Apr 23, 2008 Ryan Homes complaint by Jacinth23 |
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Page 1 of 2 My husband and I decided to purchase a new townhouse with Ryan homes we were told we would get an interest rate of 5.00% (they had money to buy our rate down to that) so we brought an earnest deposit of $10K and signed the initial paperwork. Come time to do the finance paperwork the interest rate we were promised was higher bumping out payments up thus making it more than we could afford we decided to pull out one week after doing initial paperwork. Now Ryan homes is trying to keep our deposit - we are military family that is our whole life savings!! I could understand if they began construction and then we pulled out but they hadn't even sold out the whole building yet and hadn't even submitted for permits. so bottom line is be very careful when dealing with Ryan homes and make 100% sure this is what you want also I do not suggest giving them any money until you do financing first
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Ryan Homes Complaints
1. Written by rrjackson, on 19-08-2008 16:29
cases and point. The soon becoming world famous NVR mortgage scam. And sure Ryan Homes can build a kit cheap that will often stand. The question always is, will they?
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2. Written by Sidekick, on 12-08-2008 12:13
My wife and I just pruchased a home with Ryan. They too told us that they were offering 5.85% because they had money to buy down the rate. However, when it came to financing time now our rate is 6.85%. Everytime they came bakck to us the price kept going up. I would suggest NOT using NVR at all. We are currently looking else where because they are extremely untrustworthy
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3. Written by Robbie, on 17-07-2008 07:52
I've worked in the bobcat business for 15yrs. 7 with Ryan. If you don't trust Ryan go somewheres else and waste your money on another production house, cause I work for the others and see the way there build and no one can build a house as good as a Ryan for the same money. There supt. are trained and schooled in every aspect of building a house.
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4. Written by Mike, on 30-06-2008 12:50
I am a recent Ryan Home purchaser. I was quoted a rate that was above my final rate.
You cannot lock in your rate until 170 days prior to closing. You cannot possibly expect a lending firm to accuratly predict furture market rates.
Your rate could have just as easily have gone down in that time. I'm sure you wouldn't have been complaining on the Internet if this would have happened.
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5. Written by Rebecca, on 30-06-2008 11:26
Oops sorry Riley... I meant Jaybird and Taylor. Funny how they both wrote the same thing....
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6. Written by Rebecca, on 30-06-2008 11:24
I find it ironic that poster Bart and Riley are all over the internet defending Ryan Homes. You are full of it. You are actually employees of this organization.
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7. Written by Bart, on 24-06-2008 12:10
I was given everthing Ryan/NVR promised. Unfortunately, I think most people go into this uninformed about how financing and home construction works. Ryan does an admisrable job "teaching" the lay person, but come on folks, you need to do some research on your own and understand how things work. NVR would not "promise" a 5% interest rate without collecting a rate lock fee and approving your credit in advance.
NVR for all purposes is a broker...yes, they do loan money, but they sell that loan within months of financing you. NVR only loans you money if they can't get you a loan somewhere else first. It's impossible to promise something (rate lock) without thier preferred banking partner approving your loan and credit first. "Earnest" moeny should have never been offered without the financing in place. Again, you need to be an informed consumer BEFORE you go in and make a poor decision....and frankly, if your life savings is $10K, you SHOULD NOT be buying a house (let alone building one)...get an apartment, save money, and educate yourself on the home buying/building process.
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8. Written by Riley, on 13-06-2008 07:00
I was promised 6.25 and got 7.75 after six months. I now Ryan sales the mortgage on the closing day, so it behooves them to have a high interest rate. Also, I was told I would get a Veterans loan and a few weeks before closing, they said I was stuck with 100% finance and PMI was added. NO 8/20 possible. They promised I could refi later, but the market went down since. They told my I would have 20% equity at closing, but now I have about 20% negative.
NVR mortgage is basically a scam. The service never returned my calls. They had me locked in, so they did not work for me. I now know to get the APR and final payment in writing. My payment went up about 600.00 from what they put on paper.
Another issue is the HOA, probably owned by Ryan Homes is Claggett of Maryland. I have never met the HOA in two years and my monthly rates were wrong. I was told 40, but it became 50. Also, they manipulate the budget by charging all communities for the website page. They only have one website. Also, Claggett left us snowed in the last two winters. They took pictures of my trash cans two hours too early. Claggett HOA is basically a harrassment/landlord parasite collecting money with no representation. We pay HOA and county to pick up trash. Only county does.
Buyer beware.
On a positive note. The quality is above average on the build. Their best thing is their floor plans.
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9. Written by jaybird, on 30-05-2008 12:59
I got the 5% rate lock. Was happy. sorry to hear about your expereince.
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10. Written by Don't be another victim, on 28-05-2008 01:09
Always ask them to put down what they promised to you in writing as part of the contract that you are signing as contingencies in the purchasing agreement.
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