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Home Buyer Programs

As a future home owner, we want you to know that we offer a wide assortment of mortgage programs that can be tailored to help you in achieving home ownership. Whether you reside in Alabama and want to to build out a custom home in the wooded countryside outside of Mobile; or you live in Biloxi, Mississippi and have found the perfect Victorian home that just needs the right mortgage; or maybe you're relocating to the rolling hills of Memphis Tennessee and just need something small on the outskirts of town, Lifestyle-Mortgage.com can help.

At Lifestyle-Mortgage.com, we love our clients and celebrate every closing just as our clients celebrate their new home. Our focus and our job is to look at you for who you are, a unique individual with unique needs and dreams. Our professional loan officers are trained and understand that each client requires a custom tailored loan solution developed around their home buying experience and needs. We don't sell volume, we provide custom Lifestyle-Mortgage.com loans in Chattanooga, TN and beyond.

We offer a large number of mortgage program variations, which allows for us to identify and place virtually any client into the right loan for them. Whether you need a Bad Credit Home Buyer loan or you have outstanding credit but require Down Payment Help, we have the perfect program designed for you.

Our programs include:

And the reality is, these are just a sampling of the many, many mortgage programs available to our Mississippi, Alabama and Tennessee home buying clients. If you're in the market to purchase a home, you owe it to yourself to at least speak with a Lifestyle-Mortgage.com loan professional. As a home buyer in Brandon, MS or any of the other metros we serve, we are confident you'll love doing business with us. Call today or just use our convenient and fast Quick Apply application today. We look forward to hearing from you!

Fixed Rate Loans

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As a home buyer, you can clearly see we offer a wide variety of loan options. Our favorite, and most frequently used is our full range of secure fixed rate loan programs that cover a wide range of loan to value rates. We prefer the fixed rate loan as a primary vehicle because it affords our clients with security and payment stability throughout the life of the loan program. Our fixed rate terms include:

  • 40 Year Fixed
  • 30 Year Fixed Rates
  • 20 Year Fixed Loans
  • 15 Year Fixed Periods
  • 10 Year Short Term fixed Rate Loans

As you see, the range of fixed period loans is wide. For those who are more concerned about the actual monthly payment rate, the 40 year fixed rate loan can be a very safe alternative to an adjustable rate mortgage, especially when you consider the volatility in the ARM rates once the fixed period is complete. In most instances, the monthly payment will be very, very comparable between the 40 year fixed note and virtually all of the ARM programs.

The 30 year fixed rate mortgage is ideal for the traditional home buyer who meets that traditional character traits of most home buyers. It offers a relatively traditional fixed period, stability in rate and naturally, security. This is perfect for the first time buyer or the seasoned home owner who is planning a new family or has a family already and really needs to ensure a stable home environment.

For the more financially capable clients, we recommend the 20 year fixed rate loan program. The reality is that this program is typically more suited to the needs of the borderline high income household or the average income household who carries little to no debt. Selecting this shorter term traditionally means an approximate 20% increase in housing costs, and we want to insure that we're positioning each client to succeed, not to fail. We want each of our clients to love coming home without the dread and anxiety that a high mortgage payment can cause a family who was a borderline candidate for a shorter loan term.

Finally, for the most experienced home buyer, we recommend the short term 15 year and 10 year fixed rate programs. These are outstanding vehicles to achieving the dream of being mortgage free and equity rich and work well in Auburn, AL and the other cities where we originate these kinds of home loans.

We'd love the opportunity to review your situation and provide loan counseling built around helping you to make your new home the happy home you want! Call Lifestyle-Mortgage.com today or just use our Quick Apply for a no obligation consultation!

No Money Down

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No matter whether you're an Alabama, Tennessee or Mississippi home buyer, a no money down loan functions like a "Get out of Jail Free" card for people with questionable credit histories or limited savings. These loans allow many different people in many different financial situations to own fantastic properties. Bad credit just might not be the obstacle you think it is when it comes to buying your own house.   Lack of capital--which can make buying a number of properties quite a challenge--can likewise be circumvented with no money down loans. Many different types of loans are offered, each with specific advantages. Some are just perfect for people buying their own homes, while others provide significant savings for people looking to buy more than one property. No matter how you do the math, no money down loans can be very helpful to home buyers.

No money down loans are easy to apply for when you are working with a trusted group of mortgage consultants. Here at Lifestyle-Mortgage.com, we pay close attention to the individual needs of each and every one of our customers. We will help you to review and improve your financial situation and aid you in the process of finding the right property and the right loan for your particular situation.   Many of our customers have come to us with credit issues that have prevented them from owning a home in the past. Our skilled representatives possess a great deal of knowledge regarding mortgage and financing options. We can help you to repair your credit and qualify for a greater number of mortgages and loans in Clarksville, TN or any of the communities we serve. To find out more about our many mortgage services, give us a call, or use our "Quick Apply" fast application

106% Financing Programs

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Are you a home buyer worried about how your going to make a down payment and meet the costs associated with closing your loan? We've go several outstanding programs that allow up to 106% financing! This can eliminate the need for a down payment, offer great fixed and adjustable rate options, and allow the financing of your Closing Costs to boot.

Just one of the programs we offer includes:

  • Absolutely NO Mortgage Insurance
  • 106% Fully Amortized Loan program
    • You can include Closing Costs, Prepaid Items and Other Premium Closing Charges
  • Fixed or 5/1 Libor ARM
  • 45% DTI and 50% with $3500.00 in residual income
  • Up to $650K can be financed!!!
  • Seller contributions can be used to Buy Down Your Interest Rate!

And this is just one of many programs we offer that allow 105% or 106% financing for select borrowers who meet the credit and income quality guidelines. Give a mortgage professional at Lifestyle-Mortgage.com a phone call to find out more about these great no money down, finance the closing cost, mortgage programs! Call Today or use our Quick Apply to find out more!

103% Financing Loans

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Looking for a loan program that can provide you with the extra 3% you need to close you loan? Lifestyle-Mortgage.com has several terrific 103% financing mortgage programs to assist home buyers in closing on their dream homes. Our programs allow for flexibility in credit and in most instances allow for seller concessions to cover any variance you may have in financing vs. actual costs to close.

Our 103% program offers great options to include:

  • No Mortgage Insurance in Most Cases
  • 103% Amortized Balance
    • In most instances, you can include Closing Costs or other Prepaid Items or Financed Premiums
  • 30 Year Fixed Rate Terms
  • 5/1 ARM Tied to the LIBOR Index with Full Amortization
  • Up to 45% Debt to Income Ratios
  • A Maximum Loan Amount of $650,000.00
  • In most instances, seller contributions are allowed
  • In most instances, gift programs are allowed

This outstanding and robust loan program option provides tremendous home buyer flexibility with great rates and payment terms. Contact a Lifestyle-Mortgage.com lending professional for more information, or use our Quick Apply to get a fast call back.

100% Mortgage Financing

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As a wonderful Alabama, Mississippi or Tennessee home buyer seeking 100% mortgage financing, you may have already saved up enough money to cover your costs to close. Did you know, in a buyer's market, you potentially can bank your closing costs and negotiate that the seller will pay all of your costs to close? Our 100% mortgage financing program can leave that money in your bank, eliminate the need for a down payment, and put you on the road to financial freedom.

The fact of the matter is, as a Lifestyle-Mortgage.com home buying customer, you need to know we offer a wide range of single loan 100% finance mortgage programs. No one program is right for everyone and every situation. This applies whether you deal with our competition down the street or you work with a Lifestyle-Mortgage.com loan professional. On our website, we can really only offer a snapshot of the mortgage programs available to you.

Our traditional 100% mortgage financing programs include options such as these:

  • Both Conforming and Non Conforming Loan Options
  • 1st Mortgage options up to $850,000.00
  • Full Documentation and Specialty Financing covering no income verification to stated income and stated assets
  • Traditionally, Higher than average debt ratios
  • Fixed Rate and Adjustable Rate mortgage options
  • Under some programs, No Mortgage Insurance
  • Flexible Credit Score Parameters
  • In some instances, Interest Only Periods with full amortization
  • Super Fast Answers!

The fact is that the right program for your home buying experience depends upon many factors. As a home buyer, we want you to have the real answer, the right answer, without a bunch of empty promises. For a no obligation consultation, contact a Lifestyle-Mortgage.com lending professional or use our online Quick Apply application to have a representative contact you.

80/20 Piggie Back Loan Programs

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What is a Piggie Back? You really have to be a seasoned home buyer to know the answer to this one. Our 80/20 Piggie back loan program is also known as an 80/20 combo loan. Piggie back is a industry term used to describe the combining of a first and Second Mortgage with a simultaneous closing. Yeah, pretty tricky stuff to know.

The fact is that the 80/20 program allows a home buyer to get a great Fannie or Freddie conforming loan rate at the 80% loan-to-value interest rate with absolutely no Mortgage Insurance in Millbrook, AL and beyond. This can traditionally cut the monthly payment over the first 3 to 4 years on a typical 30 year note by approximately $100.00 to $150.00 or more a month. Combining the remaining 20% with a second mortgage in the form of an Interest Only Home Equity Line of Credit can reduce the monthly payments associated with your loan dramatically.

As a long term financing strategy, the 80/20 Piggie back mortgage package may not be the best loan for your situation. However, if you're looking for a short term 3, 4 or 5 year mortgage, this combo loan process can save you money and typically you will still have a lower payment that a traditional ARM program.

The 80/20 Combo loans typically feature the following options:

  • Conforming and Non-Conforming Options
  • Combo Loan amount (CLTV) in excess of $1.25 Million Dollars
  • Full documentation and limited documentation programs are available (see our Specialty Financing for even more financing options!)
  • Owner Occupied and, in some instances, Investor Loans are available
  • Fixed Rate or Interest Only Firsts are available
  • Adjustable Rate Options are available under these programs

The facts are, if you're buying a home in Alabama, Mississippi or Tennessee, you really should speak with a Lifestyle-Mortgage.com loan professional. We'll give you the right answers to your questions right up front. Call today or just Quick Apply!

97% Finance Programs

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The 97% financing program was originally built around the premise of providing affordable financing options to the first time home buyers. The philosophy behind the program was that 3% down meant the home buyer had a vested interest in the property, and along with closing costs, would reduce the risk of default by the home buyer. The reality is, over time, lenders came to realize that these underlying principles were incorrect. The default rate on higher LTV programs designed for more seasoned home owners were consistent with those of first time buyers.

Eventually, the market opened up as the realization came to be that default rates were consistent regardless of whether you were a first time buyer or experienced home owner, and higher LTV programs were expanded to include home buyers who had never owned before. Today, the 97% LTV programs are geared to lower credit score home buyers, regardless of experience. These programs do require down payment and closing costs to be paid by someone. Luckily, they don't always have to be you, the home buyer. These home loans have been especially popular in high growth markets such as Rankin County, MS, but they are available in all of the states where we originate loans.

Our 97% finance mortgage programs include:

  • Both Conforming and Non Conforming Terms
  • Loan amounts up to $850K dollars
  • Lower credit scores are allowed in most instances
  • Down Payment Charity Program Typically Allows
  • Seller Paid Closing Costs Typically Allowed
  • No secondary Financing is allowed with these programs
  • Competitive Interest Rates!
  • Both Full Documentation and Light Doc Programs are available
  • Typically owner occupied; Condos, Townhouses, Single Family Homes and Duplexes are allowed
  • Fixed Rate Programs
  • Adjustable Rate Program Options
  • In Some Instances, No Mortgage Insurance required

If you are struggling to find the right mortgage for your purchase in Mississippi, Alabama or Tennessee, we encourage you to contact a mortgage Pro at Lifestyle-Mortgage.com for a free, no obligation, consultation. We make lending easy and our job is to help you to understand your options. Use our Quick Apply for a super fast response!

80/10 Piggie Back Loans

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The 80/10 Piggie back mortgage is much like its big sister, the 80/20. It to is a combo loan utilizing a first mortgage at the 80% LTV (Loan to value) interest rate and combining this with secondary financing of 10% to create a simultaneously closing dual loan package with a CLTV (Combined Loan To Value) of 90%. Now, one might ask why go through all that trouble to create two loans when you can just do a single loan of 90% LTV and be done with the whole matter?

The fact is, if you are a home buyer who has sold a home, wants to bank some of the profit, and only needs 90% financing, the perfect scenario could very well be this 80/10 combo loan. The 80% LTV eliminates all mortgage insurance premiums, the 10% Home Equity Loan carries the balance and in most instances, is interest only. Combining both, you have a lower mortgage payment, lower interest rates, no MIP and you bank equity you wanted to for whatever reasons you wanted. Whether you planned to do a Debt Consolidation with the equity, you want to invest in real estate or maybe you just want to invest in a nice nest egg, it's there for you to use.

Regardless, the 80/10 Piggie back loan is just one of hundreds of loan scenarios that might fit your situation. To get further advice from a Lifestyle-Mortgage.com loan professional, we encourage you to call today or use our only Quick Apply application!

Construction Loan Programs

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Mortgage Program Notice

At Lifestyle-Mortgage.com, we offer a wide range of construction perm loan programs to help home buyers to build the home of their dreams. Programs allow for the payment of interest first during the construction period and you only pay interest on the money you use, rather than the total amount scheduled for financing. Yes, we can also include the financing of the lot in these kinds of loans.

In many instances, we offer the same range of standard purchase programs in our construction perm product line, to include:

  • Fixed Rate Loans
  • Adjustable Rate Loans
  • Interest Only Loans
  • Stated Income Loans
  • NINA Products

Regardless of whether you're in Alabama, Mississippi or Tennessee, you can build a dream that allows you to customize your home around your vision and skip the cookie-cutter homes built by today's builders. We offer both single closing and two stage closing programs for many of our Construction Loan offers! Call Lifestyle-Mortgage.com Today or Quick Apply Now!

Lot Loans

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Mortgage Program Notice

Banks hate them because of the risk tied to land with no real property attached, and most mortgage companies won't get involved with a lot loan because of the difficulties in getting them purchased on the secondary market and most loan originators won't mess with a lot loan because, frankly, there is simply no money to be made.

Well, here at Lifestyle-Mortgage.com, we love lot loans. The reality is, land is a great investment and with outstanding land prices in the beautiful countryside of Mississippi, Tennessee and Alabama, we think of it as a tremendous opportunity for our many customers to build wealth and security. We understand that lending is more than just how much money you make on a closing; it's about building relationships and respect!

Whether you have your eye on a property in the blue ridge mountain area for building a dream home, or maybe on a lakeside property just off the Bee Ridge in Mississippi for a future Summer Getaway, or a lot in Baldwin County, Alabama for a future business venture, why not let the professionals who Love to do lot loans work hard for you to get a great finance package put together that will bring your future vision one step closer to reality! Call today or use our Quick Apply to get more information!

First Time Home Buyer Programs

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A first time buyer, as defined by HUD, is anyone who has not owned a home within a 3 consecutive year period and is now in the process of purchasing. This is an outstanding opportunity for anyone that once owned a home and decided they would much rather rent, had to sell because of financial crises or maybe were forced to sell or give up a home during a divorce process. It means, regardless of the reason, you could now become a first time home buyer with all the benefits that go with it.

Many mortgage programs exist for first time buyers who are looking for that wonderful opportunity to own a home. Some will allow up to 103% Financing, which can cover virtually all your closing costs with a good Real Estate Agent who can negotiate closing cost assistance from a willing seller. To top it off, if you have good credit, you could be eligible for a local or state grant which can make your down payment for you and typically will pay for some and, in some cases, all of your costs to close.

At Lifestyle-Mortgage.com, we love helping our first time home buyers to achieve their dreams of home ownership, regardless of whether you live in Tennessee, Mississippi or Alabama, we can place you in the right loan with the right programs that can make you dream real. If you're a first time buyer, you need to give us a call today or use our Quick Apply for fast results!

Down Payment Help

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Mortgage Program Notice

Lifestyle-Mortgage.com works with a wide range of down payment assistance programs throughout Alabama, Mississippi and Tennessee in order to help our qualified borrowers in purchasing their new homes.

Some programs have income restrictions and/or purchase price restrictions. Some simply require seller contributions to replace the down payment money.

Almost all are approved down payment programs with Lifestyle-Mortgage.com and have been used many times to assist qualified borrowers who have little or no savings to actually purchase their new homes.

We are well versed in finding ways to assist our home buyers with identifying and using local or state programs and programs run by as not for profit housing assistance agencies for those buyers who have never owned a home before.

Even if you have your down payment, or you opt for a no money down program, you can utilize eligible funds to "pay down" your mortgage. In many instances, these "grants" are forgiven over time. In essence, they are free money.

To learn more about Down Payment Programs, just give us a call here at Lifestyle-Mortgage.com or use our Quick Apply application for a fast call back.

Standard Purchase Loan Documentation Requirements

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Copy of Social Security Card
Copy of Drivers License
90 Days Banks Statements, all Accounts, all Pages
30 Days Pay Stubs
2003 & 2004 W-2'S
Last Quarterly Statement for Investment Accounts/401K
Signed Letter of Credit Explanation (IF DEROGATORY Medical Issues)
Copy of Bankruptcy Papers, all Pages and Discharge
Business Tax Returns (Self Employed Only)
Copy of Personal Tax Returns, all Schedules (Self Employed Only)
Copy of Business License (Self Employed Only)
Year to Date P & L statement - Signed (Self Employed Only)
Last 12 Months Canceled Checks for Rent or Mortgage (Privately Held rent or prior mortgage)
Child Support Order (for those using child support to qualify)
Benefit Award Letter (For those using a Retirement or Disability income to qualify)

 

 


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