Qualifying, FICO Scores and Loan Types
Today’s mortgage loans are driven by your FICO scoring. Your lender will order your credit reports by three major credit bureau agencies; Experian, Equifax, and Transunion to determine your personal credit score.
At Atlas Construction we pre-qualify you at no cost or obligation with the great lenders we work with.
FICO Score Scale
- 740 – Excellent (Best interest rate)
- 680 – Good (Higher interest rate)
- 532 – Poor (Even higher interest rate, may need co-borrower)
Your FICO score will determine how much of a risk you are to the lender in keeping your monthly payments on time in the amount you have inquired to borrow. The higher your FICO score is determined would in turn give you the best interest rate that is being offered at that time of lending.
Your interest rate will determine your monthly payments and affordability. At Atlas Construction, our specialty is designing into your families budget and affordability.
Types of loans
- Equity line of credit (HELOC)
- Construction loan
- 3-5 year ARMS
Re financing your home is the best single way to finance your home improvement. These loans are available to the home owner who has enough equity in their property or properties. This type of loan will give the home owner the best interest rate that is being offered for your conforming 30 year fixed rate loan.
Home equity line of credit (HELOC)
This type of loan shall give the home owner a very low interest rate at the beginning of your monthly payments “Commonly for 6 months” depending upon your home equity line of credit with your lender. After this period your interest rate will start to adjust to a higher interest rate of which in turn will then increase your monthly payments.
This type of loan is considered when the home owner has a high amount in their 1st mortgage and not enough equity in their home to do all they may have been considering in their construction project e.g. New home, multi- family, and additons, etc. A construction loan will give the home owner the opportunity of an after construction appraisal based upon your approved designed plans. Unfortunately this type of loan is being offered to the home owner at an higher interest rate than your conforming conventional loans.
3-5 year ARMS
This type of loan is fixed at a low interest rate for the period of 3-5 years before it turns into an adjustable rate. If your only alternative is to re-finance your mortgage home loan out of an higher interest rate loan program in the end then this is a great way to take advantage of the 3-5 year fixed low interest rate for that period of time.
At Atlas Construction we work with lenders that provide great construction loan programs. Ask us how would you plan and budget your construction project that is affordable too you.
Information you need before you build
City & County Department of Planning and Permitting D.P.P. Residential Requirements
- Height limits
- Property line set backs
- Lot coverage
- (R 10) Residential 10,000 square feet typically means for every 10,000 sq.ft. of land area that the property owner owns. You are allowed one single family dwelling.
- (R 7.5) Residential 7,500 square feet typically means for every 7,500 sq.ft. of land area that the property owner owns. You are allowed one single family dwelling.
- (R 5) Residential 5,000 square feet typically means for every 5,000 sq.ft. of land area that the property owner owns. You are allowed one single family dwelling.
- (3.5) Residential 3,500 square feet typically means for every 3,500 sq.ft. of land area that the property owner owns. You are allowed one single family dwelling.
At Atlas Construction we do all the initial research before we meet you at your property. We are a full service contractor we do drafting of your designs, we assist you in financing, and we also process all of your permitts for building.
Residential height limits are typically 25 feet in residential areas. In this height limit you may be allowed two stories of building. e.g. 2nd story additions.
In the recent 2 years Atlas Construction has completed over twenty additions to existing homes from multi generational, 2nd story additions, and extensions.
Property line set back requirements
- Front elevation of property line (10 feet)
- Left elevation of property line (5 feet)
- Right elevation of property line (5 feet)
- Rear elevation of property line (5 feet)
2nd story addition
- Front elevation of property line (10 feet)
- Left elevation of property line (7 feet)
- Right elevation of property line (7 feet)
- Rear elevation of property line (7 feet)
In the recent 2 years Atlas Construction has started and completed over 10 brand new homes from the ground up.
Allowable residential lot coverage
For residential zoning you are allowed 50% lot coverage of building foot print.
At Atlas Construction we provide you with all the information you may need to do all that you are considering in your building needs.