FIRST AMENDMENT TO CREDIT AGREEMENT

EXHIBIT 10.2

FIRST AMENDMENT TO CREDIT AGREEMENT

     This FIRST AMENDMENT TO CREDIT AGREEMENT (this “ First Amendment ”), dated as of August 4, 2009, is entered into by and among NVR, INC., as borrower (“ Borrower ”), the Lenders party hereto and BANK OF AMERICA, N.A., as administrative agent (“ Administrative Agent ,” and collectively with Borrower and Lender, the “ Parties ”).

RECITALS

     WHEREAS, the Borrower and the Lenders entered into that certain Credit Agreement dated as of December 7, 2005 (the “ Credit Agreement ”), providing for a revolving credit loan facility in the maximum principal amount of $600,000,000 in the aggregate; and

     WHEREAS, the Parties now wish to amend the Credit Agreement as set forth below.

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

1. Defined Terms . All capitalized terms used herein, unless otherwise defined herein, shall have the meanings given them in the Credit Agreement, and each reference in the Credit Agreement to “this Agreement” and each other similar reference shall be deemed to refer to the Credit Agreement as amended hereby. All references to the Credit Agreement in the Loan Documents shall be deemed to refer to the Credit Agreement as amended hereby.

2. Amendment to Definitions Section . Article 1 of the Credit Agreement is hereby amended as follows:

(i) The definition of “Aggregate Commitment” is deleted in its entirety and replaced with the following:

“ ‘ Aggregate Commitment ’ means $300,000,000 as such amount may be reduced from time to time pursuant to the terms of this Agreement.”

(ii) The definition of “Commitment” is deleting in its entirety and replaced with the following:

“ ‘ Commitment ’ means, for each Lender, the obligation of such Lender to make Loans not exceeding the amount set forth on Exhibit A to the First Amendment, as such amounts may be modified as a result of any assignment that has become effective pursuant to Section 10.04 or as otherwise modified from time to time pursuant to the terms hereof.”

(iii) The definition of “Commitment and Acceptance” is deleted in its entirety.

(iv) The definition of “Facility Increase” is deleted in its entirety.

(v) The following definition is added to Article 1:

“ ‘ First Amendment ’ means that certain First Amendment to Credit Agreement, dated August 4, 2009, by and among Borrower, Administrative Agent and the Lenders party thereto.”

(vi) The definition of “Land” is deleted in its entirety.

(vii) The definition of “New Lender” is deleted in its entirety.

3. Deletion of Section 2.14 . Section 2.14 is hereby deleted in its entirety (except for the heading “SECTION 2.14.”) and replaced with “ Intentionally Omitted. ” Any and all references to Section 2.14, and any and all obligations thereunder are hereby deleted throughout the Credit Agreement and shall be of no further force and effect.

4. Amendment to Section 7.06(c). Section 7.06(c) is hereby amended as follows:

(i) In the lead-in phrase, the following is deleted in its entirety: “ ,other than Land purchases permitted by Section 7.12 ”; and

(ii) In Section 7.06(c)(ii), “$50,000,000” is deleted in its entirety and replaced with “$250,000,000”.

5. Deletion of Section 7.12. Section 7.12 is hereby deleted in its entirety (except for the heading “SECTION 7.12.”) and replaced with “ Intentionally Omitted. ” Any and all references to Section 7.12, and any and all obligations thereunder are hereby deleted throughout the Credit Agreement and shall be of no further force and effect.

6. Amendments to Schedules. Schedule I to the Credit Agreement is amended by deleting such schedule in its entirety and replacing it with the new Schedule I attached hereto and incorporated herein as Exhibit A , and Schedule III to the Credit Agreement is amended by deleting such schedule in its entirety and replacing it with the new Schedule III attached hereto and incorporated herein as Exhibit B .

7. Amendment to Exhibit F . Exhibit F to the Credit Agreement is amended by deleting such exhibit in its entirety (except for the heading “ EXHIBIT F ”) and replacing it with “Not Applicable.” Any and all references to Exhibit F, and any and all obligations thereunder are hereby deleted throughout the Credit Agreement and shall be of no further force and effect.

8. Conditions Precedent . This First Amendment shall be effective as of the date (“First Amendment Effective Date”) upon which the following conditions are satisfied:

     (a) The Administrative Agent shall have received from the Borrower and the Required Lenders a counterpart of this First Amendment signed on behalf of each such Party.

     (b) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization or formation, existence and good standing of the Borrower, the authorization of this First Amendment and any other legal matters relating to the Borrower, the Credit Agreement or this First Amendment, all in form and substance satisfactory to the Administrative Agent and its counsel.

     (c) The Administrative Agent shall have received all amounts due and payable on or prior to the First Amendment Effective Date, including reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower under the Loan Documents.

          The Administrative Agent shall notify the Borrower and the Lenders of the First Amendment Effective Date, and such notice shall be conclusive and binding.

9. Representations and Warranties . The Borrower hereby represents and warrants that as of the date hereof:

     (a) The representations and warranties of the Borrower in the Credit Agreement (as amended hereby) are true and correct in all material respects.

     (b) There exists no Default or Unmatured Default.

10. Release. In consideration of this First Amendment, Borrower hereby fully and unconditionally releases and forever discharges Administrative Agent and each Lender and their respective directors, officers, employees, subsidiaries, branches, affiliates, attorneys, agents, representatives, successors and assigns and all persons, firms, corporations and organizations acting on their behalf (collectively, the “ Released Parties ”), of and from any and all claims, allegations, causes of action, costs or demands and liabilities pertaining to or arising out of the Credit Agreement, at any time prior to the First Amendment Effective Date, whether known or unknown, liquidated or unliquidated, fixed or contingent, asserted or unasserted, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, anticipated or unanticipated, which Borrower has, had, claims to have or to have had or hereafter claims to have or have had against the Released Parties by reason of any act or omission on the part of the Released Parties, or any of them, occurring prior to the First Amendment Effective Date, including all such loss or damage of any kind heretofore sustained or that may arise as a consequence of the dealings among the parties up to and including the First Amendment Effective Date, including the administration or enforcement of the Credit Agreement (collectively, all of the foregoing are the “ Claims ”), and Borrower hereby represents and warrants that the foregoing constitutes a full and complete release of all such Claims by or on behalf of Borrower. Borrower further represents and warrants that it has no knowledge of any Claim against the Released Parties or of any facts or acts or omissions of the Released Parties which on the date hereof would be the basis of a Claim by it against the Released Parties which is not released hereby. The inclusion of a release provision in this First Amendment shall not give rise to any inference that but for such release, any Claim otherwise would exist.

[SIGNATURES FOLLOW ON THE NEXT PAGE]

     IN WITNESS WHEREOF, the Parties have caused this First Amendment to be duly executed as of the date first above written.

[SIGNATURES CONTINUE ON THE NEXT PAGE]

Signature Page First Amendment to Credit Agreement

[SIGNATURES CONTINUE ON THE NEXT PAGE]

Signature Page First Amendment to Credit Agreement

[SIGNATURES CONTINUE ON THE NEXT PAGE]

Signature Page First Amendment to Credit Agreement

[SIGNATURES CONTINUE ON THE NEXT PAGE]

Signature Page First Amendment to Credit Agreement