Document:

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                                                                    EXHIBIT 10.3

                              EMPLOYMENT AGREEMENT

      EMPLOYMENT AGREEMENT ("Agreement") made this first day of January 2002,
between NVR, INC., a Virginia corporation (the "Company") and WILLIAM J. INMAN,
a resident of Virginia (the "Executive").

WHEREAS, the parties wish to terminate all prior employment agreements and
amendments thereto; and

WHEREAS, the parties wish to establish the terms of the Executive's future
employment with the Company.

ACCORDINGLY, the parties agree as follows:

3.    Employment, Duties and Acceptance.
      ---------------------------------

      3.1  Employment by the Company. The Company hereby employs the Executive,
           -------------------------
           for itself and its affiliates, to render exclusive and full-time
           services to the Company. The Executive will serve in the capacity of
           President of NVR Mortgage of the Company. The Executive will perform
           such duties as are imposed on the holder of that office by the
           By-laws of the Company and such other duties as are customarily
           performed by one holding such position in the same or similar
           businesses or enterprises as those of the Company. The Executive will
           perform such other related duties as may be assigned to him from time
           to time by the Company's Board of Directors. The Executive will
           devote all his full working time and attention to the performance of
           such duties and to the promotion of the business and interests of the
           Company. This provision, however, will not

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               prevent the Executive from investing his funds or assets in any
               form or manner, or from acting as a member of the Board of
               Directors of any companies, businesses, or charitable
               organizations, so long as such investments or companies do not
               compete with the Company, subject to the limitations set forth in
               Section 7.1.

       3.2     Acceptance of Employment by the Executive. The Executive accepts
               -----------------------------------------
               such employment and shall render the services described above.

       3.3     Place of Employment. The Executive's principal place of
               ------------------
               employment shall be the Washington, D.C. metropolitan area,
               subject to such reasonable travel as the rendering of services
               associated with such position may require.

2.     Duration of Employment.
       ----------------------

       This Agreement and the employment relationship hereunder will continue in
effect for six (6) years from January 1, 2002 through January 1, 2008. It may be
extended beyond January 1, 2008 by mutual, written agreement at any time. In the
event of the Executive's termination of employment during the term of this
Agreement, the Company will be obligated to pay all base salary, bonus and other
benefits then accrued, as well as cash reimbursement for all accrued but unused
vacation, plus, if applicable, the additional payments provided for in Sections
6.1, 6.2, 6.4 and 6.6 of this Agreement.

       3.      Compensation.
               ------------

       3.9     Base Salary. As compensation for all services rendered pursuant
               -----------
               to this Agreement, the Company will pay to the Executive an
               annual base salary of THREE HUNDRED FORTY FIVE THOUSAND DOLLARS
               ($345,000) payable in equal monthly installments of TWENTY EIGHT
               THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($28,750). The

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               Company's Board of Directors in its sole discretion may increase,
               but may not reduce, the Executive's annual base salary.

         3.10  Bonuses. The Executive shall be eligible to be paid a bonus
               -------
               annually in cash or in the registered stock of NVR, Inc. as
               determined by the Compensation Committee of the Board of
               Directors or in a combination thereof in a maximum amount of 100%
               of the Executive's annual base salary. This bonus shall be paid
               at the same time (or times) and in the same manner as other
               senior executives of the Company. Entitlement to the bonus is
               dependent on the Executive meeting certain goals, which shall be
               established annually by the Company.

         3.11  Participation in Employee Benefit Plans. The Executive shall be
               ---------------------------------------
               permitted during the term of this Agreement, if and to the extent
               eligible to participate in any group life, hospitalization or
               disability insurance plan, health program, pension plan, Employee
               Stock Ownership Plan or similar benefit plan of the Company,
               which may be available to other comparable executives of the
               Company generally, on the same terms as such other executives.
               The Executive shall be entitled to paid vacation and all
               customary holidays each year during the term of this Agreement in
               accordance with the Company's policies.

         3.12  Expenses. Subject to such policies as may from time to time be
               --------
               established by the Company's Board of Directors, the Company
               shall pay or reimburse the Executive for all reasonable expenses
               actually incurred or paid by the Executive in the performance of
               the Executive's services under this Agreement upon presentation
               of expense statements or vouchers or such other supporting
               information as it may require.

   12.   Management Long-Term Stock Option Plans.
         ---------------------------------------

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       The Executive is a participant in the 1993 NVR, Inc. Management Equity
Incentive Plan, 1994 NVR, Inc. Management Equity Incentive Plan, 1996 NVR, Inc.
Management Long-Term Stock Option Plan, the 1998 NVR, Inc. Management Long-Term
Stock Option Plan, and the 2000 Broadly Based Stock Option Plan. The Executive
has entered into separate agreements governing the terms of his participation in
the Plans.

13.    High Performance Compensation Plan.
       ----------------------------------

       The Executive is a participant in the NVR, Inc. High Performance
Compensation Plan. - Number 1, the NVR, Inc. High Performance Compensation Plan
- Number 2 and the NVR, Inc. High Performance Compensation Plan - Number 3. The
Executive has entered into separate agreements governing the terms of his
participation in the Plans.

14.    Termination or Disability.
       -------------------------

       6.1     Termination Upon Death. If the Executive dies during the term
               ----------------------
               hereof, this Agreement shall terminate, except that the
               Executive's legal representatives shall be entitled to receive
               the Executive's base salary and accrued Bonus for the period
               ending on the last day of the second calendar month following the
               month in which the Executive's death occurred. Accrued Bonus
               shall be calculated as one hundred percent of Base Salary
               multiplied by the fraction (x) the number of days in calendar
               year up to last day of second calendar month following the month
               in which Executive died divided by (y) 365 days.

       6.5     Disability. If during the term hereof the Executive becomes
               ----------
               physically or mentally disabled, whether totally or partially, so
               that the Executive is, in the discretion of the Company's Board
               of Directors, substantially unable to perform his services
               hereunder, the Executive shall transfer from active to disability
               status. Nothing in this Section 6.2 shall be deemed to in any way
               affect the Executive's right to participate in any disability
               plan maintained by the Company and for which the Executive is
               otherwise

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               eligible. If the Executive transfers to disability status he
               would be entitled to receive the Executive's Base Salary and
               accrued Bonus for the period ending on the last day of the second
               calendar month following the month in which the Executive is
               transferred to disability status. Accrued Bonus shall be
               calculated as one hundred percent of Base Salary multiplied by
               the fraction (x) the number of days in calendar year up to last
               day of second calendar month following the month in which the
               Executive was transferred to disability status divided by (y) 365
               days.

       6.3     Termination for Cause. If the Executive is convicted of any
               ---------------------
               felony, other crime involving moral turpitude, or any crime or
               offense which results in his incarceration for more than three
               months, is guilty of gross misconduct in connection with the
               performance of his duties as described in Section 1.1 hereunder,
               or materially, breaches affirmative or negative covenants or
               undertakings set forth in Section 7, the Company at any time by
               written notice to the Executive, may terminate the Executive's
               employment hereunder. Any such termination shall be for Cause.

       6.4     Termination Without Cause. In the event the Company on sixty (60)
               -------------------------
               days' notice terminates the Executive's employment without Cause
               (as such term is defined in Section 6.3) during the term of this
               Agreement, then as full satisfaction of the Company's obligations
               to the Executive, the Executive shall be entitled to payment of
               TWO HUNDRED PERCENT (200%) of his then annual base salary, paid
               in twelve equal monthly installments beginning on the fifteenth
               day of the first month following the date of termination. The
               Executive shall also be provided with outplacement services with
               a firm jointly selected by the Executive and the Company at a
               cost not to exceed THIRTY THOUSAND DOLLARS ($30,000).

       6.5     Voluntary Termination. The Executive may on sixty (60) days'
               ---------------------
               notice

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                  terminate his employment hereunder. In such event, he shall
                  not be entitled to any severance pay except in the
                  circumstances described in Section 6.6 below.

         6.6      Voluntary Termination-Change of Control. In the event the
                  ---------------------------------------
                  Executive voluntarily terminates his employment hereunder in
                  connection with or within one (1) year after a Change of
                  Control of the Company (as defined below), the Executive shall
                  receive a payment of TWO HUNDRED PERCENT (200%) of his then
                  annual base salary, as well as his accrued pro-rata bonus (on
                  the assumption that the maximum annual bonus would have been
                  paid pursuant to Section 3.2) through the date of termination.
                  Payment of such amount shall be in twelve equal monthly
                  installments beginning on the first day of the first month
                  following the date of termination. For purposes of this
                  Agreement, "Change of Control" means (i) any transaction or
                  series of transactions (including, without limitation, a
                  tender offer, merger or consolidation) the result of which is
                  that any "person" or "group" (within the meaning of Section 13
                  (d) and 14 (d) (2) of the Exchange Act), becomes the
                  "beneficial owner" (as defined in rule 13d-3 under the
                  Exchange Act) of more than 50 percent of the total aggregate
                  voting power of all classes of the voting stock of the Company
                  and/or warrants or options to acquire such voting stock,
                  calculated on a fully diluted basis, or (ii) if all or
                  substantially all of the assets of the Company are sold or
                  otherwise transferred to any individual, corporation,
                  partnership, trust, association, joint venture, pool,
                  syndicate or similar organization or group acting in concert
                  or (iii) the Company is liquidated or dissolved or adopts a
                  plan of liquidation or (iv) a merger consolidation or other
                  reorganization or business combinations with any party
                  including a leveraged buy-out or a going private transaction
                  and where there has been a significant reduction in
                  ---
                  Executive's responsibilities.

         6.7      Voluntary Termination-Change in Senior Management Accompanied
                  -------------------------------------------------------------
                  by
                  --

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                  Change in Business Philosophy. If the Company elects a new
                  -----------------------------
                  Chairman and/or Chief Executive Officer (the "New Officer") or
                  provided that the New Officer enacts major changes in the
                  Company's business philosophy, mission or business strategies,
                  the Executive may voluntarily terminate his employment. To
                  provide sufficient time for a transfer of the Executive's
                  responsibilities and duties, he shall be required to provide
                  sixty (60) days notice prior to such voluntary termination and
                  the Company shall have the option of extending the notice an
                  additional thirty (30) days. In the event the Executive
                  voluntarily terminates his employment in connection with or
                  within one year after the election of a New Officer
                  accompanied by any of the changes described in this Section
                  6.7, he shall not be entitled to any severance pay and shall
                  not be bound by the "Covenant Not to Compete" described in
                  Section 7.

         6.8      Effectiveness. In the event any of the events described in
                  -------------
                  this Section 6 should occur during the term of this Agreement,
                  and result in payments to the Executive which would in their
                  normal course continue beyond the term of this Agreement, such
                  payments shall be made at such times and in such amounts as if
                  the term of this Agreement had not expired.

15.      Covenant Not to Compete.
         -----------------------

         The covenant set forth in Section 7.1 shall be applicable for a period
         of one (1) year after termination in the event the Executive is
         terminated pursuant to Section 6.4 "Without Cause" or to Section 6.5
         "Voluntary" or to Section 6.6 "Voluntary Termination -Change of
         Control". It shall be applicable for a period of two (2) years after
         termination in the event the Executive is terminated pursuant to
         Section 6.3 for "Cause".

         15.1     Scope.  During the term of Executive's employment under this
                  -----
                  Agreement, and for the applicable period thereafter, Executive
                  hereby

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                  covenants and agrees that neither he nor any affiliate (as
                  defined hereinbelow), at any time, directly or indirectly,
                  will (i) engage, whether as an employee or otherwise, in the
                  Homebuilding and Mortgage Financing Business (as defined
                  hereinbelow) on behalf of himself or any other person or
                  entity, whether conducted individually or through an
                  affiliate; (ii) own, acquire an interest in, manage, operate,
                  join or control, or participate in the ownership, acquisition,
                  management, operation or control of, or be a director, agent,
                  representative, shareholder of more than 1% of the outstanding
                  stock, partner, employee, officer, or consultant of, any
                  enterprise of any kind that is engaged in the Homebuilding
                  Business or Mortgage Financing Business; (iii) induce or
                  attempt to induce any customer or potential customer of the
                  Company to discontinue, in whole or in part, business, or not
                  to do business, with the Company or (iv) hire or attempt to
                  hire any person now or hereafter employed by the Company.

         15.2     Definitions. For purposes of this Agreement, (i) the term
                  -----------
                  "affiliate" shall mean Executive, Executive's spouse, and any
                  minor children ("immediate family") and any entity that
                  Executive and/or any members of his immediate family control,
                  either directly or indirectly; (ii) "control" for purposes of
                  the immediately preceding clause shall mean possession,
                  directly or indirectly, of power to direct or cause the
                  direction of management or policies (whether through ownership
                  of voting securities, by contract, or otherwise); and (iii)
                  the term "Homebuilding Business" and "Mortgage Financing
                  Business" shall mean the business of designing, constructing,
                  and/or the origination, underwriting, placement or sale of
                  residential home mortgages at any location within any Standard
                  Metropolitan Statistical Area (as determined by the Census
                  Bureau, Department of Commerce, United States Government) in
                  which is located any office of the Company which has been
                  assigned to the Executive's area of managerial responsibility
                  at any time within the last two years of the employment of the
                  Executive with the Company.

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         15.3     Reasonableness. The Executive acknowledges that the
                  --------------
                  restrictions contained in this Section 7 are reasonable and
                  necessary to protect the business and interests of the
                  Company, and that it would be impossible to measure in money
                  the damages that would accrue to the Company by reason of the
                  Executive's failure to perform his obligations under this
                  Section 7. Therefore, the Executive hereby agrees that in
                  addition to any other remedies that the Company may have at
                  law or at equity with respect to this Section 7, the Company
                  shall have the right to have all obligations, undertakings,
                  agreements, and covenants set forth herein specifically
                  performed, and that the Company shall have the right to obtain
                  an order of such specific performance (including preliminary
                  and permanent injunctive relief to prevent a breach or
                  contemplated breach of any provision of this Section 7) in any
                  court of the United States or any state or political
                  subdivision thereof, without the necessity of proving actual
                  damage; provided that the Company is not in breach of any of
                  its obligations hereunder.

         15.4     No Waiver. No waiver by the Company of a breach
                  ---------
                  of, or of a default under, any of the provisions
                  of this Agreement, nor their failure on one or
                  more occasions, to enforce any of the provisions
                  of this Agreement or to exercise any right or
                  privilege hereunder shall thereafter be construed
                  as a waiver of any subsequent breach or default
                  of a similar nature, or as to the waiver of any
                  such provision, rights, or privileges hereunder.

         15.5     Blue-Pencilling. If any part of any provision of this Section
                  ---------------
                  7 shall be determined to be invalid or unenforceable under
                  applicable law, such part shall be ineffective to the extent
                  of such invalidity or unenforceability only, without in any
                  way affecting the remaining terms of such provision or the
                  remaining provisions of this Section 7. The Executive hereby
                  covenants and agrees that to the extent any provision or
                  portion of this

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                  Agreement shall be held, found, or deemed to be unreasonable,
                  unlawful, or unenforceable, then any necessary modifications
                  shall be made (but only to such extent) so that such provision
                  or portion hereof shall be legally enforceable to the fullest
                  extent permitted by applicable law. The Executive further
                  agrees and authorizes any court of competent jurisdiction to
                  enforce any such provision or portion hereof in order that
                  such provision or portion hereof shall be enforced by such
                  court to the fullest extent permitted by applicable law.

         15.6     Confidentiality. During the term of the Executive's employment
                  ---------------
                  with the Company, he will acquire information of a proprietary
                  or confidential nature and knowledge about the operations of
                  the Company. Accordingly, the Executive agrees not to use or
                  to disclose to any third party, or cause to be used, in any
                  manner, directly or indirectly, the information described
                  immediately above. The Executive further agrees to return to
                  the Company promptly upon the termination of the Executive's
                  employment with the Company, and all information of a
                  proprietary or confidential nature acquired by the Executive
                  at any time during the course of his employment with the
                  Company, to the extent such information has been reduced to
                  writing, together with any and all documents and materials of
                  any kind then in the possession or control of the Executive
                  which may be the property of the Company or any affiliate,
                  whether confidential or otherwise, including any copies which
                  may have been made by or for the Executive.

         15.7     No Conflict.  The Covenant Not to Compete set forth in this
                  -----------
                  Section 7 shall supersede and override any and all limitations
                  on Executive's right to compete with the Company including,
                  without limitation, any similar covenants not to compete in
                  the Stock Option Agreements and the Performance Share
                  Agreements executed in conjunction with the 1993 and 1994 NVR,
                  Inc. Management Equity Incentive Plans, 1996 and 1998

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           NVR, Inc. Management Long-Term Stock Option Plans, 2000 Broadly Based
           Stock Option Plan and the NVR, Inc. High Performance Compensation
           Plans - Number 1, 2, and 3 and shall be the sole standard by which
           Executive shall be bound.

8.   Other Provisions.
     ----------------

     8.5   Notices. Any notice or other communication required or which may be
           -------
           given hereunder shall be in writing and shall be delivered
           personally, telegraphed, telexed, sent by facsimile transmission or
           sent by certified, registered or express mail, postage prepaid, and
           shall be deemed given when so delivered personally, telegraphed,
           telexed, or sent by facsimile transmission, or if mailed, four days
           after the date of mailing as follows:

           (v)   if the Company, to:

                 NVR, Inc.
                 7601 Lewinsville Road, Suite 300
                 McLean, Virginia  22102

           (vi)  if the Executive, to:

                 William J. Inman
                 1314 Ballantrae Farm Drive
                 McLean, VA.  22101

     8.6   Entire Agreement. This Agreement contains the entire agreement
           ----------------
           between the parties with respect to the subject matter hereof and
           supersedes all prior agreements, written or oral, with respect
           thereto.

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10.3.   Waiver and Amendments. This Agreement may be amended, modified,
        ---------------------
        superseded, cancelled, renewed or extended, and the terms and conditions
        hereof may be waived, only by a written instrument signed by the parties
        or, in the case of a waiver, by the party waiving compliance. No delay
        on the part of any party in exercising any right, power or privilege
        hereunder shall operate as a waiver thereof, nor shall any waiver on the
        part of any party of any right, power or privilege hereunder, nor any
        single or partial exercise of any right, power or privilege hereunder,
        preclude any other or further exercise thereof or the exercise of any
        other right, power or privilege hereunder.

8.4     Governing Law. This Agreement shall be governed and construed in
        -------------
        accordance with the laws of the Commonwealth of Virginia.

8.13    Assignability. This Agreement, and the Executive's rights and
        -------------
        obligations hereunder, may not be assigned by the Executive. The Company
        shall assign this Agreement and its rights, together with its
        obligations, to any entity which will substantially carry on the
        business of the Company subject to the Executive's rights set forth in
        this Agreement, but the Company shall even after such assignment be
        fully liable to the Executive for all obligations set forth herein.

8.14    Counterparts. This Agreement may be executed in two or more
        ------------
        counterparts, each of which shall be deemed an original but all of which
        shall constitute one and the same instrument.

8.15    Headings. The headings in this Agreement are for reference purposes only
        --------
        and shall not in any way affect the meaning or interpretation of this
        Agreement.

8.16    Indemnification. The Company shall indemnify the Executive
        ---------------

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                and hold him harmless for any acts or decisions made by him in
                good faith while performing services for the Company or its
                affiliates and shall use its best efforts to obtain coverage for
                him under an insurance policy (whether now in force or
                hereinafter obtained) during the term of this Agreement covering
                the officers and directors of the Company or its affiliates. The
                Company will pay all expenses including attorney's fees,
                actually and necessarily incurred by the Executive in connection
                with any appeal thereon including the cost of court settlement
                arising or alleged to arise from his employment by the Company.

11.     Arbitration.
        -----------

Any controversy or claim arising out of or in connection with this Agreement
shall be settled by arbitration in accordance with the rules then pertaining of
the American Arbitration Association. Such controversies shall be submitted to
three arbitrators, one arbitrator being selected by the Company, one arbitrator
being selected by the Executive, and the third being selected by the two so
selected by the Company and the Executive or, if they cannot agree upon a third,
by the American Arbitration Association. In the event that either the Company or
the Executive, within one month after any notification of any demand for
arbitration hereunder, shall not have selected its arbitrator and given notice
thereof by registered or certified mail to the other, such arbitrator shall be
selected by the American Arbitration Association. Confirmation of any award in
any such arbitration may be held in any court having jurisdiction of the person
against whom such award is rendered. Regardless of the circumstances giving rise
to the need for arbitration, until such arbitration shall be finally determined
and ended, the base salary of the Executive pursuant to Section 3.1, subject to
the provisions of Section 6, shall be paid monthly until the expiration of the
term of this Agreement, and Bonus pursuant to Section 3.2, subject to the
provisions of Section 6, shall be earned and paid in accordance with Section 3.2
until the expiration of the term of this agreement. If the results of such
arbitration are more favorable to the position taken by the Executive than that
taken by the Company, in the opinion of the arbitrators, then all costs and
expenses incurred

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by the Executive in connection with such arbitration shall be paid by the
Company.

10.     Effective Date.
        --------------

This Agreement shall be effective as of January 1, 2002.

IN WITNESS WHEREOF, The parties hereto, intending to be legally bound hereby,
have executed this Agreement as of the day and year first above mentioned.

NVR, INC.

By:__________________________                     ______________________________
                                                                WILLIAM J. INMAN

                                       14<PAGE>

                                                                   EXHIBIT 10.22

                                    AGREEMENT
                                       TO
                           INCREASE COMMITMENT AMOUNTS
                           ---------------------------

          THIS AGREEMENT TO INCREASE COMMITMENT AMOUNTS (the "Agreement"), dated
as of September 28, 2001, is by and among NVR MORTGAGE FINANCE, INC.
("Borrower"), COMERICA BANK ("Comerica"), NATIONAL CITY BANK OF KENTUCKY
  --------                    --------
("National City Bank"), and U.S. BANK NATIONAL ASSOCIATION, a national banking
  ------------------
association, as a Lender ("U.S. Bank") and as agent (the "Agent") for the
                           ---------                      -----
Lenders party to the Loan Agreement described below.

                                    Recitals
                                    --------

     A.   The Borrower, the Lenders and the Agent are parties to a Loan
Agreement dated as of September 7, 1999, as amended by a Consent, Waiver and
First Amendment to Loan Agreement dated as of November 19, 1999, a Second
Amendment to Loan Agreement and Second Amendment to Pledge and Security
Agreement dated as of September 1, 2000, a Third Amendment to Loan Agreement
dated as of February 16, 2001, and a Fourth Amendment to Loan Agreement dated as
of August 31, 2001 (as so amended, the "Loan Agreement"), pursuant to which the
                                        --------------
Lenders provide the Borrower with a revolving mortgage warehousing credit
facility.

     B.   The Borrower, U.S. Bank, Comerica, National City Bank and the Agent
desire to increase temporarily the Commitment Amounts of U.S. Bank, Comerica,
and National City Bank to herein set forth.

     C.   This Agreement is delivered to the Agent by the Borrower, U.S. Bank,
Comerica, and National City Bank pursuant to Section 2.1(g) of the Loan
Agreement.

     NOW, THEREFORE, in consideration of the premises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

                                    Article I
                                    ---------

                                   Definitions
                                   -----------

     Section 1.01. Incorporated Definitions. Capitalized terms used in this
                   ------------------------
Agreement, to the extent not otherwise defined herein, shall have the same
meanings as in the Loan Agreement.

                                   Article II
                                   ----------

                   Concerning the Increased Commitment Amount
                   ------------------------------------------

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     Section 2.01. Changes in Commitment Amount. Effective as of September 28,
                   ----------------------------
2001, (the "Increase Date"), the Commitment Amount of U.S. Bank shall be
            -------------
increased from $45 million to $70 million, the Commitment Amount of Comerica
shall be increased from $20 million to $28 million, and the Commitment Amount of
National City Bank shall be increased from $20 million to $25 million. Effective
as of January 1, 2002, (the "Reduction Date"), the Commitment Amount of U.S.
                             --------------
Bank shall be reduced from $70 million to $45 million, the Commitment Amount of
Comerica shall be reduced from $28 million to $20 million, and the Commitment
Amount of National City Bank shall be reduced from $25 million to $20 million.

     Section 2.02. Warehousing Advances. Each of U.S. Bank, Comerica and
                   --------------------
National City Bank shall make Warehousing advances on the Increase Date, as
requested by the Agent, so that in outstanding Warehousing Advances are equal to
its respective Commitment Percentage of all Warehousing Advances outstanding on
the Increase Date. If the outstanding principal balance of all Warehousing
Advances on the Reduction Date exceeds the sum of the Commitment Amounts, after
giving effect to the termination of such temporary increases in the Commitment
Amounts of U.S. Bank, Comerica, and National City Bank, the Borrower shall repay
the Warehousing Advances in the amount of such excess on the first Business Day
following the Reduction Date. Provided there is no Default or Event of Default
or any other failure to satisfy the Date, the Agent shall request that each of
the Lenders (other than U.S. Bank, Comerica, and National City Bank) make
Warehousing Advances on the first Business Day following the Reduction Date in
the amount, if any, required to increase its outstanding Warehousing Advances to
its Commitment Percentage of all outstanding Warehousing Advances, and shall
deliver the proceeds of such Warehousing Advances to the Agent; provided,
                                                                --------
however, that should any Lender fail to make such Warehousing Advances on the
-------
first Business Day following the Reduction Date, the Borrower shall repay the
Warehousing Advances in the amount that such Lender failed to deliver to the
Agent. The Agent shall distribute to U.S. Bank, Comerica, and National City Bank
on the first Business Day following the Reduction Date, out of any payments made
by the Borrower as set forth above and the proceeds of Warehousing Advances made
by the other lenders as set forth above, the amount required to reduce U.S.
Bank's, Comerica's, and National City Bank's outstanding Warehousing Advances to
its respective Commitment Percentage of all outstanding Warehouse Advances.

     Section 2.03. Schedule1.1(a). Schedule 1.1(a) of the Loan Agreement is
                   --------------
hereby amended and restated in its entirety to read as set forth in Schedule
1.1(a) hereto.

                                   Article III
                                   -----------

                              Conditions Precedent
                              --------------------

     Section 3.01. Delivery of Documents. The obligation of U.S. Bank, Comerica
                   ---------------------
and National City is to increase their respective Commitment Amounts as provided
hereunder shall be subject to the delivery to the Agent by the Borrower of the
following documents and the satisfaction of the following conditions:

          (a) a new Committed Warehousing Promissory Note payable to U.S. Bank,
     Comerica and National City, respectively, in the amount of such Lender's
     respective increased Commitment Amount (each, a "New Note"), duly executed
                                                      --------
     by the Borrower;

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          (b) a certificate of the Secretary or Assistant Secretary of the
     Borrower certifying (i) resolutions of its Board of Directors authorizing
     the execution, delivery and performance of this Agreement and the New
     Notes, and identifying the officers of the Borrower authorized to sign such
     instruments, and (ii) specimen signatures of the officers so authorized;
     and

          (c) such other documents as the Agent, U.S. Bank, Comerica and
     National City may reasonably request.

                                   Article IV
                                   ----------

                                  Miscellaneous
                                  -------------

     Section 4.01. Applicable Law. This Agreement shall be governed by and
                   --------------
construed in accordance with the internal law, and not the law of conflicts, of
the State of Minnesota, but giving effect to federal laws applicable to national
banks.

     Section 4.02. Counterparts. This Agreement may be executed in one or more
                   ------------
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
instrument.

                [Remainder of this page left blank intentionally]

                                       3

<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this instrument to be
executed as of the date first above written.

                                         NVR MORTGAGE FINANCE, INC.

                                         By:____________________________

                                         Its:___________________________

                                         U.S. BANK NATIONAL ASSOCIATION, as
                                         Agent and Lender

                                         By:____________________________

                                         Its:___________________________

                                         NATIONAL CITY BANK OF KENTUCKY

                                         By:____________________________

                                         Its:___________________________

                                         COMERICA BANK

                                         By:____________________________

                                         Its:___________________________

                                       4

<PAGE>

           [Signature Page to Agreement to Increase Commitment Amount]

                                        5

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