My fiance and I signed a contract with Ryan for a house to be built in June. We weren't able to get market rate financing, all we could get was one point above market. According to the contract, we were to exercise good faith to get financing at market rates or better. We therefore requested our downpayment back from Ryan ($12,800). Ryan refuses to return it. The mortgage company, NVR, which is owned by Ryan told the sales agent that my credit is bad, and that was the reason we couldn't get financing. The agent says that we therefore committed fraud when we signed the mortgage application sheet when we signed the contract— (not the application with the mortgage company).
The thing is, the agent filled out that form—not us. She told us at the time that the information was preliminary and was just to give us an idea of how much our payments would be. I did not know what my credit would be like because I'd never had a report done. So she wrote that I had a clean credit record. She left out some things we told her, but she kept telling us not to worry, that everything would be worked out with the mortgage company.
Ryan now says that if I had revealed my credit record at the time we were going to sign the contract, they would not have entered into it. RIGHT!
(BY the way, my credit record is not that bad).
Ryan now says that we have to either take the expensive loan or they'll keep our deposit!
I bet that we're not the first people who are being forced into accepting an expensive loan.
Be careful with ryan homes!!!
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