Congratulations on the purchase of your new home from LifeStyle Builders and Developers, Inc. We share your excitement and look forward to working with you as “we address your dreams”.

Building a new home is a complex process in which many variables come into play. More than 20 years of success in this industry is a testament of our commitment to you, our customer. This guide contains valuable information gained from our years of experience and is designed to assist and educate you on what you can expect during the purchase and building of your new home, as well as in the years to come.

The information in this guide and the RWC Limited Warranty represent our company policies as they apply to the purchase of a new LifeStyle Builders’ home. Please take the time to review this guide thoroughly, as it will answer many of your questions. But if for any reason you cannot find the answer you seek in this book, we encourage you to contact a LifeStyle Builders representative to assist you.

From hereon in this guide, LifeStyle Builders and Developers, Inc. will be referred to as LifeStyle Builders. Where time frames are specified, it is vital that they be observed in order for us to deliver your home in a timely fashion. From time to time, as we progress through the homebuilding process, there will be new materials to add to your guide. When complete, it will provide you with a complete, useful record of information about your new home.

Our Mission Statement
LifeStyle Builders and Developers, Inc. is committed to growth, innovation, service and industry leadership. Our team believes in integrity, fairness and uncompromising personal and professional values.

Our Core Values
We at LifeStyle Builders and Developers:
Believe in the principles of our Mission Statement.
Trust and respect one another.
Encourage personal and professional growth.
Communicate in a courteous and professional manner.
Take ownership of challenges.
Work hard and play hard.
Do what we promise to do.
Empower our team to make decisions within guidelines.
Understand that our customers are the only reason we are in business.

COMMUNICATION
Communication is a vital ingredient to a happy and mutually satisfactory relationship. We are professionals dedicated to providing the highest possible level of attention and service to you, therefore we take the responsibility of establishing and maintaining clear lines of communication very seriously. Not knowing what is happening and not knowing to whom you should speak can cause frustration and dissatisfaction. This must be avoided and it is our earnest intention and desire to do so. We believe there is no reason or excuse for communication lines to break once they are clearly established. Below is a list of names with contact information for the individuals responsible for building your new home:

SALES MANAGER – All questions regarding your sales contract, closing dates and loan information should be directed to our Sales Manager.

Ed Melton
Direct Office # (804) 608-3236
E-mail: emelton@lifestylebuilders.com

DESIGN STUDIO CONSULTANT – All questions regarding the selection of your personal choices and the Design Studio should be directed to our Design Studio Consultant.

Sally Rollins
Office # (804) 639-9440
E-mail: srollins@lifestylebuilders.com

FIELD MANAGER – Your Field Manager is directly responsible for having your home built according to the contract specifications. He/She will be contacting you to set up several organized meetings to ensure your home is built correctly. Your Field Manager will be scheduling the building of your new home and will make certain that the LifeStyle Builders standards for construction are being followed. Therefore, he/she must spend considerable time on site.

CUSTOMER CARE COORDINATOR – All questions and concerns about your new home warranty and scheduling warranty service should be directed to our Customer Care Coordinator.

Holly Warren
Office # (804) 639-9440
E-mail: customercare@lifestylebuilders.com

PURCHASING YOUR HOME
Several standard forms are used when you purchase a new home. These include the Purchase Agreement and several Addenda. The Purchase Agreement and all Addenda are subject to LifeStyle Builders management approval. All forms and attachments must be signed by all parties involved before the Purchase Agreement becomes binding.

Purchase Agreement
The LifeStyle Builders and Developers, Inc. Purchase Agreement is the legal document that represents your decision to purchase a new home. It includes a description of your home, the selling price, financing information, homeowners’ association information (if applicable), and additional legal provisions. One or more Addenda are typically attached to the Purchase Agreement. Your Purchase Agreement contains an approximate closing date. It is important to realize that this date is tentative and can fluctuate. Please see the chapter entitled “Construction of Your Home” for more details.

Addenda
The following Addenda may be included with your Purchase Agreement:

LifeStyle Builders and Developers, Inc. Distinctive Included Features – This addendum will list the features which are included as standard in the home you have purchased. If your home was already under construction when purchased, the existing features will take precedence over the features on this addendum. Additionally, the specifications listed on this Addendum will take precedence over any features displayed in our Model homes. Due to advances in technology, new building products are presented daily. LifeStyle Builders reserves the right to substitute any component of your home with a component of equal or greater value. The purpose of this policy is to ensure we supply only the highest quality products available.

LifeStyle Builders and Developers, Inc. Stages of Construction Addendum – This addendum is specific to LifeStyle Builders and contains certain policies regarding our homes and the personal choices available in those homes.

LifeStyle Builders and Developers, Inc. Designer Home Addendum – This addendum will be used if the home you are purchasing is already under construction, and is specific to this home only. It is a list of the Personal Choices selected for this home by LifeStyle Builders.

LifeStyle Builders & Developers, Inc. Personal Structural Choice Addendum – This addendum is representative of the house plan chosen, with all structural selections. Please note that any dimensions on these plans are approximate. Additionally, any “total square footage” dimensions are also approximate, due to framing variances that can occur. Most of these variances are nominal and will only affect the square foot dimensions slightly. Personal Structural Choices will only be permitted at the time the Purchase Agreement is written, in accordance with the Stages of Construction Addendum and are no longer available after permit application.

LifeStyle Builders and Developers, Inc. Controlled Business Arrangement Disclosure – This document discloses various business relationships of LifeStyle Builders.

APPLYING FOR YOUR LOAN
The first action item that requires your attention is the selection of a lender and completion of a mortgage application. This should be accomplished as soon as possible. Your contract will state when loan application must be made. Prior to your appointment, the Mortgage Loan Officer will instruct you on what to bring.

It is rare that a situation arises that your Loan Officer has not encountered in the past. Do not hesitate to discuss any concerns that you have regarding your assets, income, or credit. It is the job of the lender to understand completely your particular financial circumstances and it is best that you disclose accurately and completely all information. Overlooked items or inaccurate data can cause delays or even totally stop the process of obtaining a loan.

Loan Application Checklist
The checklist that follows is a general guide prepared to assist you with the loan application. Some of the items listed may not apply and there may be some specific items your lender will request which we have not mentioned. You can facilitate the mortgage application process by collecting as much of the needed information as you can before your appointment.

Property Information
- The Purchase Agreement will include the legal description of the property and the price.

Personal Information (for all borrowers)
- Social Security numbers and drivers license
- Home address(es) for the last two years
- Divorce decree and separation agreement(s), if applicable
- Green Cards, work visas, etc.

Income
- Most recent pay stub(s)
- Documentation on any supplemental income such as bonuses, commissions, etc.
- Names, addresses, and phone numbers of all employers for the last two years
- W-2's for the last two years
- Last two years of personal or corporate tax returns
- If self-employed or commissioned sales, copies of the last two years' tax returns with all schedules and year-to-date profit and loss for current year, signed by an accountant
- Documentation on alimony/child support, if such income is to be considered for the loan

Real Estate Owned
- Names, addresses, phone numbers & account numbers of all Mortgage Lenders & Landlords for the last seven years
- Copies of leases and two years' tax returns for any rental property
- Market value estimates for all real estate owned

Liquid Assets
- Complete names, addresses, phone numbers, and account numbers for all bank accounts (credit union, 401K, investment accounts, etc.)
- Copies of three months most recent statements for all bank accounts
- Copies of any notes receivable
- Value of other assets (auto, household goods and collectibles)
- Cash value of life insurance policies
- Vested interest in retirement funds, IRA's etc

Liabilities
- Names and account numbers for all revolving charge cards, balances, and current monthly payment amount
- Names, addresses, phone numbers, and account numbers for all installment debt; approximate balance and monthly payment (auto and mortgage etc.)
- Alimony or child support payments
- Names, addresses, phone numbers, and account numbers of accounts recently paid off (if to be used to establish credit)

PLEASE NOTE: You will be asked to pay for a tri-merge mortgage credit report and an appraisal upon signing the application.

Loan Processing
Once all preliminary information has been given to your Loan Officer, verification forms will be sent to your employer(s), bank(s), and current mortgage company or landlord. A tri-merged credit report and appraisal of the property will be ordered. Your lender will provide you with a Good Faith Estimate and a Truth-In-Lending Disclosure.

- The Good Faith Estimate lists the costs you will incur in financing your new home.
- The Truth-In-Lending Disclosure shows the total cost to you (over the term of the loan) for your specific financing.
- Verification of Employment (VOE) forms are sent to all employers for the last two years. The VOE is completed, signed by the employer, and returned to the mortgage company. This will show the date you began your employment, the amount of money you earned last year and how much you have earned so far this year. The VOE also indicates what bonuses and overtime have been earned.
- Verification of Deposit (VOD) forms are sent to each banking institution listed on your application. The bank(s) will indicate the date you opened each of your accounts, the average balance in each account for the last three months, and the amount of money you have in each account on the day they complete the form. Any loans or overdraft accounts you have with the bank will also be shown.
- Mortgage companies and landlords complete Verification of Mortgage forms (VOM) by telling the mortgage company how much you owe them, what your monthly payment is and your manner of payment. They will normally indicate whether you made your payment by the due date or after.
- The credit report will show what amounts of money are owed to each of your creditors. Minimum monthly payments and your manner of payment will also be shown.
- The appraisal on the property confirms for you and your mortgage company that the property has the value to support the loan you are obtaining.

It normally takes several weeks for these reports and forms to be returned to the mortgage company. If any delays are encountered, the Loan Officer may contact you for assistance. The credit reporting agency will call you to verify that the information they have gathered is correct.

Once all required documentation has been compiled, you may be asked to write letters in regard to your assets, income, or credit. Please remember that your mortgage company requests these letters to assist you in obtaining financing.

Please know that it is not uncommon to become frustrated with the loan process. Do not hesitate to discuss your concerns with your Loan Officer; perhaps he or she can provide some additional insight on what may seem to be a redundant request.

Prior to the Loan Processor working up your file, he/she will need to verify the final sales price. Make sure that all addenda to the contract have been sent to the lender. This assists the lender in determining the exact loan amount. If any changes occur which will affect the sales price after this time, the loan may have to be resubmitted which could delay final loan approval or additional items may have to be paid for in cash.

Loan Approval
During your first meeting, you will determine with the lender the timing to obtain a favorable opinion letter which requires the lender to request and receive a tri-merged credit report (an in file credit report is not acceptable), a verbal or written confirmation of employment status, and verification of funds sufficient to close (last two months statements for all accounts where funds will be coming from). This allows us to start the construction process on your new home even though final loan approval is still pending. You will also discuss what additional items may be needed for complete qualification to close the loan.

The favorable opinion letter is due to LifeStyle Builders within 10 days from date of the signed purchase agreement. Full loan approval is due within 30 days of the signed purchase agreement. If any of the information requested has not been returned to the mortgage company in a timely manner, loan approval may be delayed.

Contingencies
Loan approvals sometimes carry “conditions of approval.” The sale of a previous home or proof of funds are two typical examples. Please be sure to discuss any concern you may have about such conditions with your Loan Officer and obtain any requested documentation as soon as possible.

Lock-Ins
At some point during the loan process and prior to closing, your lender will need for you to lock in your interest rate. Lock-ins do have expiration dates, which your lender will explain to you. Please contact LifeStyle Builders to confirm the Approximate Closing Date of your new home BEFORE locking in your interest rate. We recommend you read the “Construction of Your Home” chapter in this guide for information regarding Approximate Closing Dates. LifeStyle Builders is not responsible for any financial consequences incurred by you due to your lock-in expiring prior to closing of the home. However, every effort will be made to give you an accurate Approximate Closing Date.