Here are the highlights of the program:

* 3.5% minimum cash investment

* 680 Minimum credit score

* 40% Debt to income ratio

* Owner occupied loans only

* Properties located in MN only

* Loan amounts up to $350,000

This program is a great step in helping boost new construction sales right here in the Twin Cities. Lot prices are reasonable again and construction costs are very affordable. The biggest barrier for most buyers looking at new construction in 2010 has been financing. Many builders in this ecomony have elected to have the buyer finance the construction loan but until now, most banks required at least 20% down.  This program should help bridge that gap.

This construction loan is designed to be taken out with permanent financing in 90 days. (We can facilitate that too). We will allow for up to 2 draws during the construction process. Funds will only be disbursed on finished work. Upfront costs will have to be funded by the builder or borrower.

If your a builder looking for a partner or a buyer looking to start the financing process, give me a call at 651-485-3710 or email me at rbonahoom@houseloan.com

This 2 hour seminar is designed to give you a crash course in the biblical principles that encompass your personal finances.  Money is such an important part of the Christian walk but many have intentionally or unintentionally learned to separate their wallets from their faith. Come and learn my personal philosophies about tithing, borrowing and practicing good financial stewardship. You will leave this event armed with specific tools that you will be able to apply immediately in your own personal financial plan.

To register please email me at rbonahoom@houseloan.com. I will be sending you some materials in advance to help you prepare for the event.

Here are some tips that will help you become a better steward of your finances this year:

Tip #1 – Focus on taking baby steps at first. My advice is to spend one hour per night for 3 nights a week for the next 3 months (90days). I promise that if you do, you will be well on your way to setting up some good systems for 2010 that will give you more confidence and peace towards your finances.  Most people never even get started with organizing their finances because they look at the task in it’s entirety and feel completely overwhelmed.

Tip #2 – Use Quicken or a another software product to track and analyze your spending. A great first step to taking control of your spending is actually spending some time looking at what you are spending money on. (big revelation right!) You would be surprised how helpful it can be to download your checking account transactions into a software program and label each item. For example, you may set up categories for groceries, household items, gas just to name a few. In a matter of a few months, you will start see patterns of spending and make decisions with your money. I started doing this myself two years ago. At first, the software program seemed complex and confusing. I made it a goal to learn one new aspect of the program each month. After 12 months, I have learned quite a bit and set up several budgeting and reporting features. I used to hate looking at this information. Now I love it.  Mint.com has a great free service if you want to start budgeting and tracking.

Tip #3 – Get mobile – Most banks now a days have software you can download to your cell phone to get your bank balances and even transfer funds.

Tip #4 – Go paperless – Most major banks, mortgage companies and utility companies will allow you to set up an online account. This has many more benefits than just saving trees. You can make payments online, see your current obligations and have right at your finger tips access to months of history of your transactions with that company.

Tip #5 – Work with good professionals. A good accountant and financial planner can save you thousands with their advice and guidance. I think it’s smart to do your own budgeting but I still want guidance on tax advice and investment and insurance strategies. I rely on people who do those things everyday versus trying to figure out everything on my own.

I hope these ideas are helpful to you. May your 2010 be prosperous and fruitful!

Rob Bonahoom – Mortgage Coach – 651-485-3710

Here are some of the stipulations and highlights:

* No Mortgage lates in the last 12 months.

* No limit on the number of financed properties you currently have – This is really nice!

* Your current mortgage cannot have mortgage insurance on it or you have to contact your current servicer for the refinance.  

To get a quick estimate of your property’s current value, I like to go to www.zillow.com

This program will benefit only a small handful of the investors out there looking for low long-term rates, however, maybe your one of the lucky ones who will fit.

For an analysis of your property, please give me a call at 651-485-3710.

First Time Home Buyer Tax Credit Extension Details

If the Democrats version of the Senate bill is passed when it comes to vote in the next few weeks (as it is expected to), the first-time home buyer credit extension would have the following details:

• The credit would be available for homes that go under contract by April 30, 2010. However, you would still have 60 days afterward to close.
• It would be attached to a bill to extend unemployment benefits that is expected to be voted on in the next few weeks.
• First-time buyers (those who have not owned a home for three years) can claim an $8,000 credit, the same as before the extension.
• Income limits would be expanded: $125,000 a year for individuals (up from $75,000) and $225,000 (up from $150,000) a year for married couples who are filing a joint return.
• The proposal will include anti-fraud measures, including minimum age requirements and additional authorities for the IRS.

First Time Home Buyer Tax Credit Expanded to Existing Home Owners

Existing homeowners who buy a new principal residence after living in their current home for at least the last five years can claim up to a $6,500 tax credit.

I am excited to see the credit continue and really excited to see it expand into the non-first time home buyer arena. This will help the upper bracket market which is suffering the worst right now. We will know for sure in the weeks ahead.

For now, happy investing!

Now it’s late August 2009, six months after Fannie’s annoucement, and very few lenders have decided to take Fannie up on it’s generous offer. Call it fear or something else, at the end of the day, lenders like Wells Fargo and JP Morgan Chase who are actually making the loans to consumers decide which policies they want to adopt and thus far, lending on more than 4 financed properties is not one of them.

I work for Cornerstone Mortgage, a Houston based company that funds about $150 million in loans monthly. We have lending relationships with every major lender in the country and so far, none of them are allowing us to originate borrowers with more than 4 financed properties through our normal correspondent lending channels.

I can however broker them, currently, I have two outlets on the broker side. The downfall of brokering loans is that I have no control over the appraisal or underwriting. The loan gets shipped and underwritten by people who don’t know me or my clients and sometimes even my market. I don’t like to do this, but right now. it’s the only option I have.

Hopefully soon, the lenders will follow Fannie’s guidance and start lending on these loans again.

Make is a great day!

Rob Bonahoom

Mortgage Coach

952-808-2820.

 The world’s view of worrying however has been made to look a lot different.  The world has actually made worrying look like a responsible task. After all, not worrying about your kids, job or family just doesn’t seem like the right thing to do. God, however wants us to be in a place of trust and peace with our responsibiities. This is a not a passive sit back and do nothing approach. In fact, it’s just the opposite. His intention is for us to be on a daily walk and commune with him. When we are, he will guide us moment by moment on the steps and decisions we need to make. Thus if we have HIM, it’s all we need. Everything else will be shown or given to us when he knows we need it.

I recently went on a five-day fast and God revealed to me my issue with this. As I looked at my life, I tend to worry about everything. I worry about what people think of me, my finances, my loans (I’m a Mortgage Banker), and on and on. Worry is fear. Fear is from Satan. Thus if I am living in worry. I am not living in God. The goal for myself and my challenge to you is to take your thoughts captive (as Paul teaches us in 2 Corinthians 10:5) and leave worry behind so you can start to focus on trusting in Him. For everything!

Proverbs 3:5-6 says “Trust the Lord with all your heart, Lean not on your own understanding; in all your ways acknowledge him and he will make your path straight.” (My favorite verse in the Bible)

Make it great day! – No Worries!

Rob Bonahoom

This is a FREE all day workshop designed for the new and seasoned investor. This event will feature a full panel of experts in the area of financing, tax, law, 1031 exchanges, financial planning, rental management, insurance and much much more. You will leave this day will real tools to integrate into your investment plan as well as some excellent profesional contacts for your rolodex. Six hours of real estate continuing education have also been approved.

Featured speakers will be as follows:
Rob Bonahoom Mortgage Coach
Greg Nelson CPA
Jeff Peterson 1031 Specialist
Matt Engel – Attorney
Adam Hartung – Certified Financial Planner
Brent Mohlenhoff – Insurance
Nina Haugen – Rental Management
Bruce Zimmerman – Rent Collection
Peter Fanucci – Credit Lines

This event will be held at the Olsen Thielen Building at 2675 Long Lake Road in Roseville. To register, please contact Rob Bonahoom at 952-808-2820.