As you can see, our lot has gone from brown to green over the last few months. We hope to see some action very soon.
I had an unexpected call from the loan processor today stating that our loan had not been approved yet, because our file was not complete. Keep in mind that we were told by Ryan Homes two weeks ago that we had been approved for construction to start and that construction was being held up due to the permit process. We had not heard from the NVR Mortgage since March, so we thought everything was going smoothly, especially considering our communication with Ryan Homes.
When the NVR processor called me today, she said that there was documentation, such as Social Security cards, Driver's Licenses, W-2's and our 2011 Taxes missing from our file. I asked her if our loan had been approved and she told me that it had not been approved yet. With this being said, my husband and I were in shock and asking ourselves a lot of questions. Why was Ryan Homes telling us that our loan had been approved and now NVR is telling us that it had not been approved yet? Was this deal going to fall through a month into construction? Why wasn't this documentation collected a month or two ago? Why have we not heard from NVR Mortgage since March? What's next?
After a few e-mails and phone calls, we were able to get to the bottom of it. To make a long story short, there is an approval in place for construction to start. During the underwriting process (which I was told that we had already went through) the processor noticed that our file was not complete and is now collecting documents from us to get the official approval. If everything was done properly, these documents would have been collected from us from the beginning and we would have been kept in the loop by NVR. That would have prevented the confusion today that left us wondering why we were being told two different stories by Ryan Homes and NVR Mortgage.
If it were not for the closing assistance that Ryan Homes offers for using their preferred lender, we would have used BB&T from the beginning. We processed our last two loans with them and it could not have went any smoother.