If the loan to value (LTV) ratio of a first mortgage is greater than 80%, lenders generally require private mortgage insurance (PMI). In such a case, it can sometimes be economical for a borrower to limit the size of the first mortgage to an 80% LTV and use secondary financing to borrow the remaining amount needed.EFINITION of 'First Mortgage'. A mortgage in a first lien position on the property that secures the mortgage. A first mortgage has priority over all other liens or claims on a property in the event of default.
Not all custom homes are designed by an architect. Custom home design companies may create custom home plans as well. Their costs typically range from $1.50 per square foot to more than $2.50 per square foot for the total project and home size. For smaller homes, this may be a budget-friendly option. However, for larger homes, this can be a substantial budget item.
Virginiaâs Custom Home Builder. Mitchell Homes is a semi-custom and custom new home builder that will build on your lot in more than 70 counties throughout Virginia, parts of Southern Maryland, and parts of Northeastern North Carolina.