New Home Financing

Our financing program was created to provide lower new home prices to Wakefield Homes’ purchasers. This is achieved by our “One Stop Shopping” construction/permanent financing through our Preferred Lenders: First Horizon Mortgage and Countrywide Home Loans. We also provide additional savings with prearranged loan settlements through our preferred title company. Together, our program, mortgage companies, and title company offer favorable terms and rates to our home purchasers.

The financing programs offered through our Preferred Lenders provide lot acquisition, construction, and permanent financing with various mortgage loan products at competitive rates with a Single Settlement.

PROGRAM FEATURES
Loan Duration: The loan duration may be as long as twenty-four (24) months once settled.

Construction Loan Interest Rate: The interest rate charged during the construction period is tied to the Wall Street prime rate and is computed on a simple interest basis. The monthly interest fee, for which you are responsible for paying the lender based on the outstanding loan balance, will be computed monthly as follows: principle drawn at settlement to fund the land purchase plus the construction draws’ outstanding balance times the annualized interest rate for one month.

Permanent Loan Interest Rate: The permanent loan interest rate is a floating rate until it is locked-in by the purchaser. This must be done within thirty (30) days of completion of the home. You may choose to lock-in your interest rate for six (6), nine (9), twelve (12), eighteen (18) or twenty-four (24) months, for which there is a corresponding fee.

Please visit our Preferred Lenders Websites and contact our mortgage representatives.