Lifestyle Homes of Distinction partners with Wells Fargo. We have a strong commitment to prompt, personal service. We offer a wide variety of mortgage options, competitive pricing and sound advice about what is best for your individual situation.
Some of the types financing we offer includes:
| Conventional: |
A mortgage loan that is not insured or guaranteed by the federal government. The maximum mortgage amount for a conventional conforming loan is $417,000. |
| Jumbo: |
A conventional mortgage with a loan amount greater than $417,000. Jumbo loans typically require a higher interest rate than loans less than $417,000. |
| Jumbo/Low Documentation: |
A mortgage greater than $417,000, available to borrowers with excellent credit (median credit score 720 or greater). This loan also requires a down payment of 10% or greater. No documentation of income is required on this mortgage for borrowers who meet the credit score and down payment requirements. |
| 100% Financing: |
A mortgage loan which allows borrowers with excellent credit to finance 100% of the purchase price of the property. |
| Interest Only: |
A conventional mortgage whose required monthly payment is interest only, calculated at the note rate on the outstanding principal balance. Interest only payments are allowed during the initial term of the mortgage for a period of three to ten years, with principal lump sum reductions allowed any time. Upon completion of the initial term, the principal balance is amortized (principal and interest payments) over the remaining term of the loan. |
| Construction to Permanent: |
A mortgage loan which provides funds for the construction or renovation of a residential property. During the construction/renovation phase, funds are disbursed based on completion of the construction. The construction phase may be up to twelve months in duration and requires payment of interest only on the outstanding balance. Upon completion, the mortgage is modified to a fixed rate or adjustable rate mortgage amortized for 30 or 15 years. A benefit of this product is that only one closing is required, therefore eliminating the cost of duplicate closings. |
| ARM 3/1, 5/1, 7/1: |
A mortgage with an interest rate and payment that changes periodically over the life of the loan based on the change in a specific index. Adjustable rate mortgages may have features that allow for the interest rate and payments to be fixed for an initial period (3 years, 5 years, 7 years, 10 years) and thereafter adjusting periodically based on the specific index. |
| VA Mortgage: |
A loan guaranteed by the Veterans Administration. This loan is available to qualifying veterans of the armed forces and provides for 100% financing. The maximum 100% loan is currently $417,000. |
| FHA Mortgage: |
A loan insured by the Federal Housing Administration. This product typically requires a lower down payment; however, the Federal Housing Administration sets maximum mortgage limits by state and by county. |
| Balloon Mortgage: |
Balloon Mortgages have a large lump sum payment due at a specified date to pay off your loan |
