Framing the American Dream, a project sponsored by WTCA, individual component manufacturers, supplier companies, and the Building Systems Council of NAHB, featured two 2,600 square-foot homes built simultaneously. One was built using wood component systems framing (wall panels and roof trusses), and the other fully engineered conventional stick framing.
In order to determine the maximum loan amount you qualify for, a potential lender considers your credit score, income and debt. Credit scores are referred to as your FICO Score. FICO Scores range between 300 and 850. Higher is better. Your FICO score is determined by your payment history, amount owed, length of credit history, new credit, and types of credit used. Generally speaking, lenders want your credit score to be 660 or higher to be considered for a loan. Lending requirements vary among lenders. The Federal Government has a free publication, "Your Credit Score". In it you will learn why your credit score matters, what good and bad scores are, the elements of your FICO credit score, and how to raise your score. With regard to income and debt, most lenders do not want your total monthly debt (including your house payment) to exceed 38-42% of your gross (pre-tax) monthly income. This percentage can vary depending upon your FICO score and amount of your equity in the project. The best way to sort this all out is by calling us at the number listed above. We can refer you to the best lenders for your project. Keep in mind, to build a new home actually requires two loans, the construction loan and the long term loan (or conventional mortgage) that replaces the construction loan after the construction is completed. In many ways, the construction loan is the most important since it must be structured in such a way to conveniently pay the construction bills as your home progresses. Hence, the importance of using an experienced "new construction" lender that will also "bundle" the construction and long term loans. It is also important to consider the maximum loan payment you will be comfortable making. Many are happy with whatever amount their lender decides to loan them. Others have a certain amount of their budget they want to have left over each month for other priorities, such as travel or new furniture.
The PMHI panelized building kit is only a small part of the total building cost. On average our building kits are about 25% - 35% of the total building cost. Actual building costs can vary depending upon building site specifics. For example, snow loads and building on sloping lots will increase building costs. This estimate doesn't include land, utilities, site work, landscaping or building fees.
Driveways
Build ability of the lot. Some lots have additional requirements to build on because of environmental issues, grading requirements, soil bearing requirements, and long driveways or other access problems. If you already own your lot, we can help you resolve the cost issues related to the above considerations. If you are working with a local Realtor to find your new home building site, make sure that you make any offers to purchase the property, 'Subject to', the above considerations for at least 30 days. That way you will have the opportunity to evaluate the development costs before you actually purchase the property. Again, your PMHI representative can help you with the construction cost items by giving you a Construction Cost Estimate using a proprietary PMHI estimating program.
Dry Douglas Fir Framing Lumber - Our wall panels are framed with Dry Douglas Fir lumber which doesn't shrink or twist like green lumber that other companies use. Our window and door openings aren't going to be out of square and cause them to bind while opening and closing like those framed with green lumber.
Decks
Generally speaking, we calculate the cost to produce a complete building set of plans based upon the total square footage of the building and the number of floors. This includes garage, porches, patios and decks covered and uncovered. Here's a copy of our current price sheet, Custom Plan Drafting Services. If you're building on a sloping lot, or in a high snow load area, there will be additional costs.
Patios
Siding
Pacific Modern Homes manufactures panelized wall sections and wood roof trusses; We package them with all the materials needed to frame your home, barn or garage. When your panelized building kit is delivered to your job site, PMHI provides a Panelized Wall Plan, Roof Truss Layout and Computerized Inventory. The Panelized Wall Plan indicates where the pre-framed and numbered walls sections are to be used in the construction process. To further speed the construction process, the exterior wall sections have factory installed windows and wall sheathing. In some cases finished panel siding is installed. The Roof Truss Layout indicates where each of the lettered trusses are placed during roof construction. The Computerized Inventory identifies where the remaining materials will be used in the construction process.