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.
Q â I see you have over 50 standard house plans on your web site. But, can Heritage Homes build a custom plan to my specifications? A â We will look at other home plans and if the style of the home is similar to plans we offer then Heritage Homes can give you a quote for your custom plan.