Our financing program was created to provide lower new home prices to Wakefield Homes’ purchasers. This is achieved through our competitive “Preferred Lenders” for our Ready Purchase Homes, and our “One Stop Shopping” construction/permanent financing for Build-On-Your Lot (BOYL) customers. 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 up to 60 days loan rate lock for Ready to Purchase Homes, and up to one (1) year loan rate lock for our BOYL customers.
BOYL CONSTRUCTION TO PERMANENT LOAN PROGRAM FEATURES:
- Funding for lot acquisition, construction, and permanent financing with various mortgage loan products at competitive rates with a Single Settlement.
- 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), or twelve (12) months.
For New Home Purchases or Build On Your Lot Purchases, Please visit our Preferred Lenders Websites and contact our mortgage representatives.
GEORGE MASON BANK
Christian A. Hartung
Senior Vice President
Branch Manager-Old Town Alexandria
Mortgage Loan Officer
3120 Fairview Park Drive
Falls Church, VA 22042
SANDY SPRING BANK
Joe Catalano | Vice President | Commercial Real Estate
9910 Main Street | Fairfax, VA 22031
703-319-9000 x 4141 Phone | 703-352-8183 Fax | JCatalano@SandySpringBank.com