restrictions | AiDomes

For Mortgage Financing contact:

Personal loan approval for individuals in all USA states for those with credit score of 701 or better.  If your credit score is not 701, you can be recommended for the Credit Restoration Services. Lenders use this system for a true FICO Credit Scores.

Personal Loans are available through:
Ray Vince and Staff
at Pistolatum Inc.
76 E. Merritt Island Causeway #205
Merritt Island, Fl 32952
Phone:  321-284-8116  Email: pistolatuminc@gmail.com

To get started for preapproval, please click on this link and complete the info.  When completing the form enter code AI777 (Capital A and Capital i )

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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: jennielyn.steeg@regions.com

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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
Builder Finance
55 E 58th St. Sixth Floor
NY, NY 10022
Phone:  212-466-3753.  Mobile 646-620-4665.    Email: mmaxwell@builderfinance.com

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Oscar Sanchez 
Academy MGT Corporation
Phone: 305-603-9181.   305-325-5400    Email: Oscar.Sanchez@academymortgage.com

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David Buffington, Mortgage Loan Officer  
BB&T
605 North Orlando Avenue
Orlando Fl 32789
Office 407-691-2150. Mobile 407-256-0015    Email: dbuffington@babandt.com

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Jay Zerquera VP 
FBC Mortgage
189 South Orange Ave, Suite 970, Orlando Fl 32801
Apply online:  www.teamjandj.com
Cell: 407-509-1846.  Phone: 407-377-0286  Email: JZerquera@fbchomeloans.com

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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.

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 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.

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Construction/Renovation/Purchase/Refinance Options are available through:
Sovann Kang, Branch Manager  – nmls #275454
Umpqua Bank Home Lending
Mobile: 253-376-0991
Web site: umpquabank.com/skang
Email: sovannkang@umpquabank.com

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In Lake Placid Florida – Highlands County – Wauchula State Bank at (863) 773-4151 approved a construction loan and permanent financing for an Aidome customer.

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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).

Financing Alternatives: 

  1. take out an equity line on property you own
  2. obtain a personal loan from family or friends (offering them a higher interest rate than banks, etc. are offering on money markets certificates, etc.)

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Q: What is the resale value of American Ingenuity domes?

A: American Ingenuity 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.

Ai can offer some insight that would apply:

  1. Geodesic domes being unusual, they will not appeal to everyone and it will likely take longer to find a buyer.
  2. Energy costs are certainly increasing and therefore a very energy efficient home will increase in value as energy costs increase.
  3. 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.
  4. Ai 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.
  5. The resale value of a dome or any other home, is improved when it:
    • matches the neighborhood in size and value
    • exhibits quality construction
    • is landscaped well
    • offers advantages over other homes.

Also, with the increasing popularity of domes 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 & do not want to be involved in the floor plan design & 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 & keep your utility bills.

Q: Will it be difficult to get a loan to build my dome?
A:
Conventional mortgage lenders tend to be ultra conservative when considering a dome. Mortgage brokers, small local banks, local credit unions or indirect sources for financing may be more flexible and quicker for you. 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.

Why are lenders conservative about loaning on domes? Very few dome owners ever sell their domes. So there is no dome resale value. Lenders determine how much they will loan based on what houses in that neighborhood sell for. The lender can usually get within three to four per cent of the value of a conventional house. But because we do not have resale statistics on domes they do not know what the resale price is. The lender has to be concerned with the worst case scenario. If the homeowner does not pay their mortgage, they will have to resale the dome. So they are reluctant to loan as much money on a dome project. Typically they want 25% to 35% down based on the finished price of the dome. However Sovann Kang can issue permanent financing with 10% or less cash down payment for those who qualify. 

The following information was written by Michael Darling.  There is good news; there are more lenders who will lend on domes than on other “unique properties. There is bad news – it is still more difficult to get a loan for a dome home than for traditional construction. And there is good reason for hope for improvement in the near future.

Four Scenarios for Financing a Dome Home

Leaving aside for the moment the differences between construction, purchase and refinance there are four scenarios to focus on when it comes to financing a dome home. Three of the four are based on an appraisal from a licensed appraiser (it can be really helpful to have a more experienced appraiser – more on appraisals below).

  • There are three or more comparable properties (comps) of similar design and construction style (dome) with recent sales history in the neighborhood.
  • There is at least one comparable property of similar design and construction style with recent sales history in the area and others in the area but without recent sales history.
  • There are zero comparable properties of similar design and construction style in the neighborhood.

1. Three or More Comps

I have never failed to find a loan for a dome with three or more comps. Many residential mortgage lenders will be able to do this loan much the same as a traditional loan on a traditional home design. There are lenders who flat out reject domes no matter what, but for the lenders who will consider domes, a property with multiple comparisons should be “lendable”. Even with multiple comps, some lenders who will accept domes may only offer a loan with constraints on the size of loan, the loan to value ratio or other underwriting restrictions. (Full doc only, owner occupied only, one unit only, etc.)

2. At Least One Comp and Other Domes in the Market Area

There are a few residential mortgage lenders who will evaluate this situation and may make a loan. Here is where it can really help to have an experienced appraiser who knows the market because the ability of the appraiser to establish a market value and address the uniqueness of the subject property will be vital to an underwriter. Most lenders who will accept domes in this situation will only offer a loan with constraints on the size of loan, the loan to value ratio or other underwriting requirements. (Full doc only, owner occupied only, one unit only, etc.)

3. No Comps and No Domes in the Market Area

I have found traditional residential mortgage lenders in a few states who will evaluate a dome home with no dome comps on a case by case basis. A lender that would accept a dome in this case will almost certainly include constraints on the size of loan, the loan to value ratio and other underwriting requirements. (Full doc only, owner occupied only, one unit only, etc.)

There are local commercial banks who may offer a residential mortgage loan on a dome home with no dome comps. And there are “hard money” lenders who will evaluate any investment opportunity and who may make loans on dome homes- but compared to a traditional mortgage the fees and rates will likely be higher, the terms shorter and the conditions less advantageous.

If the property has an established or demonstrable commercial use it is possible to do a commercial loan with terms and conditions similar to a residential mortgage. The commercial lenders I work with have no restrictions on domes specifically nor will they be concerned about comps with similar construction styles. They will be looking for an appraisal that demonstrates the commercial value of the property. Bed & Breakfast Inn, multi-family rental, retail business, and other exclusive or mixed commercial uses would all be possibilities. (A home office or a business run from home would not generally be enough to demonstrate commercial value.)

There is a fourth scenario that bears mentioning- the dome home that is appraised as a traditional frame construction home using traditional frame construction comps. Though I am certain that loans have been done this way, there are numerous problems with this scenario. First and worst is that intentionally misrepresenting information in a mortgage application is illegal. Also, many applications have gotten far along in the underwriting process before an underwriter reviews the appraisal and sees a photo of the subject property and rejects the file because that lender does not accept domes. This creates wasted expense and frustration for all parties. It is a way to attempt to get a mortgage on a dome home- it’s just not a good one.

Appraisal

Lenders should be thought of as investors who invest in a loan. And each has their own investment criteria. Most investors want to know they can sell their investment at some point in time- and in the mortgage lending world this means that most lenders underwrite with similar standards and criteria so that a loan can be sold. While the general challenge for financing domes is the shortage of lenders or loan programs, I have access to several loan programs that will accept unique properties if the appraisal includes sufficient market analysis to establish a market valuation for the property. So the specific challenge is typically the appraisal.  Great News – If your lender would like to utilize an appraiser who has appraised an Ai dome for a loan and who has visited an American Ingenuity 15 year old finished dome, please call Ai for appraiser’s info. 321-639-8777 Monday – Friday 9-5 Eastern time

In addition to the usual appraisal analysis, the dome appraisal must:

  • Establish a market value independent of construction type;
  • Demonstrate that the home’s uniqueness is accepted in the market, and;
  • Address the uniqueness of the dome in the context of local area housing types and marketability.

This means that the underwriter must be able to predict, using the appraisal, what the marketability of a house would be in the event the lender ends up having to possess and sell the property. The difficulty with most dome houses is the lack of comparable sales – “comps” – in order to demonstrate the market value. Comps need to be similar enough to the subject property that using them to establish a market valuation is reasonable. Even very similar comps will be adjusted for minor differences, but the hard part with domes is that they are typically very different in appearance and therefore the predicted marketability can vary considerably from traditional construction. In other words, it’s hard to say “a traditional frame house with 4 bedrooms and 2 bathrooms sold for $X in x days and so a 4/2 dome would sell for $Y in y days.”

The best comparable properties will be other domes. If there are no domes for comps, it may be possible to use other unique styles to establish the marketability of unique homes. And if there are other domes and unique houses in the immediate area even if they have not recently sold, adding information about them in the appraisal (quantity, distance from subject, specific architectural style that makes it unique, as well as basic information about the house) will help support that unique styles are acceptable in the area.

 

 


What can stop me from building an American Ingenuity Dome?

Prior to purchasing property, provide Ai with the tax id for the property you are considering purchasing & the building department name. At no cost to you, Ai will call the building department, show them our web site, email them sample plans pdfs, describe the component panel, etc. and find out if the Ai dome kit can be built in your area.

Besides engineer sealed plans, an engineer sealed engineering statement can be submitted that states the Ai component panel conforms to the provisions of Florida Building Code, California Building Code and 2012 International Building Code that allows for alternative materials and methods for construction.

Q: Prior to purchasing Dome Building Plans, what do I need to consider?

A: You need to assure you have answers to the following questions:

  1. Does the deed for your land have any restrictions on domes?
  2. If there is a Home Owners Association governing your land, you will need to check with them and make sure you can build a dome.
  3. What is required from your building department to obtain a building permit?
  4. Do you have your financing secured?
  5. If the answers to the above questions are positive then you can proceed with purchasing your dome building plans.

Q: Can my zoning department stop me from building a dome?

A: No. Zoning pertains to whether a residential, commercial or industrial building can be constructed on any given piece of property. Besides zoning ordinances controlling the use of the land, they determine setbacks from property lines, size and height limits and similar things, but we have never heard of a zoning restriction on domes.  Deed restrictions and homeowner associations can limit the type structure that can be built.

Q: Where can I build a dome?

A: Almost any place. Although, there are a few exceptions, some developments or communities control the size, cost and appearance of the homes. Before you buy your land ask if there are any Deed restrictions or Homeowner Associations.

If there is a Homeowners Association, meet with the board and show them information about the dome. If they say you can build the dome, we recommend that you get a notarized statement from them stating this. Over time members of the Board can change and the by laws of the Association can change.

Building departments are basically concerned about safety and structure, not appearance.

Q: Are there any areas in the United States where an American Ingenuity Dome cannot be built?

A: Yes. For the first time in 2006 one of our California clients could not obtain a building permit, because the building officials wanted our dome building kit certified that its design complied with the State of California’s building kit regulations. However, as of 2014 Ai has since learned that the Ai dome kit can be built in San Bernardino, Riverside and San Diego Counties. If planning on building in California, Ai will be happy to contact your building department. Ai will discuss Ai’s building kit, and email generic plans. We will speak with them and find out if you submit California Engineer Sealed Plans, California engineer sealed snow, seismic, wind & bracing calculations, a passing Title 24 Energy Report along with all other required paperwork whether a building permit can be issued on the Ai dome.

Q: Are there any counties in the United States that will not allow the American Ingenuity dome to be built in their area?

A: Yes, Dade and Broward Counties in southern Florida. Even though our building complies with the new 2010 Florida Building Code and one of our domes survived Hurricane Andrew and a tornado at the same time with no structural damage, we have been informed that Dade, West Palm Beach and Broward Counties require product approval. Due to the cost and complexity of the tests, Ai has not paid for the testing.  Ai has learned that some building departments will issue a dome building permit if Florida Engineer Sealed Plans are submitted along with a Florida registered engineer’s letter stating that American Ingenuity’s buildings comply with Florida code. This sealed letter can be provided at no cost.

Our office can call your building department and inquire what is required to issue a building permit.  For us to do this we need your site location and your city or county name.  Ai will call the plans examiner and describe the dome building kit, email pdfs on the building plans if needed, and ask if the department will accept a Florida registered engineer’s letter stating that American Ingenuity’s buildings comply with Florida code.  Our office number is 321-639-8777 and is open Monday through Friday 9-5 Eastern Time.

Q: Is it difficult to obtain financing on a dome home?

A: Yes. For example, a 40’ dome can have 1,800 sq.ft. In your area if the finished price per sq.ft. for a conventional house is running $100 a square foot. Then the finished price of the 40’ dome will be around $180,000 not including the price of the land, utility hook ups, and the cost for the building plans and engineer seal.

Typically lenders want 25% to 35% down based on the finished price of the dome; which in this case would be $45,000 to $63,000. How does this fit in your budget? Consider building a smaller dome first and add on another dome later.  This way the you are living in a super-strong, super-energy efficient Ai dome saving money each month on your heating and cooling costs.

Why are lenders so conservative when it comes to domes? Lenders determine how much they will loan based on what houses in each neighborhood sell for. The lender can usually get within three to four per cent of the value of a conventional house. But because American Ingenuity does not have resale statistics on domes the lender does not know what the dome resale price is. The lender has to be concerned with the worst case sinario. If the homeowner dies, they will have to resale the dome. So the lender is reluctant to loan as much money on a dome project. Try mortgage brokers, small local banks or local credit unions for financing.

If you obtain financing through a bank, etc. they may require you to have a contractor who will sign a contract as to what he will charge to totally finish your dome. Ai knows of an independent subcontractor, who can work for the contractor and supervise the assembly of the dome shell kit. Click on Kit Assembly Consultant/Specialist to learn more about this service. The contractor can best provide local laborers to work on the dome shell. The contractor will hire local conventional subs to do the interior framing, plumbing, electrical, flooring, door and window installation, etc.

Construction Loans are difficult to acquire. An appraiser takes the Building Plans and determines a value for the finished house and will also appraise your land.

To view or print out the American Ingenuity 18 page Financing Booklet click on Financing Booklet.

American Ingenuity has compiled a document that lists the major items to be aware of before purchasing land.  Call us at 321-639-8777 and ask for this document to be emailed to you.

Zoning pertains to whether a residential, commercial or industrial building can be constructed on a property. Besides zoning ordinances controlling the use of the land, they determine setbacks from property lines, minimum required home size and height limits and similar things, Ai has never heard of a zoning restriction on domes.  Health Departments determine set backs from a well and septic tank/drain field.  In Florida that set back can be 50 feet to 100 feet.  It is best to complete a site plan on the particular property you are interested in building on which shows the set backs, driveway location, home location, etc. so it can be determined what buildable area is left on the property to build your home.

Building Departments do not generally deal with appearance. They are usually concerned about strength and code compliance – except for Florida where product approval can be enforced in some areas. Deed restrictions, zoning and homeowner associations can limit the type structure which can be built on a property.  American Ingenuity’s (Ai’s) dome design has proved itself by withstanding hurricane Andrew’s 200 mph winds, four hurricanes in 2004, sub zero temperatures and heavy snow loads of Canada and the Northwest Territory, a large tree impact and many other conditions over a 40 year period.

Do all Florida Counties allow the Ai dome to be built?  Even though the Ai dome building complies with the Florida’s 2014 Building Code 5th Edition and one of Ai’s domes survived Hurricane Andrew and a tornado at the same time with no structural damage, we have learned that Dade, Broward, Orange, Indian River and St John Counties in Florida require product approval. Due to the cost and complexity of the tests, Ai has not paid for the testing.  Ai has learned that most Florida building departments will issue a dome building permit if Florida Engineer Sealed Plans are submitted along with Florida engineer sealed Equivalency Report which includes structural calculations performed on Ai’s largest size dome (48’) at worst case Florida Conditions which are 180 mph wind speed, Wind Exposure Class D with five max first floor entryway openings.  The report states that American Ingenuity’s prefab panel and building system complies with Florida Building Codes section 104.11 allowing for Alternative Materials and Methods for home construction.  This sealed report is provided with the sealed plans at no additional cost.

 At no cost to you, our office can call the building department who governs the property you are considering purchasing to see what is required for them to issue a building permit.  For us to do please provide the tax ID number, main street adjacent to the property and the city or county name who governs the property.  Ai will call the plans examiner and describe the dome building kit, email pdfs on the building plans, and ask if engineer sealed building plans, sealed Equivalency Report and passing Energy Report along with their other required paperwork is submitted, can the Ai dome be built in that area?

Sometimes in California if the dome is being built near a large city, the building department might require the building kit to be certified by the State of California.  Ai has not pursued this certification due to its cost.  However, as of 2014 Ai has since learned that the Ai dome kit can be built in specific areas…please call for our latest list.   If planning on building in California, Ai will be happy to contact your building department. Ai will discuss Ai’s building kit, and email generic plans. We will speak with them and find out if you submit California Engineer Sealed Plans, California engineer sealed seismic, wind structural calculations, a passing Title 24 Energy Report along with all other required paperwork whether a building permit can be issued on the Ai dome.

If you do not have the time or do not want to assemble the dome shell kit, click on Kit Assembly Specialist to learn about this service. The Specialist will supervise your or your contractor’s laborers to complete the shell assembly.

Prior to purchasing Building Plans you need to assure you have answers to the following questions:

  1. Does the deed for your land have any restrictions on domes?
  2. If there is a Home Owners’ Association governing your land, you will need to check with them and make sure you can build a dome.
  3. Do you have your financing secured?