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Limerick,#2Consumer Suggestion
Fri, January 25, 2008
I have my own issue with NVR in MD & will file my own report. But as a mortgage consultant, I wanted to let you know that the rate on a loan is directly related to the loan risk. If your DTI was too high to qualify, the rate would be increased in an alternate product to compensate. Sometimes underwriting exceptions have a fee associated with them. DTI ratios can be approved by the Fannie Mae underwriting engines to 65% with a strong borrower. Depending on your credit score, however, NVR may have been able to easily switch you to a limited documentation loan where the car payment wouldn't have mattered. They are no longer permitted to do those"in house", via closing in their name. They would have had to actually shop your loan around. Probably too hard for an order taker. The car payment could have also been paid down to have 10 payments left & it could have been removed from your monthly debts. I am guessing that loan officer never mentioned that to you. I wish I had seen this before you settled to give you some help! I hope it went off OK for you.