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Old 08-30-2008, 09:51 PM
 
Location: Ayrsley
4,714 posts, read 8,457,079 times
Reputation: 3814

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Quote:
Originally Posted by chesterfield View Post
so how does NVR work? they qualify you for a loan then sell your loan to a bank? does the bank then have to requalify you for the mortgage when you close? Can NVR make special arrangements that banks cannot? qualifying for a loan in todays market is hard, especially for self-employed folk like myself. so just wondering if NVR could work more miracles then other lenders can...
NVR is a full-blown lender, just like any other one (SunTrust, Wachovia, whoever). There is nothing special about them. However, they don't hold the loans very long and immediately sell them after closing. You don't have to "requalify" for anything - lenders selling mortgages is not uncommon, and this can happen with any lender - nothing has to be requalified for and nothing about your loan changes other than who you make your monthly check out to.

As for working "more miracles"...don't look to NVR for that. If anything, they are a bit stricter than some other lenders because they only want to give loans that they can easily sell. Lenders who tend to keep some, or a lot, of their loans I have found (in my experience) are more willing to work with you.

If you are self-employed, NVR is likely going to want a LOT of documentation. It took me weeks to get them to understand the concept of my being a "remote employee" for a company in NYC - they could not understand how someone working from home actually did work for a real company.

I ditched NVR and went elsewhere - I wouldn't recommend them.
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Old 09-04-2008, 02:11 PM
 
19 posts, read 53,246 times
Reputation: 12
Default Ryan Homes reputable or not

I seem to like them so far. They build nice developments but at the end they do mass produce homes..
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Old 09-07-2008, 05:44 PM
 
25 posts, read 69,879 times
Reputation: 23
We signed our contract in April in Archers Rock (hedgesville, wv). We were very excited.
They started diggin at the end of June. It took 4 weeks for the permits to come back from the county. No fault of Ryan Homes, but still frustrating. less the a week after they started diggin, everything came to a halt. There was a mechs lein placed on the Developer (not Ryan). Obviously no work could continue until the lein was resolved. We waited two week with no movement from the developer, so Ryan offered to let us walk (which we reallllly did not want to do) or relocate to another commuity. We decided to relocate to another community which was only about 15mins from our original lot. We were frustrated during this process, especially since relocating to a new community would require us to go back out for another permit. This time it only took about two weeks. We are actually very happy with our decision to relocate and are much happier in the new community. Ryan started at the beginning of August. We lost about 2 months. We were supposed to be in by the end of August, but now we are looking at the end October. Instead of being in Temp. housing for two month, we will be in for 4 month by the time we close. We were out at the site today (on Sunday) and the contractors were actually putting the roof on. It took them One Full day to completely frame out the house up to the roof. I counted 10 contractors, which is unheard of. We have gotten over the initial delays and we our very happy with our PM. He has building for Ryan for over 20 years and we are very comfortable with him. We also got 1/2 all options and went with NVR mortgage - they waived origination fee and settlement cost too. We did have to provide the paperwork, as expected, but we also have not had any issue with NVR mortgage. Knock on wood, we hope the smooth build process continues through closing. As with any new home, we expect some issues. We also expect the house to settle and reveal some nail pops and possible cracks, which Ryan will take care of with the post 10month drywall inspection. I would recommend Ryan in West Virginia or Fredrick, MD without hesitation..
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Old 12-14-2008, 08:54 AM
 
1 posts, read 3,045 times
Reputation: 10
Its been a year so I dont know if you will answer but we have had ongoing problems, structural with our roof which is under guarantee for five years. Im going to get a roof evaluation as Ryan just puts bandaids on the problem... seven times already. Any suggestions? Of course after the evaluation we will hire a lawyer.
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Old 12-14-2008, 09:18 AM
 
Location: weddington
373 posts, read 1,329,877 times
Reputation: 181
I can say our problems are still ongoing. As well as others in our neighborhood (and we discovered this weekend in another neighborhood as well). Unfortunately, due to Ryan's 1 year limitation clause on claims, we were forced to file suit (our neighbors filed as well). Ryan has been pumping our septic on a weekly basis for 3 months but have offered no solution. They even started saying that we were refusing contractors on our property. This went on for several months meanwhile contractors were here on a weekly basis. Not to mention we have spent tens of thousands of dollars on hiring experts to try and find a solution.

We have also discovered that there may be structural issues and have more engineers scheduled to evaluate the home.

I would strongly advise hiring an attorney. And remember the year limitation starts the day you close, not the day you discover the problem.

Feel free to PM me.
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Old 12-29-2008, 10:09 PM
 
6 posts, read 14,593 times
Reputation: 10
Quote:
Originally Posted by CarolinaCruzes View Post
Keep in mind that lenders sometimes require inspections for a loan. Not to be a broken record but septic inspection is sometimes required for cetain lenders. We went through NVR who required no such inspection as Ryan and NVR are owned by the same company. If we had gone with an outside lender and a septic inspection had been required an experienced septic inspector would have failed the system. Pretty convenient for NVR and Ryan. Also, please read your contracts. There is a clause limiting any action against Ryan to one year from closing. Fortunately we read our contract and are not in danger of missing that deadline but be aware if you don't find it in this first year, your stuck with the problem. Also, note that Ryan does not put an arbitration clause in the contract but they do refer to the limited warranty. We didn't receive our warranty until closing. The last section of the warranty has an arbitration clause and limits their liability to the cost of the house. So if you upgrade anything or make improvements Ryan says they will only give you what you paid for the house. Ofcourse this can be challanged and law puts the burden of proof on them to show that there was a valid arbitration agreement but it isn't clever how they tried to hide it in paperwork you don't see. Also our warranty is completely blank, nothing filled in, nothing signed. How could it be, they never have it to us until after everything was done.
We r buying a ryan townhouse in Trenton NJ. It's the same set up as Delanco NJ. We r just afraid because all of what we have read. Can u give me some info on what happened to you?
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Old 12-30-2008, 07:34 AM
 
Location: weddington
373 posts, read 1,329,877 times
Reputation: 181
I'll DM you with the details but we and our neighbors have filed lawsuits against NVR/Ryan.
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Old 12-30-2008, 11:04 AM
 
6 posts, read 14,593 times
Reputation: 10
I'm new to this. What's DM?
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Old 12-30-2008, 11:15 AM
 
Location: Up above the world so high!
45,270 posts, read 88,294,482 times
Reputation: 39844
Quote:
Originally Posted by Freddie Feliciano View Post
I'm new to this. What's DM?
"direct message"

You click on a posters name and you'll get a drop down menu where you can chose to send a message to them that no one else sees
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Old 12-30-2008, 12:04 PM
 
Location: weddington
373 posts, read 1,329,877 times
Reputation: 181
Sorry I should have explained what DM is. I just thought the forum was probably getting tired of my issues with Ryan and wanted to spare them the ugly details.

I will send that DM later this afternoon. I've been swamped today.
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