NVR Mortgage Meeting

Again with the money stress?

We met with Jonathan, our NVR Mortgage rep at our development's model on 1.7.16. He was very down to earth, honest, and reasonable in our discussions. I felt an unexpected level of trust with him, and the hubs stated the same to me after the meeting. Impressive!

He reviewed everything, ran our credit and confirmed that he would be recommending us for conditional approval at 4.25% (ugh. Damn Fed.) Hubs' credit score needed to bump up a tiny bit. so he indicated that we should focus on that. We were thrilled to not have to be considered contingent. Our sales rep had already warned us that people were ready to take our lot, which would be possible if we had to be a contingent sale. Of course, we NEED to sell our house before closing on the new one to feel remotely comfortable. Who can afford two mortgages? Not us!

We also talked through how much we'll put down, expected closing costs, etc. We talked through using a 401k loan. He offered the option to finance the closing costs; which we'll save as a last resort if things get hairy with money at the end. *fingers crossed*

He also explained that NVR will re-run our credit prior to close to make sure all is well. Told us not to open ANY new accounts, which things to pay off for biggest impact on score improvements, etc. All stuff we knew, but nice to get his confirmation of our plan.

Still waiting for a final/approved letter. Not sure when we should expect that.


We brought all the requested documents to the meeting:

Income Documentation:

1.      One month of the most recent pay stubs reflecting 30-days year-to-date pay. Bi-weekly pay must include 3 consecutive stubs to complete 30 days.

2.      2013 & 2014 W2’s

3.      Please provide a copy of your offer letter with your new job.

4.      Please provide a copy of the most recent teaching contract for your district.

5.      2013 & 2014 1099s for Social Security/ Pension (if applicable)

6.      2014 Monthly/ Yearly benefits statements for Pension and/ or Social Security Income. (Award letter received at the beginning of each year.

7.      2013 & 2014 Complete tax returns (all schedules) ***If you are self-employed and file business returns, please provide both personal and all business returns.

Asset Documentation:

1.      3 months Checking/ Savings account statements for all accounts. Please provide ALL pages. If the statement says 1 of 6, we will need all pages even if they are blank. Printouts from internet sites are not acceptable if they do not include the bank name, account holders name and account #.

2.      Documentation for any non-payroll deposits over $1,000 (copies of checks that were deposited)

3.      Most recent 2 months or quarterly investment/ IRA / 401K / Stocks / Bonds, etc. statements. Please provide all pages as stated above. DO NOT send balance pages only.

4.      Terms and conditions under which Retirements funds can be withdrawn - even if not using these funds for settlement.

Miscellaneous Documentation:

1.      Copies of all borrowers driver’s license and/ or passports. For FHA or VA loans also provide a copy of each borrower’s Social Security Card.

2.      Please provide a copy of your certificate of eligibility for VA financing and/or DD214.

3.      Please provide a copy of your valid VISA and/or paperwork evidencing renewal, if applicable.

4.      Please provide a copy of your divorce decree and property settlement agreement.

5.      Please provide a copy of your most recent tax bills as well as your home owner’s insurance declaration page and any home owner’s association dues paid.

6.      Please provide the documentation evidencing the Home Owner’s Association dues associated with your current property.

7.      Most recent Mortgage Statement for all properties owned. Please include any 2^nd trust mortgage or home equity lines or loans.

8.      Please provide a copy of your bankruptcy discharge.

9.      Please provide a copy of the paperwork showing the satisfaction of the outstanding judgment(s).

10.   Name, address, and phone numbers for landlord (if renting)

11.   Letter of explanation for any recent credit problems, if applicable, i.e. Late Payments, collections, judgments.

12.   A check for appraisal and credit report fees. Your loan officer will inform you of the amount based on the program you are applying for.