August 22, 2011
Today was our appointment with the NVR loan officer. I knew this was gong to be different from the last time I took out a home loan in 2002, due the changes in the economic landscape but I wasn't prepared for how drastically it had changed.
When we signed our papers 5 days earlier, I was given a from with everything that we need to bring to this meeting. Well...somewhere on that form it should state, "This is just a partial list. After we do your application, be prepared to to provide much more information, sometimes more than once. Also if we feel its in our best interests we may or may not require a full body cavity search to make sure you are not hiding any financial information".
All kidding aside, while NVR was the most emotionally taxing part of this journey, I do realize the close scrutiny is warranted. Hindsight being 20/20 of course, if bankers and lending organizations did this much due diligence before, the housing mess wouldn't be what is is today. But I digress...
Once he ran our credit, crunched the numbers, and looked over all the information we had on hand, he felt that the application looked good enough to send off to underwriting for their approval. He cautioned us that given the end-of-month approaching, Labor day coming, and general time frame needed, that it would be maybe 3 weeks before we could get and answer. He also outlined what steps would happen if a denial was met at any point along the way, and what the options were with each one.
We figured if it was meant to be, it would all work out so we left the meeting with a laissez-faire attitude having not gotten too emotionally invested, and still having a roof over our heads.
That would all change in the coming weeks once we met with Guardian and Rite Rug for our flooring! Once those choices were made, coupled with our drives through the community to look at our lot, we started to get excited about what may come.