The following page gives a Financing Overview for a dome home.
Above is 40′ dome built on full basement in Connecticut.
To view photo gallery of this Ai dome, click on Aidome.
For Mortgage Financing contact:
The mortgage lender named HomePromise has contacted Aidomes and said that they will loan on the purchase and finishing of the Aidome building kit if the customer meets their loan guidelines. Please call 800-720-0250 for more information. Their corporate headquarters is located at 60 South Washington Street, Suite 106, Greencastle, PA 17225. We spoke with the President of HomePromise and learned:
- Says can do VA loans, if person qualifies
- Does not do construction loans hoping to do so in the future
- Says with good credit usually 20% down for traditional home mortgage based on the finished price of the dome, if can do VA possible 0% down
- In 15 states, including Florida, not in NC possibly within the next 1- 1 ½ years
- Regarding appraisals, uses other alternative housing comparables, and traditional homes to arrive at an appraisal figures for the mortgage
Regarding Construction loans which can be difficult to obtain, many clients look at alternative forms of financing, and convert to a mortgage loan once the dome is completed. Some ideas would be to borrow equity in a property already owned, borrowing from retirement funds, or securing a loan from family members.
HomePromise Corporation is licensed to do business in:
- California (Finance Lenders License Number 603B131 – Loans made or arranged pursuant to a California Finance Lenders Law License)
- Colorado (Mortgage Company Registration – Regulated by the Division of Real Estate)
- Connecticut (License Number ML-102836)
- Florida (Mortgage Lender Servicer License Number MLD156)
- Georgia (Mortgage Lender License 49479)
- Maryland (Mortgage Lender License 21584)
- Michigan (1st Mortgage Broker/Lender/Service License FL0020947)
- Minnesota (Residential Mortgage Originator License Number MNMO20581020)
- New Jersey (Residential Mortgage Lender License – Licensed by the New Jersey Department of Banking and Insurance)
- Ohio (Residential Mortgage Lending Act Certificate of Registration RM.804315.000)
- Oregon (Mortgage Lending License Number ML-5601)
- Pennsylvania (Mortgage Lender License Number 21566 – licensed by the Pennsylvania Department of Banking)
- Tennessee (Mortgage License Number 109080)
- Virginia (NMLS ID# 102836 www.nmlsconsumeraccess.org)
- Washington (Consumer Loan Company License CL-102836). NMLS ID 102836
Private Lender who states they will loan on American Ingenuity (Ai) Concrete domes:
James Monroe Capital Lending Services – James Monroe Capital Corp
Attn: James Keyes, Loan Director
Main Office: 4470 Sunset Boulevard, Los Angeles , CA 90027
Branch: 707 Skokie Blvd Suite 600 Northbrook, IL 60062
Office Hours in California: 9 am to 6 pm Pacific Time (there is no answer machine please call during their business hours)
Phone Number: 773-887-2117
Web site: To fill out loan application, click on http://www.guaranteedloanmoney.com/ and then click on Loan Application and complete the form listing that you are inquiring about loan to build an Aidome. The cash down payment varies from no cash down payment required to 10% to 20% down depending on your circumstances.
- 6% interest rate
- 80% to 100% LTV – (Loan to value) Depending on your circumstances, cash down payment can be none or 10% to 20% based on finished price of the project.
- No credit score required.
Per Jennie Lyn Steeg with Regions Mortgage is able to loan on the Aidomes through its Smart Solutions portfolio. Jennie wrote Ai: “We are able to provide end-loan financing to your client through our niche portfolio – Smart Solutions. I am happy to assist any of your clients.”
Regions Mortgage has offices in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas. Below is Ms. Steeg’s info.
Jennie Lyn Steeg
Regions Mortgage – NMLS #0676223
Mortgage Loan Originator. 10245 Centurion Parkway N. Suite #300
Jacksonville Fl 32258
Phone: 904-564-3303; Cell 904-228-4004 Email: firstname.lastname@example.org
If you live in Burnsville North Carolina area and want financing for a finished Aidome, here is info on the closest Regions Bank Lender in Johnson City, TN that knows about Smart Solutions program for unique properties for that area. Please call Pasquanel (PJ) Bailey, and he will take your information and application. PJ will contact the Smart Solutions department to see if the loan can be issued. His number is 423-900-8782. His email is Pasquanel.email@example.com
Construction Loan is given to the Builder. Builder owns the lot, builds the dome and then sells the finished dome and the lot to the home owner.
Michael Maxwell, Head of Originations
55 E 58th St. Sixth Floor
NY, NY 10022
Phone: 212-466-3753. Mobile 646-620-4665. Email: firstname.lastname@example.org
Academy MGT Corporation
Phone: 305-603-9181. 305-325-5400 Email: Oscar.Sanchez@academymortgage.com
David Buffington, Mortgage Loan Officer
605 North Orlando Avenue
Orlando Fl 32789
Office 407-691-2150. Mobile 407-256-0015 Email: email@example.com
If you are in Florida contact Wauchula State Bank. In Spring 2018 they issued a loan on a 40 foot in diameter Aidome to be built in Highlands County Florida. They have branches in the following cities: Bowling Green (863) 375-2238; Lake Placid (863) 773-4151; Sebring (863) 471-1972; Winter Haven (863) 733-7010; Wauchula (863) 773-4151; and Zolfo Springs (863) 735-0200
Your local Wells Fargo Bank and explain that their Tukwila, WA branch and their branch in their Sioux Falls, SD have issued financing for Aidome building kits and see if they are interested in reviewing your info for a loan.
A Construction Loan was issued by AG South Farm Credit, ACA in Laurens, SC for Ai dome home to be built in the area because the dome buyer had rural ag land. Their number is 864-984-3379.
/Purchase/Refinance Options are available through:
Sovann Kang, Branch Manager – nmls #275454
Umpqua Bank Home Lending
Web site: umpquabank.com/skang
In Lake Placid Florida – Highlands County – Wauchula State Bank at (863) 773-4151 approved a construction loan and permanent financing for an Aidome customer.
Ai has learned about LightStream’s Anything Loan, a division of SunTrust Bank. Not sure if they can assist you or not. LightStream’s Anything Loan is a virtually paperless loan that will let you finance or refinance almost anything. These loans are very customer friendly with these included features:
Fixed-interest rates range from 1.99% to 9.99%* APR with AutoPay
Loan amounts range from $5,000 to $100,000
No fees, down payment requirements or prepayment penalties
Apply online and receive a response within minutes during business hours
Unsecured, with no liens or collateral requirements for AnythingLoan. (Applicants that do not qualify for the AnythingLoan may qualify for our Secured Loan products).
- take out an equity line on property you own
- obtain a personal loan from family or friends (offering them a higher interest rate than banks, etc. are offering on money markets certificates, etc.)
- Mortgage brokers, small local banks, local credit unions or indirect sources for financing may be more flexible in loaning on domes.
- Refinancing other property or acquiring loans from other sources may be easier while avoiding the restrictions and requirements of conventional construction loans.
- Another popular option is the pay-as-you-go method. Combined with partial financing, this can get you into your new dome.
American Ingenuity (Ai) is happy that you are considering its Geodesic Dome Building Kit for your future home. You have made a big decision to build your dream home, and building with an alternative housing structure that comes with 225 mph wind and F4 tornado warranty that saves 50% to 60% on heating and cooling over conventional house is a smart decision.
Prior to purchasing property or if you own your property, please review our property and zoning checklists.
On our web site we have ten steps to building an Aidome with the first two steps being Budget and Loan Approval (if financing). If you will be obtaining a loan, the amount of money a lender will loan determines the size property you can purchase and the size dome kit you can afford to finish. Use the ten steps for overall perspective. And use this list for highlights to understand the building process:
- About Financing- one of the biggest obstacles that clients looking to build any type of alternative housing is financing. It takes a lot of footwork and patience to obtain financing on alternative type house which is what domes, log homes, A frames, earth bermed houses, etc. are considered.
- Show the lender our web site and show them the article about the two domes in US Virgin Islands going thru two category 5 hurricanes in 12 day period with no damage when area was destroyed.
- Show them web site article on the cooling costs for 34’ dome home which is below the 40’ info. (it even easier to heat a dome than to cool it because heat generated from clothes dryer, dish washer, sunlight, etc. does not need to be overcome to heat like it is to cool a house).
- Show the lender the web site article that has photos of five different 34’ domes and give that to the appraiser as well.
- Print out the document describing panel composition and advantages to give to each lender. Go over each advantage and explain why you want to build the Aidome.
- Unfortunately usually lenders want an appraisal of the building plans you will be building (and your plans have not been ordered or finished) and bid from your builder. For appraisal they want to see Aidomes that have sold in your area. Please contact us and we will email a link where a sample set of building plans can be viewed.
- We have sold over 800 kits in 47 states and 15 foreign areas. For a $100 fee we can research what Aidome owners we have sold in your state and see if any of the domes have been sold close to your building site. This can take a week or two to call and follow up and compile in among her other work. Will let you know when we have. Since domes are unique (alternative) structures there are few if any comparables to be obtained. What happens then is the appraiser has to appraise other alternative type houses that have sold in that area and also might be able to use conventional shaped house with similar 2 bedroom /2 bath layout…not sure what the appraiser will want to use to complete his appraisal. He can call here to get information.
- About land being zoned correctly to build a concrete dome with no shingles: Please see the buying land with zoning checklist which cover things to look for and ask about when considering building a concrete dome. Once you contact the building department and zoning department and determine the Aidome can be built, along with what will be required to obtain a permit (i.e. submitting sealed plans, structural calcs, energy report etc.), we can complete a Plans Quote which will contain these items, once we receive your layout name and any desired revisions. Your Quote will list items described above, the quote will also include fees to design custom items like ceiling fans in dome shell, link, flue pipe for stove, stem wall, decks with exterior stairs, etc. Your plans discount is based on if you make your dome building kit deposit by the requested date. As an example, if you choose a stock plan and you receive a 25% discount, plans for 34’ dome with slab foundation would be $898 (regular starting price of $1,198). This pricing does not include engineer seal, Rescheck energy report, structural calcs (if required) or custom item design described above.
- Once you have obtained approval from the building department (and if needed preapproval loan to build the concrete dome), then order the building plans. Once plans have been ordered, if there is a question as to if the dome can be build, if you provide Ai with the property address or tax ID number (for the property you own or are considering purchasing) and the name and telephone number of the building department which issues the building permit. Ai will contact the building department, email them sample set of dome building plans and find out if they will accept the prefab panel as is. We will not start the design of your plans, until we have verified what is required to issue a permit on the Aidome.
Prior to purchasing your land or making a set decision regarding the desired size of your home, first determine the overall budget needed to bring your dreams to fruition (land, land development, utility hook ups and structure). If financing, determine the amount of cash down payment required by the lender. Loans for alternative housing such as a geodesic dome are often harder to come by, with lenders generally requiring a 25% and 35% cash down payment. However Sovann Kang can issue permanent financing with 10% or less cash down payment for those who qualify.
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.
It is sometimes best to purchase a small piece of affordable land instead of large acreage. This way you keep your land cost down so you have more cash money available for your mortgage cash down payment or more cash to build if you are an owner/builder. To keep your construction costs down, best to build as small a dome as possible; therefore you are on your property living in a super-strong, super-energy efficient dome home saving money on your heating & cooling costs to add on a second dome later. For example a 40’ dome (3 bedroom, two bath) can have 1,800 sq.ft. A 36’ dome (2 or 3 bedroom, two bath) can have 1,400 to 1,600 sq.ft. If your finished cost per square foot for your area is $105, then building the smaller 36’ dome automatically saves you $20,000 to $40,000 in construction costs vs building a 40’ dome. A 27’ dome (two bedroom/two bath) can have 800 sq.ft. Building a 27’ dome vs a 36’ dome automatically saves you $60,000 to $80,000 in construction costs.
The American Ingenuity component panel conforms to the provisions of current International Building Code Florida Building Code and California Building Code that allows for alternative materials and methods for residential construction.
Dome Resale Value: Ai knows of only a few of our dome owners who have sold their dome; which is a compliment in itself. Therefore, we have no resale statistics on our dome, but we have heard of other domes being sold at a profit well above their initial building cost. We can offer some insight that would apply.
- Energy costs are certainly increasing and therefore a very energy efficient home will increase in value as energy costs increase.
- A conventional home will show its age as styles change while a new coat of paint on our dome will still look ahead of its time.
- Our sales of dome kits has constantly increased through the years and a quality dome that is completed would have the distinct sales advantage of showing the finished product.
- The resale value of a dome or any other home, is improved when it: a) matches the neighborhood in size and value; b) exhibits quality construction; c) is landscaped well; d) offers advantages over other homes.
Also, with the increasing popularity of domes, increasing number of super-storms and rising energy costs, the market for an exceptionally energy efficient, super strong, low maintenance home should be excellent. A large percentage of the home buyers cannot visualize a dome and do not want to be involved in the floor plan design and construction of their home. As a result a finished dome that can be touched and felt is a big plus to them. If you are thinking of resale, build at least a 40’ in diameter dome, have it built with quality workmanship and keep your utility bills.
To learn more about how to obtain financing on domes, click on Comparables.