My wife and I have been looking to build our very own home with Ryan Homes for quite a while. Our first visit to our "would-be" community was over a year ago. We both were trying to decide if we wanted new construction or pre-built. After walking thru the model (a Venice) and seeing the cost kinda sky rocket out of our (then) price range after choosing the elevation and options we would like to have, we decided that the pre-built arena would be the place for us, although we both really wanted to build our own home.
We were working with an agent at the time and he used his connections to put us in touch with a mortgage broker to help get us a pre-approval to buy our first home together. Because I was fresh out of college and new to the area here in Greenville, SC (moved here for my current job) we were practically forced to trust our agent (which we didn't know from Adam either) on his recommendation. We started a rather lengthy process of obtaining our pre-approval. After about a month we had our number along with the approval. We searched and searched for that perfect home for our family in this area to start what we hoped to be our new hometown. With a new job and a lower starting salary than what is typical for my industry we were just trying to get the most for our money, along with enough home to grow for years to come. It wasn't long before we realized that we had to compromise on our champagne dreams with our beer budget. The houses that were in our price range were either in a bad area or a longer commute than what I wanted. Finally we found one that seemed to be it. We placed our offer, was returned with a counter to which we countered and then struck a deal. We signed docs and a couple days later had a ratified contract for the home and although my wife and I were still thinking about a new home...were trying to be as happy as possible about having our own home, however that came to be. Fast forward like 3-4 weeks, after we had paid for the inspection, the home appraisal and other random things out of pocket and moving closer to a closing date we abruptly found out that our broker moved to a different company and the one he was now with had tighter lending requirements for a loan. Lending requirements that I personally did not meet with a BK in my recent past. While I had a credit score that was really good (or so I was told for what I had went through) it was not their 640 that they needed to have. I sat sadly at a 631. He tried to shop it around to his "buddies" in the industry in which we were told the same thing by all of them...Talk to us when you have at least 2 years on your new job. By then your credit score should be well above the 640 that we need. Needless to say my wife and I was devastated. We had already started making purchases for our new home. A larger TV, theater seating for my "man cave", other little odds and ends that just seemed to make the sting hurt even more when we reflected on them. After a few weeks of being really frustrated we finally decided that maybe God had a better plan. One that we would have to wait and see because we sure didn't feel like there could be one at that moment, even long into the future.
Now fast forward almost two years. I'm still at the same job. I've been blessed to receive two rather large raises that are not the norm for other companies and we've also added to our family. We started to revisit this topic back in August. Mainly because 3rd floor apartment living really stinks but also because of our coming daughter (number 2 we have a 5 year old too). Still we had our documents from when we tried this the first time and when we went back to speak with our SR we had them in hand to compare. Their specials had changed of course but overall, much was the same give or take and with the two years raises we were able to add even more of the real features that we wanted, i.e. a lot better elevation, granite counter tops, morning room, island in the kitchen, etc. Armed now with a better work history and higher salary and hopefully a lot better credit score we decided to move forward with Ryan Homes. Because of the lengthy story that I just went through I was adamant about not putting ANY money down what-so-ever until the underwriters at NVR gave us the go ahead with a pre-approval. Again, this all started in early August. We've had to fight some things tooth and nail with our SR (although he's very patient and understanding) and with our LO with NVR. Our SR kept trying to push to get that down payment and our LO just seemed to drag his feet at every moment. Much of which my wife and I think had to do with our demands and because it's not the SOP for buying/building with Ryan Homes. See, Ryan Homes likes to rope their buyers in by showing them an amazing house and getting that retainer so that you have some skin in the game. This serves a few different purposes. It keeps you locked in so because you don't want to lose your money but more importantly for them, they have your signed documents for what I feel is a slightly overpriced home that you cannot negotiate any further after your initial wants/needs are put into the proposed sales order. Completely opposite of the normal home buying procedures within the pre-built arena in which most won't even entertain your offer without knowing you have a pre-approval in hand to show them you are serious. Like I said, this was something I demanded should they want to sell a house to my wife and I. At first it was no problem. Later, it started to become an issue but I stuck to my guns, threatened to walk away (but was dead serious) and, well, finally they came through!! My wife and I received the call yesterday that we have our pre-approval. It's not the final of course but it's the approval that we needed to move forward. Only two conditionals which are not a problem. They need a quote for home-owners insurance and they want documentation on two rather large deposits that I made to our bank account that's outside my direct deposit paycheck. (So I collected a few reimbursement checks from my work for travel. If I don't need the money in the bank, I like to collect them until they total a couple grand) This I guess is a huge no-no that I'm having to explain away and document now. Lesson learned. Its really a blessing to have even though it's creating heart ache now :)
So with that, we are off on our journey to build our very own Venice! We are super excited and will be updating this blog as time goes on to document our experience in this dream come true. Already though NVR Mortgage has shown to be all that and more of what their reputation says about them. Hard to deal with, constantly needing the same document(s), pay-stubs, etc. I have had a few stern words for our LO and I'm sure he's eaten a few that he's wanted to share with me but overall we are both very professional and we both are focused on the same common goal; to get my family a new home. I've had much time to pour over these blogs, I've learned a ton of other peoples experiences and I hope to help other would be buyers with my own blog. Many thanks to those that have went before me to document their story for people like me. I can certainly say that my wife and I are very appreciative!! Until the next update...
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