching for communities and models were pretty easy.  They also provided some helpful information about their process.

If you're interested in building a home, I'd recommend visiting as many websites as you can.  You'll get a feel for what you like.   I'm learning as I go and blogging all about it here.

I've visited many websites of other Ryan Homes customers and that's also been a great help.  So far, we're on track.

Buying a Home the Ryan Way

The Master Selection Sheet, Options, and Cost Estimate

The Master Selection Sheet is another portion of the Purchase Agreement.  I saved it for separate post because this is the fun part!  The Master Selection Sheet, Options, and Cost Estimate are a big part of your Purchase Agreement.  It's your soon to be home on about 30 sheets of paper, written out piece by piece.

Basically the MSS (I shortened it for the sake of my fingers!) is the combined list of the base features of the home, the included options that are given as part of the area, community, etc., and the selectable options.

The features include some of the following items and as you will see, the features are pretty standard and something that should be included in every home. 
# of phone/catv lines
driveway
laundry room
shingles
mailboxes
kitchen sink

The included options are other options that are provided because of our area, community, or standard for the type of home and include some of the following items.  Again, these options are standard in most homes but go a little above and beyond the basic features.
kitchen applicances
faucet fixtures
fiberglass bathtubs
carpet/flooring
sliding glass door
siding
two car garage

The best part, the super best wonderful part are the selectable options. 

County Property Records

I spent some time on my county's website looking at the property records for the community.  I'm not sure what to make of it.  I'm not sure I understand the information that's being given to me on the website - maybe this is another research moment or maybe the SR could explain it to me? 

The community doesn't offer as much as other surrounding communities - like swimming pools and such - but it is unique and the lots are not cookie cutter.  The lot sizes are smaller than other communities.  Also, I've read many blogs where the Florence house price is much lower than what ours is, having similar selections.  This concerns me because, again, we're not made of money.  We wanted the biggest bang for our buck.  And so begins the back and forth and the pros and cons.  I don't believe anyone will be able to tell me what's best because it's all based on personal preferences.  We need to decide what we want and what we want from our community and home.

We have one more night to sleep on it and likely several more calls from me to the SR to talk me through it before the appointment.

I hate being OCD and a second guesser.  To be honest, I'm scared.  I don't want to regret anything.

This is all so fast...

So, over these last few days, before our scheduled meeting with Elizabeth, the Ryan Homes sales representative today, I had been doing a lot of research on Ryan Homes, quality of homes built by Ryan Homes, and customer service satisfaction.  I spent a lot of time on their website, on blogs, on home building sites, and customer complaint websites.  Some of the information I found was very scary.  There was also an overwhelming amount of positive information as well.

To be honest, the negative reviews are scary to me.  I'm a limited income single mom with the hopes of finding a good quality home that will last the years for myself, my mother, and my children.  Money doesn't grow on trees around us.  I've always been a person to read reviews and to do my research, but I also to go to the horses mouth.  I knew that no matter what I learned that we planned to attend the appointment, if only for informational purposes.  Let's compare our process.  I found this on the Ryan Homes website:

RYAN SIMPLIFIES HOMEOWNERSHIP

1. Reserve a Homesite
2. Personalize Your Home
3. Make a Purchase Agreement
4. Apply for a Mortgage Loan
5. Complete Your Down Payment
6. Construction Begins
7. Go to Closing and Move in

When I walked through the model home's door I saw a very smiley face.  I introduced myself and my mother to the SR and peeked a little at the framed site map and model home floor plans, but it took 45 seconds for us to walk into the office and get right down to business.  Sometimes you just have to skip the fluff.  I didn't want to get too hopeful and wander too much around a model that may not even be within our reach.

Our Process

Is it Trash?

On Sunday afternoon, I was doing my normal week end rounds to pick up the neighbors trash and toys from my yard and street.  I dread this part of my week because I have to pick up gross things that have been discarded by inconsiderate people.  Every time I think one day soon I will have my own space, I won't have to put up with landlords, always fearing of pissing off the wrong people, or eviction threats.

During this routinely day dreamy cleanup I happened to glance at paper I had just pulled out of a wet gutter and see my name on it.  I open it up and it's a flyer from Ryan Homes - Home of the Month.  Is it a sign?  Is it trash?  I set it open on the counter to dry out and go on about my day.

I mention the flyer to my mother a few days later and explain how the deal is really good.  I mention it's a limited time offer on only 1 lot and she encourages me to give the Sales Rep a call.  Since it's already 2 weeks into the sale I had little faith anything would come of it.  The next day I give them a ring, I told my story about visiting the model before and driving through the community often and mention the flyer - UHG - but of course, the house sold and the SR is out.  I was deflated!  The lady that took my call was so very kind though and said she'd try to get in touch with someone to see if anything else was being offered.  I didn't expect a call back because sometimes things are just too good to be true.

Not much later, however, my phone rings and it's the assistant saying that we could get a similar deal!  Woot!!  But she wanted to send me the pre-qualification paperwork to get started and schedule an appointment later that week to meet with the SR.  EEK - the dreaded financing part.  It's one thing to dream about a home but financing one is a nightmare from what I'm told.

Oh, but what could it hurt to give it a try?  If not now, then when?  I agree to setup an appointment with the SR for Saturday and set about getting the information to my mother.  Our plans were to set ourselves up with a home to share, with enough room for her, her grandchildren, and myself.

It was a little rough going at first.  We got the wrong forms, twice.  That was a sign or so we thought.  We got a call saying we would be getting the right forms sent to us but of course it was too late for us to handle the paperwork that day.  We'd have to fill it out and bring it with us to our appointment.  Well, I guess if it's not something you have to work for it's not worth having... right?

Buying a Home the Ryan Way

The following information is courtesy of ryanhomes.com.  I have found it very helpful in learning about the process of purchasing/building through Ryan Homes.

Seven Steps to Homeownership

Buying a Home the Ryan Way

Buying a home is a big decision—one that might seem daunting. While this may be your first time, relax. We've been helping folks find and purchase their dream home for more than sixty years now. Here's how it works.

1  Reserve a Homesite

Work with your sales representative to prepare a cost estimate of the home type, homesite, and features you want. Fill out a few preliminary forms for your loan application, and make a "good faith" deposit to secure your chosen homesite.

2  Personalize Your Home

One big advantage of buying a newly built home is the opportunity to really make it your own. Spend some time to carefully select all of the custom features and color choices that help personalize your home.

3  Complete a Purchase Agreement

Meet with your sales representative to authorize your purchase agreement and make your initial deposit. (Note: We'll return your homesite reservation deposit at this time. In the event that you are unable to obtain a mortgage commitment according to the purchase agreement, ALL deposits will be refunded.)

4  Apply for a Mortgage Loan

Within seven days of signing your purchase agreement, contact a mortgage counselor and complete a loan application. For your convenience, Ryan Homes has its own mortgage company, NVR Mortgage. Why use NVR Mortgage?

5  Complete Your Down Payment

Once the purchase agreement is complete, your sales representative will tell you when the remainder of your home-purchase deposit is due. This deposit, representing the balance of your down payment, is your final payment until closing.

6  Construction Begins

Once your down payment is complete, your mortgage is approved, and the homesite is ready for building, we can start construction. We'll arrange a customer involvement meeting with your project manager and sales and marketing representative to familiarize you with the construction process and discuss what happens next.

7  Go to Closing and Move In

At this point your home is complete and you'll have a new-home demonstration meeting with your project manager. A date and time for closing is set and all final payments are due at this settlement. Once all the papers are signed, you will receive the keys to your new Ryan home.

Where We Started

I've known for years that my dream was to own my own home.  Over the years the dream has grown and formed in my mind.  Hoping all hopes, knowing all knows that one day it would come true.

After many weekends of driving through neighborhoods and seeing all the beautiful homes I could only dream of owning I stumbled into a budding little development - it was perfect from the moment I saw it!  It was small, sweet, and had some of the most beautiful cottage style homes I've seen.

Honestly, my first thought was the sign had to be wrong - homes from 150,000?  There's no way!  I was too shy to go into the model.  It's true - you can be home shopping shy.  I felt it was out of reach.  I was embarrassed of the thought of stumbling around some gorgeous model home that I could never afford.  Oh, so heart wrenching!

I visited that little neighborhood many, many times... watching as these homes began sprouting up like flowers in a beautiful garden.  Long story short, with the encouragement of my wonderful mother, we made our first visit to Ryan Homes and I was so completely blown away of the beauty that a home could offer.  There was a wonderful sales representative to show us around -- and to disappear to give us time to awe over some of the wonderful parts.  He even showed us a home that was nearly ready to be closed on.

He reviewed our financing options and opened our eyes to how affordable building a home could really be.  I had researched for many months on home buying and home building and I could fill pages with all my knowledge but I know there's so much more to learn.  That's where this blog comes in.  I want to share my experiences with you!  I want to show you my journey, every bump, every set back, and hopefully a bit of smooth road ahead, I'm laying it all out there.

So this is where we started.  A hope, a dream, and a simple visit to a Ryan Homes model on 23-SEP-12.