The complexity of the financing process can make buying your first home a complicated and trying experience. There are so many things you have to consider including how to fund your down payment, how much you can afford to pay every month, and keeping an emergency fund just in case things go awry. But there's also the hassle of trying to find a lender—one that can fit your needs and situation. When you research potential lenders, it helps to choose a mortgage company that specializes in the type of financing you need, especially if your loan will be used to build a brand new home. This article reviews NVR Mortgage, which focuses on financing new-home construction projects and allows homebuyers to work hand-in-hand with builders and lenders during the entire process. Read on to find out more about the company, what it does, and what consumers are saying about it.

Key Takeaways

  • NVR Mortgage is a wholly owned subsidiary of NVR—one of the largest home builders in the United States.
  • NVR Mortgage works exclusively for buyers of NVR's subsidiaries as well as mortgages outside these relationships as well.
  • The company offers a variety of mortgage options including fixed rate and adjustable-rate mortgages, as well as government-sponsored programs.
  • NVR has received an A+ rating from the Better Business Bureau.

About NVR

NVR Mortgage is a wholly owned subsidiary of NVR (NVR)—one of the largest home builders in the United States. The company's stock is traded on the New York Stock Exchange. As of Nov. 13, 2019, NVR's market capitalization was $13.27 billion. NVR was founded in 1980 and is headquartered in Reston, Virginia. According to the company's website, it services homebuyers in more than 30 cities in 14 states along the East Coast including New York, Pennsylvania, Florida, Delaware, Ohio, and New Jersey.

NVR constructs and sells home under the following brands:

  • Ryan Homes: Founded in 1948 in Pittsburgh, Ryan Homes offers single-family, townhomes, and garden condominiums to consumers. This company has made more than 400,000 homes. NVR acquired Ryan Homes in 1986.
  • NVHomes: This company was established in Northern Virginia in 1980, and provides luxury homes in Washington D.C., Maryland, Pennsylvania, New Jersey, Virginia, North Carolina, Delaware.
  • Heartland Homes: NVR acquired Heartland Homes in 2012, which is based in Pittsburgh. Founded in 1984, Heartland also builds luxury homes in Pittsburgh, and Morgantown, West Virginia.

NVR reported its third quarter earnings on Oct. 18, 2019. The company reported consolidated revenues of $1.911 million, a 3% increase from the same period in 2018. Net income came in at $223.8 million or $56.11 per diluted share, a jump of 14% and 16% respectively from the third quarter of 2018.

NVR employs about 5,600 people and has asset totaling more than $3.16 billion. It has appeared on the Fortune 500 list since 2009.

NVR Mortgage

NVR Mortgage has a direct link to servicing all of the home-building brands under its parent company and has provided lending services to more than 300,000 home buyers. NVR Mortgage is an exclusive lender for buyers of its subsidiary companies as well as mortgages outside these relationships as well.

If you live in a market where NVR home building brands operate, NVR Mortgage may be a good choice for financing. As an integrated group of companies, NVR provides expertise that a builder and lender combined can offer, such as having your loan ready when your new home is finished. NVR Mortgage is also one of the largest home lenders in the nation.

Mortgages Products Offered

NVR Mortgage has a range of different mortgage loan programs to fit into a homebuyer's needs including fixed rate and adjustable-rate mortgages (ARMs). Consumers may qualify for conforming loans secured by the Federal National Mortgage Association and the Federal Home Loan Mortgage Association, or jumbo loans amounting to more than $484,350. NVR will also help first-time homebuyers, offering those who haven't owned a home in the last three years with loans that require a lower down payment.

NVR also helps homeowners qualify for different government-sponsored programs including local, state, and federal agency programs. Buyers may find loans through the Federal Housing Administration (FHA), Veteran Affairs, and USDA. With FHA home loans and low down payments, you may be able to upgrade into an NVR home.

Mortgage Rates

Since NVR Mortgage's business deals primarily in lending for new constructions, the company doesn't lock in interest rates on home loans until at least 45 to 60 days prior to completion and closing on the home. As the buyer, it's important that you work with NVR to keep abreast of the current interest rates in order to ensure that you receive the best deal within that two month-period. Interest rates by NVR Mortgage are not posted online, which means you must contact your loan officer to get the current home loan interest rates.

NVR Mortgage doesn't lock in interest rates until at least 45 to 60 days prior to completion and closing on the home.

What Consumers Are Saying

The Better Business Bureau (BBB) has not provided a rating for NVR Mortgage. But it does give the parent company, NVR, an A+ rating as of November 2019. This is the agency's top rating. Even though the company has complaints filed with the BBB, most of them deal with the finished product of the home rather than NVR Mortgage's mortgage process. In fact, many consumers praise the company for its customer service, loan approval process, and quick responses to inquiries. The majority of consumers state they are satisfied with their interactions with NVR. So, if you are looking for an all-in-one mortgage lender and builder on the east coast, NVR's NVR Mortgage company could be a viable option due to its proven track record and reliability.