Home Buying in 08094>Question Details

Shane Wallace, Home Buyer in 08094

Ryan Homes/NVR Financing

Asked by Shane Wallace, 08094 Sat Feb 4, 2012

I am leaning strongly into purchasing a new home with Ryan Homes. They offered buyer incentives if I go with their financing company, NVR. I have no problems with going with their financing company as long as they offered the same APR and fees as an outside lender.

I have good credit, my lowest score is 730, and my DTI is around 12% without a mortgage. How long would it take to get comparable GFE to negotiate with the in house financing.

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Answers

6
Joseph S. Cordova’s answer
Shane,
I can help you compare with the financing offer you will receive from NVR. To be honest, I have been originating loans since 1997 and have seen the builders over the years offer these incentives to use their "in-house" mortgage lender. Often times the terms of the loan are not as good as they could receive independently. Which is a great reason you posted this question. When push come to shove, if you negotiate correctly, you can use your choice of lender and still receive the incentives. Feel free to contact me and I will provide the GFE to compare and explain to you how to negotiate correctly.

Joseph S. Cordova NMLS# 146855
jscordova@linc-mort.com
Lincoln Mortgage Company
8003 Lincoln Drive West, Suite F
Marlton, NJ 08053
office: (856) 810-1200 ext. 242
direct fax: (206) 333-0946
cell: (856) 304-2381
2 votes Thank Flag Link Sat Feb 4, 2012
Shane go get your own financing you will be better off all the way around. Trust me! I had nothing but a headache with NVR mortgage. They are brokers!!!!!! Used Car Salesmen!!!! Go to a real bank!!! Don't use them.
0 votes Thank Flag Link Fri Nov 29, 2013
Hi Shane,
I'm not a mortgage broker, I'm a real estate broker, but I've personally had experience with Ryan homes/NVR, as have many of my neighbors in Mullica Hill. You should try to get your own financing and still try to negotiate the same incentives. if they won't do it, you should be able to get a comparable GFE within 24 hours.

Kim Thomas,Broker-Associate
Brown & Pope Realtors,
http://www.KimThomashomes.com
kim@kimcanhelp.com
856-308-5989
0 votes Thank Flag Link Sat Feb 4, 2012
Shane,
You can get that answer, usually the same day, and the broker that answered you already is correct in that you can usually still get the incentives. I know of an extreme case where a buyer used the mortgage company of the builder to get the incentives, then went from that settlement to another and refinanced the laon immediately, since there is no prepayment penalty.

Did you get an adequate answer to your previous question about a buyers rep?
0 votes Thank Flag Link Sat Feb 4, 2012
I can also help you with that, I have a lot of mortgage brokers that I would with on a daily basis. Its always good to get another opinion. You get can your answer from a mortgage rep with in a day. Let me know if you need help with that as well as your buyers agent question. I look forward to speaking with you. suzdsells1@gmail.com.
0 votes Thank Flag Link Sat Feb 4, 2012
If you have a buyers agent that knows your situation they can help you with that question. Hopefully they also helped you negotiate concessions from the builder.
0 votes Thank Flag Link Sat Feb 4, 2012
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