Sunday, February 24, 2013

Waiting for Approval

February 7 - Since we picked our flooring and wiring options, as well as, made only a few adjustments during the 14 day period we did not raise the final price significantly.  We also learned that our closing costs would be significantly less than Mark had estimated.  We'll still see on that one and we will let you know after it is all said and done.

So, we waited to hear anything...and waited.  We had been told that it would take 3-4 weeks to know anything, but Gary, Mark, and Lauren all said to be sure to save everything and be prepared to submit and resubmit paperwork as needed.  We were prepared for anything, or so we assumed.

Then, the first call came in.  A representative from NVR, Emi, contacted us and said that everything was being processed.  She said that she would let us know if there were any issues and would ask for information if necessary.  This sounded like progress to us!

Screeeeechhh!  While Emi was processing everything for NVR, it was sent to a company called Creddo.  Yes, you read that right.  Creddo.  I know it sounds like a bad SNL skit version of a title loan company, but apparently they are like private investigators of credit reports.  We had some items that we needed to figure out.  First, student loans.  This was a biggie.  For those with student loans, it is good to look at your credit report to see if it is showing up in duplicate.  This was the issue for us and was quickly resolved with a series of telephone calls.

The second issue was verifying our rent.  While we were able to show them the lease agreement and bank account information with checks for rent they still needed to speak to our landlord.  This took a little while because he is quite busy and only a part-time landlord.   In fact, as far as we know we are his only renters.  So, once the connection was made between Emi and our landlord then we were off and running again.

They checked and rechecked everything.  We needed to justify every large deposit that did not originate from payroll.  We also needed to provide tax information again and a few other items that had been submitted before.  It was a process, but we were on our way.  We believed that we looked like solid candidates.  However, we knew that Emi and Creddo were only step two.  The paperwork still needed to go to underwriting.

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