Loan Approval

We had our loan meeting on April 29^th and had all of the paperwork needed in to NVR by May 5^th.  We received our approval letter on June 11^th.  So it took a little over a month to get the approval.  I don’t know the usual turnaround time but a month doesn’t seem too bad.  I wasn’t too worried about getting approved, but it was certainly a relief to have everything ready to go!

Even though I thought we were pretty organized and gave NVR everything they needed, the approval email included an attachment that outlined additional information that we must provide at closing (taken directly from our letter):

1. Copy of earnest money checks with statements showing the money cleared
2. Provide dated Initial 1003.  Date of application must be verified.
• I need to research what this is because I’m not sure.
3. Signed/Dated disclosure of right to receive a copy of an appraisal.
• I’m assuming our SR will have this?
4. Verification of sufficient liquid assets to close.  (5% down is required plus 2 months reserves on the subject and 6 months on the current home).
5. Bank Account 1 – Page 2 of statement from 2/28/14
6. Retirement Account A – Page 3 of statement from 3/31/14
7. Provide terms and conditions for Retirement Account B.  The terms need to address if funds can be withdrawn in case of financial hardship.
8. Retirement Account C– provide a current statement (12/31/13 is the only one on file)
9. Provide terms and conditions for Retirement Account D.  The terms need to address if funds can be withdrawn in case of financial hardship.
10. Provide all pages of the Retirement Account D statement dated 3/31/14
11. Provide Bank Account 2 pages 2,6,7,8 of the 3/11 statement and pages 2 & 6 of the 4/10 statement
12. Provide explanation for lower wages in 2013.  Base on previous wage it should have been $xxx and the 2013 W-2 only shows $xxx
• Sidenote: A couple of things happened here.  Part of 2013 I had to pay back benefits for being out on maternity leave in 2012.  Also, I received a promotion at the end of 2013 that increased my salary.  I also x’ed out my salary info – no need to put that out in the interwebs J

The mortgage rate we were initially approved at was 4.625%.  We are working on boosting one of our credit scores to hopefully lower that rate.  We are thisclose to qualifying for the best rates, so we are doing everything we can to get there.  I am really hoping that the rates will drop a little between now and when we lock in our rate!

So, I think for now we wait until the Pre-Drywall meeting until we have to deal with mortgage stuff again! 

How was your loan process?  What rate were you able to lock-in at?