2nd Step – Loan Approval Details.  If you have cash to build your home or you are an owner builder building your dome in stages as you can afford it, you can skip this step and proceed to step three.

Determine the loan amount a lender will loan you to purchase land, prepare your site, install or hook up to utilities and construct your new home.  This loan amount will determine what size home you can actually build.

How Much Can You Borrow?  If you decide to pursue a mortgage route, you should know approximately what potential lenders will loan you. There are some basic rules of thumb that can help you in figuring your Maximum Mortgage Amount based on loan-to-value.  A lender will only loan you a percentage of the value of your building site and your completed dome, expecting you to also contribute a percentage (usually 10% to 25% to 35%).  Comparing the maximum amount a lender will loan to the total value of your land and home is referred to as loan-to-value ratio.  Your contribution to the lender can be in the form of your equity in the land, available cash, and deposits on the Dome Building Kit.

 If you will be financing, let your fingers do the walking as you travel the financing route. Compare lenders by asking them all the same set of questions over the phone.  Please see page 3 in our Financing Booklet for the questions to ask. Talk with perspective lenders and determine the amount of cash down payment they will require for you to secure a loan for the New Home Budget you determined. On an approximate $200,000 build for the structure and land development, this could mean your contribution (equity in your land, cash & deposits on the kit) could be $20,000 to $50,000 to $70,000.   The booklet gives creative ways to finance your new dome home; take out equity loan on current property or buildings or obtain a personal loan, etc.

Sovann Kang with Wells Fargo has special financing for new home loans on domes, buyouts and refinancing on existing domes for those who qualify for all 50 states.  His loan may require 3% to 10% cash down payment versus other lenders may want 25% to 35% cash down payment based on the finished price of the home.  He does not handle construction loans.

His info is:
Sovann Kang w’ Wells Fargo.  To view his web site, click on Loan  
New Construction Specialist, Buyouts & Refinancing Existing Domes – NMLS -R ID 275454
2063943911 (Office), 2533760991 (Mobile)
16400 Southcenter Pkwy, Ste. 410
Tukwila, WA 98188
Email: Sovann.Kang@wellsfargo.com  

As you go through this process, you may decide to down size the square footage home you initially considered.  American Ingenuity has ten sizes of dome kits which when assembled result in 172 sq.ft. to 3,000 square foot home. To view regular and sale pricing on Tiny Dome Kits (172 sq.ft. to 1,278 sq.ft.), click on Tiny Homes.   To view info on finished cost for dome homes, click on finished cost.  To view stock plans for each size dome from 172 to 3,000 sq.ft, click on Stock Plans.

Keep in mind lenders may or may not take under consideration your equity in your land, when lending for the structure and land development. Therefore, if needing a loan to build it is wise not to invest all your liquid assets into the purchase of the property because a large cash down payment will be required on the home loan.  Feel free to call us at 321-639-8777 for a friendly chat to clarify these items.  None of our staff is on commission.  Call to get straight answers to your questions from Glenda our dome expert.

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