Investment Mortgage Guy

Cornerstone Mortgage is proud to announce the new release of a construction financing package that requires only a 3.5% cash investment.

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