1. If you are interested in joining me in a Class Action Suite against Ryan Homes and NVR mortgage, please contact me through this site. We need to change legislation to stop excessive earnest money empowering companies to raise interest rates, with in-house loans that double costs for using outside lenders. I've seen on this and other sites, that this is routine practice for Ryan Homes and NVR Mortgage. In mass, more of us can provide greater influence to stop this extortion practice. Remember, predatory lending is in the eye of the Press right now, right along with election-hopeful Politicians currently seeking to gain public approval.
2. I arrived in Maryland on a military assignment in January 07 and put down $19,500 on a new Town Home. In addition, I was charged $3,000 to lock in the interest rate at 6.5% for one loan and 7.5% for the second loan (called an 80/10 loan) for 255 days. I now realize I had been prey to pressure tactics and predatory lending practices from Ryan Homes and NVR Mortgage because now they are charging me 7.59% for one and 10.5% interest for the her loan. This is a dishonest business practice and reflects poorly on the state which receives on-going benefits from its military members. As a 20-year enlisted member of the U.S. Air Force, I have little money to sacrifice. This was supposed to be our home in my retirement--now after so many years in the service, I cannot afford to buy any home.
3. In addition, Ryan Homes explained I would have to pay double the price for upgrades (+$15,000) if I didn't use their lender (NVR Mortgage). They described this mark up as a half-off upgrade incentive. As previously mentioned, NVR charged me $3,000 to lock in the interest rate for 255 days and Ryan charged me a $19,500 down payment.
4. After six months and with three 1-month construction-delay tactics, NVR mortgage has informed me that I must now pay 1% more for one loan and 3% more for the other loan. As you are aware, these 1% and 3% increases amount to a significantly higher house payment and a great deal of money over a 30 year period. Since informing me of the higher rates, the NVR representative told me I could either pay the new rates or lose my $19,500 down payment and $3,000 lock-in fees.
5. After researching competitive local mortgage rates, other lenders are still offering 6.75% and 7.59% interest on 80/10 loans for my 816 credit rt. None have gone up to the 10.5% NVR is now charging. So the NVR representative reminded me that using outside lenders would double the cost of my locked-in upgrades. In addition, NVR is charging $4,500 in loan 'junk fees' while local competitive lenders are charging $50 in such fees.
6. Compounding matters, I have never been allowed to see the Homeowner's Association Documents; instead, Ryan Homes had me sign for impotent Homeowner's Guide documents, offering such worthless information as energy savings tips instead of Homeowner's Association regulations.
6. Again, contact me to join to stop this predatory lending practice.
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