Debt

9 Months Ended

Sep. 30, 2011

Debt [Abstract]

Debt

11. Debt

On August 2, 2011, NVR’s mortgage banking wholly-owned subsidiary, NVR Mortgage Finance, Inc. (“NVRM”), entered into a revolving mortgage repurchase facility (the “Repurchase Facility”) that provides for loan purchases up to $25,000, subject to certain sublimits. At September 30, 2011, there was no outstanding debt under the Repurchase Facility. Amounts outstanding under the Repurchase Facility are collateralized by the Company’s mortgage loans held for sale. As of September 30, 2011, there were no borrowing base limitations reducing the amount available for borrowings under the Repurchase Agreement.