Ryan Homes

Financing Your Home

Contract to Application

• Your loan officer schedules a time and location for your loan application, which must occur within seven days of the date of your contract.
• Use this form to gather all the information your loan officer needs. NVR Financial Information Sheet (PDF)
• Bring a check made payable to NVR Mortgage for appraisal and credit reports. (Your loan officer will tell you the amount.)

Application to Approval

• Your file is registered and turned over to your loan processor.
• Your loan processor reviews the file for all necessary income, asset and credit documentation, and contacts you if any additional documents are needed.
• Your loan processor submits the file to our underwriting department for a credit decision.
• Upon loan approval, the loan processor notifies you of any outstanding conditions you must satisfy prior to closing—the sooner the better.

Approval to Pre-Closing

• Expect regular contact from us regarding the status of your loan approval.
• If you are on a budgeted savings plan, save all bank statements reflecting deposits as well as supporting documentation (such as pay stubs).
• Save all copies of bank statements showing any earnest money checks clearing from the account.

Pre-Closing to Closing

• Roughly sixty days prior to the estimated delivery date, your loan processor sends a letter detailing any documentation needed for final loan approval. (Although you will have provided the majority of the documents at loan application, some of these may have expired and need to be updated.)
• You must satisfy any conditions no later than thirty days prior to settlement as these conditions must be reviewed by the underwriting department to prepare your loan for closing. It will take approximately ten days from the date you submit your last condition to our office before your loan will be ready for settlement. If conditions are received less than ten days prior, your settlement date may need to be rescheduled.
• Sixty days prior to the estimated delivery date, the appraisal for your new property is ordered through a licensed and approved home appraiser. (The exception is VA loans, which are ordered when the home is 95 percent complete.)
• We gather homeowner's insurance information from you and request a copy of the insurance policy that will be issued on your property. If you have paid in advance, we require a copy of your receipt as evidence of insurance covering a one-year period. You may also request that we collect the premium at settlement.

Locking In Your Interest Rate

• Once you are within sixty days of closing, you can lock in your interest rate and points (if any); just speak with your loan officer.
• We can lock in your rate any business day between 11:00 am. and 4:00 pm. (It is your responsibility to ensure that you are within sixty days of closing when you lock your rate. A good time to call is typically after your pre-drywall inspection.)

Closing

• We prepare most of the documents that you will sign at closing. We gather tax and insurance information and share preliminary closing figures with you.
• Once the closing figures are received from your closing agent, your loan officer tells you the amount of money needed at closing. Funds should be brought to closing in the form of a cashier's check or a certified check payable to your closing agent.
• At least ten days prior to settlement, you receive a letter with a date, time, and location for settlement.
• Settlement is performed by a settlement agent from your closing agent. At closing, you review and execute all documents associated with the sale and transfer of the property. Congratulations!