New Reviewer

Predatory lending practices - lure in with $5000.00

5/7/18. NVR Inc. is the holding company and it owns Ryan Homes, NVR Homes, NVR Mortgage and NVR Title Services. I am about to purchase a Ryan Homes in New Market MD - Lake Linganore. Ryan suggested to use their mortgage financing which is NVR Financing, because they would offer $5000.00 closing help. This is some type of switch and bate tactic because their closing costs were higher than other lenders closing cost. For example, the fee that NV charges to process the load is $1990 whereas Costco Home buying program was $311.00. I understand NV homes would allow the $5000.00 to be used with another lender if the NV financing would have denied the financing deal. However, when we demonstrated the lack of closing help Ronnie Staines - Branch Manager - NVR, Inc was still trying to push upon an inferior loan of higher interest rates and higher closing cost. Ronnie refused to denied the loan and said it was my decision not to move forward with their program. Even if we attempted to increase the cost of the home to cover some of the closing cost we would still be short. I again demonstrated this to Ronnie and he refused to deny the loan. Note other items a buyer should be reviewed is the mortgage insurance (MI). This was higher with NVR financing with a standard conventional loan. NVR MI was $207.00 and another lender monthly total was $142.00. Another option was to buy out of the MI for $8,740.57 and competitor was $6651.00. A $2089.57 cost difference. My point with this data is buyer should be aware of their unethical practice of Ryan and NVR Financing being lured in with bait of $5000.00 closing help. Seems to be predatory lending practices to me when you force a client to go with your lending institution for closing help and not have a competitive product.
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2 comments
#2084897

Thank you for this review. I am buying a Ryan Home and have been offered the $5,00 which I though was odd since they only offered $1,000 up front. I will stick with my lender as I feared they would be higher on ther charges and interest rates.

#1551650

Don't do it. Go with a more reputable builder.

They lie to you switch their story and have a answer to every question.

They are slick but do ever build with them. Tell family friends anyone who is looking to build don't do it.

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ID
#1250421 Review #1250421 is a subjective opinion of poster.
Location
Richmond, Virginia
Service
Ryan Homes Home Buying
Pros
  • Home
Reason of review
Pricing issue
Loss
$5000
Preferred solution
Price reduction
New Reviewer

Nine months later and no home

My name is Ruth Exilasse I am married with two kids, a son, and a daughter. My children are three and two years old. Currently, we are living in a hotel waiting for our home to be built. In October 2016 we went to Ryan Homes in Haines City Florida. They put on a beautiful display showing us a beautiful home. We fell in love with the home on display and wanted to see if they could help us. Karim and David were there the first days that we went and everything was great. They said we were approved and that we qualified for the home we loved which was 1922. We put down an initial deposit but within a few days received a call from Karim stating that he could not get us approved for the 1922 home but got us preapproved for the 1722 home. We weren't 100% happy with that but we thought let's continue because we did not really like our current living situation. We continued over the few months answering demands putting down more deposits. Being told one story to another. Nine months later we are still living in a hotel and have no home to rest our head. I have requested from Ryan homes serval times over the past four months to just return to us our deposit so that we can look elsewhere. They refuse and accused us of being inpatient. We were promised that this would take 4-6 months and now it is nine months. They never address any changes to us via mail or email. It is always over the phone. The real estate agent always knows everything before we do and the closing date is always being changed. We were told that if we try to back out now that it will be an uphill battle and we can forget about our deposit. I am a teacher, who works at a title one school. I graduated college December 2014 with a sole purpose of giving my family a better life. My husband works hourly and does not make much. It is very difficult raising a family of four on 20,000. I have had four jobs since 2014 but only one was a Salary Job. My last employment closed due to funding and I was forced to leave. I am currently working for Polk County, a job that I love and believe I will be there for a long time. I never thought when I gave my deposit that I would lose it just like that. I never thought that I would still be fighting for a house nine months later. I have emails stating that our closing was on the ninth, today we had a walk through but no one called to confirm any dates. This company is very shady in their dealings and all I want to do is to close on my home and if it is impossible then to be refunded our deposit. I believe that Ryan Home is going to continue to push back the closing date and will never close with us like they have been promising for the past nine months. Haven't we waited long enough or is my intuition right about this company?
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ID
#1057346 Review #1057346 is a subjective opinion of poster.
Location
Brentwood, Tennessee
Service
Ryan Homes House Construction
Cons
  • Services
  • Product
  • Lies
Reason of review
Return, Exchange or Cancellation Policy
Loss
$4850
Preferred solution
Deliver product or service ordered

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