Well, 29 days after our initial loan application with NVR, I got a phone call from our loan processor- we are APPROVED!
NOW it feels real, and I feel like we can start planning to move this summer! I also feel like a huge weight has been lifted, and maybe I can stop checking my e-mail every few minutes.
Yay! 🙂
Ok- yes, we finally heard something from NVR. Unfortunately, it wasn’t that A-word we’ve been hoping to hear. Turns out our loan is just in processing, and more documents are needed before it goes to processing (probably sometime next week).
It’s mostly employment / pay verification (I work on a school schedule 9 months out of the year, but get paid over 12- so they want proof of this), a budget letter (shows how much we can save over how long before closing), directions on how to withdraw retirement money (even though we most definitely aren’t doing this), and our most recent bank statements. So- nothing too outrageous.
I’m still worried, and all of this doesn’t feel real yet…
After scheduling our meeting with NVR, we received an e-mail from our LO that gave us directions to the office and a list of documents that were needed. We had numerous electronic documents that were needed for our application, so I sent them in several e-mails to our LO, and asked several questions in those e-mails pertaining to our meeting scheduled for 3/26. I didn’t get any response. My husband attempted to call the LO to ask the questions and to make sure she got the documents. He couldn’t reach her, and never got a response after leaving a message.
So, that was a bit annoying.
We went to the meeting, hoping she had received the documents. In person, our LO was great. She answered all of my crazy questions (we’ve never been through this before), and walked us through the process. We signed form after form, and even got to see that scary number that tells you how much money you will pay if you do so for the entire life of the loan (yes, that’s standard- and about what we were expecting… still tough to see!). I asked her about the “pre-approval”, and she said that if we are approved, it is actually a “hard approval”- so that was good to know.
Our LO said that she felt confident we would be approved, and there should be a decision sometime in the next 3 weeks. I don’t think I’m quite allowing myself to believe that all of this is really happening until we get the approval. Despite her confidence, I’m still afraid of being denied! (No reason in particular- it’s just part of the process. I don’t want to be too disappointed- or think of the stress of having to go through this process again with another lending institution.)
There were documents that we forgot to bring, so we e-mailed our LO the following morning. Again, we asked for acknowledgement that the files were received, and after nothing that day attempted to call the next to see if there was anything that was still needed to get things moving… but no response. So, yeah. We’re hoping everything is in order…
One very nice thing about that afternoon: we got a call from our SA almost as soon as we walked into the front door of our apartment. He said that they’re going to try to have the home done by the end of June! This means that everything is getting moved up and we have less time to come up with lots of money, but that could save us a ton in rent! (So we’ll be living off of PB&J and not getting out much until we close!)
Our road to a Florence- 