So I know a lot of you have probably heard horror stories about NVR or have a story of your own to tell. This isn’t necessarily a horror story but will be a post of me having had enough!
To make an extremely long story short, my husband has a son from a previous relationship (never married) and at first everything looked good with the mortgage. Welllll…the underwriter started giving us problems because of the fact that he has a child from a previous relationship. The underwriter requested a Divorce Decree or Legal Separation document and we explained that he was never married and those documents do not apply to him. After that the underwriter requested a letter from my husband’s son’s mother saying that he does not pay child support. My husband does not pay child support because we have him for more than 50% of the time and he pays for his entire medical, dental, sport activities etc…
I understand that it is a lot tougher to get a mortgage now and that mortgage companies are stricter with their rules and who they lend money to but really…a letter from his son’s mom? What does she have to do with anything? My husband was able to get a letter from the court system saying he doesn't owe/pay child support but that letter wasn't good enough. Excuse me???!! How does a letter from an ex-girlfriend hold more weight than an official court document? Our mortgage guy told us that I would be approved alone for the mortgage. He ran the numbers and between my salary and credit score it would be enough to carry the loan in my name. We thought about it and settled that it would be an absolute last resort for us. This is our first home and we want something that we are buying together as we start our own family.
Luckily for us this situation is starting to look up. After going back and forth with NVR about the letter (there’s no way we would be able to obtain that letter and I don’t see how it’s any of her business what we do just like it’s none of our business what she does) and telling them to figure it out, we finally caught a break. NVR went through a different investor and they approved us within a couple of hours! Our mortgage guy explained the situation and presented them with the court document and they were completely fine with it. Our mortgage will be with a company called New America Financial. I've never heard of them and most likely our mortgage will be sold to another bank after we close.
We received an approval letter through email and this is what they are asking for final approval on the loan:
30 day most recent paystub prior to closing
A valid appraisal
12 month chain of title
A ratified sales contract
All new construction disclosures (92451,92544, builder permit, BI, termite cert, U & O)
2011 & 2012 Taxes filed with the IRS
2012 Taxe returns & W2’s
Canceled EMD checks w/ bank statement showing checks clearing the account
Paper trail all non-payroll deposit over $500 on bank statements
Sufficient asset documentation for the remainder of the down payment for closing
WVOE s
Moral of the story: Definitely be prepared to deal with NVR if you choose to borrow from them. Every person will not have a problem but most will so be prepared just in case. NVR offers great incentives and it is convenient but definitely shop around and see what else is out there.
That's kind of crazy that they wanted a letter from his ex-girlfriend. I'm glad you were about to figure out another route to take with the loan so you didn't have to deal with that craziness!
ReplyDeleteI know, it is crazy! We went and spoke with the Navy Federal Credit Union as a backup plan but in the end NVR would have given us the better mortgage. I'm glad that's over but I was seriously thinking we would have to walk away.
DeleteWhat if your DH just claims the kid? We didn't have to document any of our kids, and if he's with you 50% of the time that sounds like you could.
ReplyDeleteI'm glad things are looking better, it seems pretty silly that little things like that are a problem.
I'm not sure how it all works. My husband does claim his son and that is how they found out about him. After that they started requesting letters and all kinds of crazy things.
DeleteI'm glad that's over with. It's pretty funny the other mortgage company had no problem with what we had and approved us right away.
That's so frustrating! And completely ridiculous that they would ask his ex to write a letter! Good luck- hopefully things will go smoother from here on out. We're still waiting for our approval. Haven't heard anything for weeks!
ReplyDeleteIsn't it ridiculous? I knew trying to get a mortgage wasn't going to be easy but I didnt think they would ask for something like that!
DeleteI'm sure everything is going well with your loan. We were in the same position but our SR told us that they wouldn't start the house if they didnt feel comfortable you were going to be approved.
Hopefully, everything works out for the both of us!