Thursday, January 24, 2013

The waiting game....(insert jeoporady theme song here)

I feel like I shouldn't be getting too into the building process yet and getting excited, we haven't been approved yet for the mortgage and I'm just so worried that I will get my hopes up and something bad will happen during the loan process and we won't get our home :(  I'm only worried because of our situation with my husband owning his own businesses (yes plural) and it's so difficult to get all the information, mainly because we need to prove 2012's income and we haven't filed our taxes yet and neither has either of his businesses :)  Fun times!  I am greatful, however, that my husband's credit is squeaky clean (unlike mine, stupid college years.... grrr!!!) and that we have no debt what so ever (car paid off as of Decemeber woo hoo!!!), it makes for one less headache in the process but I just feel like I shouldn't be planning out rooms in my head or going furniture shopping until we get that first approval from NVR.  Hopefully I will have some good news soon!  We are on the calendar for our pre-construction meeting February 18th, so I hope we hear something before then!  I know it can take about 30 days from application, and in our situation maybe even longer.  Keeping my fingers crossed!  Wish us luck!
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7 comments:

  1. dwtimes2January 24, 2013 at 2:03 PM

    I have a GF who owns her own business and I know your process is more detailed than the rest of us who work for others :)

    As far as NVR goes, we got approved in 45 days.

    Be prepared to be asked for many things, and possible duplicate times, just do it...don't fight them, just give it to them...keep all copies organized...keep in touch with NVR weekly, ask how progress is going, you need to be proative, I did, and didn't have any surprises!!

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  2. UnknownJanuary 24, 2013 at 3:37 PM

    Good luck! I hope everything works out!

    And some food for thought - NVR denied us after telling us we had no issues, and the LO was all about giving the OK to break ground before it went to underwriting. Then 45 days after applying BAM! they called and said they couldn't help us. (More details on our whole mortgage fiasco on our blog). But the point of this is - we built our Venice and are closing on Monday! Keep your head up, have faith in the people that are in the sales office, and if NVR turns you away, let me know and I'll give you the phone number of the LO that got it done for us, and who RH calls when NVR is too conservative to lend to deserving people!

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    1. UnknownJanuary 24, 2013 at 3:43 PM

      Thanks M! Actually reading your blog post about your NVR woahs is what made me so nervous! But I'm glad that everything turned out ok and that you are closing! Hopefully things will go smoothly for us but I will keep you in mind of things get bumpy! Thanks for the support and good luck with closing!!

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    2. UnknownJanuary 24, 2013 at 4:32 PM

      I read your post and it sounded as if I wrote it! All I could think is how horrible that feeling is, and I don't want anyone else to have to go through that!

      Please don't hesitate, if you need anything, I'm here :) everything should work out fine!

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  3. MJanuary 24, 2013 at 8:33 PM

    I felt that way in the beginning too... I was just waiting for things to not work out. Luckily everything did work out for us and I hope it does for you too.

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  4. RickandNadaseJanuary 25, 2013 at 5:35 PM

    Rachael I can't begin to tell you what we went through for six months before we received approval and it came with a list of 19 required items to support our loan approval. We had to provide 2009, 2010, 2011 tax returns , W2's to support income sources and even a profit and loss statement for 2012 since my husband is the president and employee of the business. I urge you two to get on top of the paperwork. We ended having to get signed documents from other key ppl in the business too ie accountant bookkeeper estimator etc AND a host of other things!! They kept saying our case was special and wanted everything documented properly. BUT THE MOST IMPORTANT THING IS TO GET THE PAPERWORK, because you want to lock in your rate when you can and not let it expire too. It was a whirlwind but you will get through and have your keys to your new home. I used the waiting game to do lots of research and pick all the furniture for each room and started packing. You act as if you have you received the approval don't jinx it with bad thoughts.

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  5. UnknownJanuary 27, 2013 at 5:19 PM

    Just found your blog today. Best of luck with your mortgage approval, and look forward to hearing about your build!

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