Part II of the "Why buy stock house plans vs. custom" article has been posted on the site here....

New article has been added to the site here....

Watch out for the bi-monthly mortgage, which is not the same as the bi-weekly mortgage and does NOT achieve the same results. With a bi-monthly mortgage, you pay one-half your monthly mortgage twice a month as opposed to every two weeks, so you don't make an extra payment over the course of a year. You save only one month's interest on a 30-year mortgage instead of seven year's interest...

Don't allow your mortgage company to convert your payment plan (FOR A FEE) to a bi-weekly plan. Many companies will offer to "convert" your mortgage to a bi-weekly mortgage payment plan for a fee. They'll automatically withdraw the payments from your bank account every two weeks. Read the small print on such plans. Many of them only pay your lender once a month, so the extra payment doesn't get applied to your loan until the end of the year. In the meantime, the company has been earning interest on your money as well as charging you a sometimes outrageous fee.

Save the money, apply it to your mortgage, and include this payment in your family's budget.. You can do EXACTLY the same thing....with $0 fees.

You can achieve the same benefits of a bi-weekly mortgage by making your monthly mortgage payments as usual, but making one additional payment each year. The difficulty with this method is that you have to come up with a large lump sum at one time.

Another method is to pay an extra 1/12th of your monthly payment each month. If your payment is $700, pay $758 each month ($700 divided by 12 = $58). After 12 months, you'll have made the equivalent of an extra month's payment.

As in most things in life, discipline is very important.. Make this extra $ amount a fixed item in your family's budget...

Every mortgage is different.... You absolutely MUST validate that your particular mortgage will allow you to pre-pay.... very important.

View article here...

The larger your mortgage, the more dramatic the savings. On a $200,000 mortgage, you'll pay $255,088 in interest, plus the $200,000 principal, for a total of $455,088. Paying one-half your regular monthly mortgage amount every two weeks will result in interest of $194,430, a savings of $60,658. You'd have to earn at least $85,000 before taxes to net that much money.

Most mortgages can be pre-paid without penalty, but some mortgages in the secondary market (where many people with questionable credit have to go for a mortgage) have a penalty for pre-payment. Check with your lender.

You can achieve the benefits of pre-paying your mortgage without converting to a special type of mortgage or paying a fee. All it requires is discipline.

First, the facts: on a $100,000 30-year mortgage at 6.5%, you'll pay $127,544 in interest, plus the $100,000 principal, for a total of $227,544. Paying one-half of your regular monthly mortgage every two weeks will result in interest of $97,215, a savings of $30,329. You'd have to earn over $42,000 before taxes to net that much money.

View a comparison of these two loans online...

A. You are permitted to build only one house with the plans you purchase from House Plan Central.com. When you buy a set of house plans, you are also buying a license or permission to use the designer's copyrighted material for the construction of one home. (See Copyright Information). Some of our designers offer discounted fees for multiple use, but you need to contact us to verify this option with the designer.

Interesting article here...

Learn more about typical closing costs in this article...

One easy way to save thousands over the life of your mortgage is to pay bi-weekly. Basically, you would pay half your mortgage amount every two weeks instead of paying 100% once monthly.. Making this one change can, literally, save you untold thousands off the real cost of your mortgage, because the accelerated payment causes you to pay off more principal than you would normally (if paying 100% at the end of the month.)

Interesting article here...

Prepaying any portion of your mortgage, really at any time, can save you SIGNIFICANTLY on interest.

As you begin to look at your mortgage's amortization schedule (available here), you can see that....over the life of your loan...your paying an insane amount of interest over the loan term.

Learn how to minimize out of pocket fees and costs on your next mortgage refinance. View article here...

Non-Profit Assistance Programs

Another option to achieve a no down payment purchase is the current wave of non-profit assistance programs. Some are only available to first time homebuyers but the vast majority is accessible to everyone. Most programs use a loophole in FHAs rules that allow non-profit groups to contribute money for down payment and closing costs. The non-profit group will charge a fee of around $500 and allow the seller to deposit an agreed upon amount with them. The non-profit organization will then forward that amount to the buyer to be used toward their closing costs and down payment. The amount put toward the buyers costs is agreed to upon acceptance of the contract.

These programs will require specific language in the contract and there is a maximum rate of around 3% that can be contributed. This type of contribution can be used on a conventional loan directly with no additional steps necessary. The seller and buyer simply would agree to the amount contributed and that amount would be debited from the seller then credited to the buyer at the closing table.

To conclude, there are many ways and options to purchase a home with a no or a low down payment. It is something that can be worked out creatively with the seller. Even in hot markets where credits to the buyer are rare this is possible. The buyer could make an offer of more than they would otherwise want to pay in the amount they wish to have credited back at closing for costs and down payment.

As long as the property will appraise for the higher amount, and in most busy markets it will, the buyer could take advantage of this option. One of the only downsides to accessing a no or low down payment is that the interest rate is typically a little higher. Usually though, the appreciation in value, todays low interest rates, and simply the ability to own property will more than make up for the higher rate.

There are many loans available right now that offer a solution to almost every type of financial situation. This flexibility has helped sustain the housing boom and has allowed many people to get into a home they can call their own. Today most people can qualify for a loan that makes affording a home within their grasp.

One of the major obstacles to buying a home is the down payment. To qualify for a traditional mortgage, buyers used to need around 20% of the sale price to put towards a down payment. Times are changing and now there are some methods to transgress this old style of obtaining a mortgage. Buyers now have programs available, which will allow for 5% down or less toward their mortgage.

FHA and VHA Low Down Payment Loans

FHA and VA loans are the most common way people use to get into a home at a low down payment with VA being the less common of the two. To qualify for a VA loan you must be a veteran of the armed services. The vast majority of these loans are made with a 0% down payment. FHA loans are similar in that they are government backed and generally are made with a down payment of only 3%. A good rule of thumb is that a buyer can get into a FHA loan with a total cost of 5% of the sales price, down payment and closing costs inclusive.

The greatest drawback to these types of loans is that there are limits to the maximum size of the loan. These limits vary from area to area but generally are around $250,000. The consumer will want to check with their lender to see if the property they are looking for falls within the loan limit for their area. There are also extra fees that one would not find on most conventional loans. On a FHA loan the borrower must pay mortgage insurance and on a VA loan the borrower is charged a 2% funding fee.

Continued.....

A. Almost, with a few exceptions, depending on where you are building your house. All building departments will require a site plan to show where the house will sit on your property. You might also need beams sized to accommodate roof loads specific to your region. Your home builder can usually help you with this. If you are not connecting to a sewer system, you also need a septic design attached to your application. And many areas now require compliance with local energy codes, which is normally a simple form you fill out and attach to your application.

In some regions, you also need to ensure that your house plans are in compliance with local codes. Some areas of North America have very strict engineering requirements. For example, earthquake-prone areas of California and the Pacific Coast, hurricane risk areas of the Florida, Gulf, and Carolina coasts, as well as New York, New Jersey, Nevada, and parts of Illinois require review by a local professional. If you are building in these areas, you will most likely need to hire a state-licensed structural engineer to analyze the design and provide additional drawings and calculations required by your building department. If you aren't sure, building departments typically can give you a handout, listing all of the items they require to obtain a building permit.

Additionally, stock plans do not have a professional stamp affixed. If your building department requires one, they will accept only a stamp from a state-licensed professional where you plan to build. In this case, you will need to have your house plans reviewed and stamped by a local engineer or architect.

Please keep in mind that it is the owner's full responsibility to ensure that any house plan purchased meets all local and state building requirements.

A. Just send us an email and we can verify whether it's available. Often a designer is willing to change the house plans for you, but we need to contact him to obtain a quote for the modification. If it's not available, you should also check with your builder. Often, changing a foundation type is a very simple matter and can be done during construction without modifying the drawing. If your building department requires drawings that describe the exact foundation you are planning to use and it is not available from the original designer, you also have the option of purchasing either the reproducible plan set or the CAD-file version (if available), and hire a local designer to make the changes for you.

Building codes are standards created to ensure the structural safety of buildings. To obtain a building permit, you will need to demonstrate to your local building department that your new house will meet the building codes of your community.

There are two basic types of home equity loans: the standard home equity loan and a home equity line of credit. Another way of borrowing against home equity is cash-out refinancing.

The Standard Home Equity Loan

A standard home equity loan, (also called a term loan, a closed-end loan or a second mortgage installment loan), works like a traditional loan. You receive a lump sum payment at a fixed interest rate and you pay the money back in monthly payments over the life of the loan. Since the interest rate on the loan is fixed, your monthly payments will also be fixed.

An example of this is a home equity loan for $30,000 with an interest rate of 7.5% where you pay the money back in monthly payments of $356.11 over the 10 year life of the loan.

A. It is a list of building supplies needed to construct the infrastructure of your new house and includes materials such as lumber, insulation, rafters, concrete, and hardware. However, it usually doesn't include hardware for lighting, heating, electrical, or plumbing.

If you ever had questions on how fixed rate mortgages worked, here is a good article to clarify...

Any original writing (books, plays, songs, poetry, software, etc.) or creative production of images (photographs, films, video, drawings, etc.) is considered the intellectual property of the creator and is protected by copyright laws.

The rights to use these works or copies of these works is controlled by the creator. To use any of these copyrighted materials, including house plans, you need permission, which is often in the form of a license, from the person who holds the copyright. Unauthorized use or copying of these works is stealing. It deprives creators of the income they normally charge for using their words or images.

Consequently, whether you want to build a house from a copyrighted house plan or make a copy, it is your legal responsibility to obtain permission from the copyright holder before using or copying the house plan. House Plan Central.com does not hold the copyrights to the plans you find on our site.

House Plan Central.com acts as a broker, or representative, for hundreds of independent designers, giving you the best selection of stock house plans available. Just as you would not steal materials from a lumber yard to build your house, it is important to obtain building licenses and copyright releases to use and copy any house plan you find on our site.

A. They include an electrical plan, showing code-required locations for switches, outlets, etc. However, plans do not include an electrical-wiring diagram or the location of the electrical panel because these items are handled differently throughout North America. Mechanical plans, typically, are not specified for the same reasons. Mechanical systems are installed in different locations, depending on your location, foundation, and weather conditions.

Our plans do show the location of plumbing fixtures but not the location of pipe risers, etc. Plumbing specifications are also dependent on your location and foundation options. Your plumbing contractor will determine pipe locations based on the requirements of your region.

A. Modifications to your house plan range from a modest fee of approximately $100, for a minor change, to several thousand, for a larger project, depending on the extent of your changes. If you are interested in making changes to one or more house plans, send us an email describing the items that you would like to see modified. We can discuss the details with you and then obtain a quote for those services from the designer.

Many simple changes can be made during construction by your builder and will not require plan modifications.

All our house plans are designed to conform to the local codes where the original house was designed/built. All building codes in the United States are similar because they meet industry-standard minimums that are based on three nationally recognized standards. Certain areas of high risk due to earthquakes and hurricanes typically have more stringent standards.

A. Most plans are shipped within 1-2 business days of receiving your order. Many shipping options are available. (See House Plan "Shipping Options"). Normal ground shipments within the continental United States take five to seven business days.

A. The total living square footage of a house plan is the sum total of the areas inside the exterior face of the heated walls, that is, it does not include areas like garages, porches, or decks. Consequently, you cannot determine the actual square footage of a house by adding the square feet of each room.

We just wanted to take this opportunity to wish you all a happy Fourth of July weekend, full of hot dogs and fireworks. For you Canadians out there: happy Canada Day!

A. Yes. We can either arrange for the original designer to make the changes for you, or we can arrange for an outside firm to make the changes for you. Most House Plan Central.com designers will make modifications for a fee. However, you should email us and discuss the kind of modifications you are considering.

A. Unfortunately, our designers do not release this information for privacy reasons. For more information, please see Privacy Policy.

A. In most cases, yes. A growing number of our house plans already have a rear view (also called a rear elevation). If it's available, there will be a rear elevation link located below the house floor plan image.

View article here...

One question that we receive almost every day is whether or not the plan package for plan 1234 contains everything that a person would need to build the home in the state of "INSERT STATE/LOCATION HERE"... As such, we wanted to provide some additional information to clarify the subject.

In most areas of the country, these stock house plans will be everything you need to build, but not necessarily everything you need to obtain a building permit.

In addition to the house plans you order, you may also need a site plan that shows where the house is going to be located on the property. You might also need beams sized to accommodate roof loads specific to your region. Your home builder can usually help you with this. You may also need a septic design unless your lot is served by a sanitary sewer system. Many areas now have area-specific energy codes that also have to be followed. This normally involves filling out a simple form providing documentation that your house plans are in compliance.

To find out what documents you should expect with your house plans, see What's Included?.

In some regions, there is a second step you will need to take to insure your house plans are in compliance with local codes. Some areas of North America have very strict engineering requirements. Examples of this would be earthquake-prone areas of California and the Pacific Coast, hurricane risk areas of the Florida, Gulf & Carolina Coasts. New York, New Jersey, Nevada, and parts of Illinois require review by a local professional as well. If you are building in these areas, it is most likely you will need to hire a state licensed structural engineer to analyze the design and provide additional drawings and calculations required by your building department. If you aren't sure, building departments typically have a handout they will give you listing all of the items they require to submit for and obtain a building permit.

Additionally, stock plans do not have a professional stamp attached. If your building department requires one, they will only accept a stamp from a professional licensed in the state where you plan to build. In this case, you will need to take your house plans to a local engineer or architect for review and stamping. In addition, plans which are used to construct homes in Nevada are required to be drawn by a licensed Nevada architect.

It is always a good idea to check with your local city, municipality, and state building authorities to ensure that your home construction will meet all applicable building codes.

Hopefully, the above information will provide you with a good basis for evaluatiing your particular house plan situation.

Look out for these ...

This designer's collection has recently been expanded to include several larger designs... view these here...

Great designs...

Keep these in mind when you begin evaluating mortgage options. Article can be viewed here...

Be sure to check out the collection of this new designer... Great floorplans and features... Many plans to choose from... View here...

Part II of the article can be found here ...

Remember to always email us if a particular homeplan package is shown as being "Not Available" on the site....

Here is a link to an excellent calculator to tell you how much home you can afford: http://cgi.money.cnn.com/tools/houseafford/houseafford.html

Most house plan designers offer a variety of plan "packages" to better fit our customer's specific needs.

There are packages specifically meant to provide additional information, for review purposes only.....there are packages that allow you to obtain CAD file sets which can then be modified by a designer in your area, to exactly fit your specific needs....and there are many other "packages" that allow you to purchase the type that best fits your needs..

As such, we have developed a short article to better explain the different types of floorplan packages, and when to use each....

Part I can be found here

Good description of this type of mortgage here...

A. Yes. You need to purchase either a CAD-file set or reproducible set. Both include copyright releases, so your professional can make the modifications and copies. Both versions also include a building license.

We've finished the third portion of the "Most Popular Homeplan Features" article , and you can view here

If you have ideas for other articles that you'd like to see, drop us an email at webmaster@houseplancentral.com

Here are some secrets your banker won't tell you. View article here...

I wanted to let everyone know that we've just completed Part II of our article series on the "Most Popular Homeplan Features" . Be sure to check it out, as several of the items may be helpful as you look for features that you would like in your new home plan...

You can view it here

Stay tuned for part III....

One of the most popular questions, by far, that we receive from our customers is "What are the most popular houseplan features?"

This is a very difficult question to answer, since the most popular features vary so greatly between demographic groups....between different parts of the country, etc...

In any case, we thought it appropriate to develop a series of articles devoted to this topic, and here is part one of the "Most popular house plan features" series.

Stay tuned for part II and III....

Interesting tips here...

View article here...

Over the next few months, our team will be providing access to several new home financing tips and helpful articles to help you through this part of the process...

Check back often!

Over the coming months, our team will be developing a series of educational articles focused on providing you with the information that you need...quickly and concisely.

As such, if there are any particular topics that you would like to see addressed, send us an email at webmaster@houseplancentral.com.

Thanks....

We just wanted to let everyone know that we are in the process of loading new plans...on a weekly basis.

A large number of the new plans are in the 2,100 sq. ft. and up size range, and feature a variety of highly-flexible floorplan configurations.

Something to definitely check out.....

Well, after many months of hard work, we've finally launched the House Plan Central.com houseplan blog!.

Through this section of the site, we'll be able to provide you with the information that you're looking for, as it relates to finding your next home plan.

In addition, we've spent a great deal of time to ensure that we have the website features and functionality that you need in your search for the perfect house plan, and this site will be continually updated with new home plans and designs, as well as useful articles, house plan comparison features, and increasingly advanced search functionalities.

If you should have any suggestions on ways that we can improve your experience and ability to find what you're looking for, quickly, please let us know. We are here for you, and are committed to making House Plan Central the Internet's #1 location for finding your next house plan. Thank you in advance....