MLI Capital Group, Inc.

2727 Electric Road Suite 107

Roanoke, Virginia 24018

Phone (540) 777-3777

Toll Free (888) 596-8200

Fax (540) 777-4287

Email

Available Mortgage Programs
(as of 4/20/2000)

PURCHASE MONEY MORTGAGES

The sole use of Purchase Money Mortgages is to purchase real estate. Cashout or bill consolidation is not allowed.

5% Down or more - Conventional mortgages, which are backed by Fannie Mae ® and Freddie Mac ®, offer the lowest financing opportunities available for those with good to excellent credit.

3% Down Payment - These programs, which are also backed by Fannie Mae ® and Freddie Mac ®, are offered to First Time Homebuyers. Program guidelines still require applicants to have good to excellent credit and the applicant's income cannot exceed the median income for that region.

No Money Down! - These programs are excellent because borrowers can buy a house with no money down. They may still need to have money for closing costs, but no down payment is needed. This is a popular program, however, these programs are considered by the mortgage industry as "higher risk" loans because the applicant has no equity in the property. In the event of foreclosure proceedings, the mortgage lender would have a substantial loss. Thus, do to the higher risk, the interest rates for these loans are higher than conventional mortgage loans that require down payments. The credit guidelines are often more stringent than conventional loans.

(return to top of page)

CONSTRUCTION TO PERMANENT LOANS

The sole purpose of a Construction to Permanent Loans is to combine construction financing and permanent financing in one loan closing. You must have a minimum of 5% down or equity in the property.  Please call for a complete details and program overview.

(return to top of page)

RENOVATOR PROGRAM

This program allows buyers to buy a home and finance improvements all in one loan.  If refinancing you can refinance your mortgage balance(s) and the improvements at the same low rate.  We take your current sales price(or market value) and consider the new value with the improvements and lend you a percentage of the “would-be value”.

You can be your own contractor if the work is under $50,000 and no structural work is being done (i.e. building addition, moving a wall, etc).

REFINANCES

Refinances are by far the most common type of mortgage transaction. There are basically two types of refinances; Rate and Term and Cashout. In a rate and term refinance, the homeowner refinances the balances of the existing mortgages. A cashout refinance allows the homeowner to not only payoff the mortgage(s), but use available equity to consolidate other loans, credit cards, make home improvements, pay for college tuition, or any other use.

(return to top of page)

HOME EQUITY LOANS aka SECOND/THIRD MORTGAGES

Home Equity Loans (HEL) are used mostly to finance home improvements, debt consolidation, or large ticket purchases. The greatest advantage of a HEL is that the interest is tax deductible in most cases and the terms are very flexible (consult your tax advisor).

Home Equity Loans can be set up as "closed-ended" loans with 10 to 25 year terms or in the form of a credit line. Lines of Credit act much like a credit card because you can pay down the balance and then use the available credit whenever needed.

Currently, you can borrower up to 125% of your home's value. Better yet, most over equity programs do not require a full residential appraisal. To determine your maximum loan amount simply multiply any current appraisal value or tax assessment by 125%. Next, subtract out your current first mortgage balance. The remainder is the maximum loan amount you can borrower, assuming you can afford the payment. Most loan programs want to see that all of your monthly payments do not exceed 45% of your gross monthly income.

We have found that the average homeowner saves about $300-$500 a month in payments alone through a bill consolidation using our programs.

(return to top of page)

MANUFACTURED HOUSING

MLI offers a wide variety of purchase money and refinance loans for Singlewide and Doublewide Homes.  We can lend up to 95% of the property's value or sales price, whichever is lower.  We have flexibility in land-home packages or we can provide financing to have a new home placed on land that you currently own.

Your property must meet the following specifications:

1.   Property must be taxed as real estate by the local taxing authority.

2.   The home must be newer than 1976.

3.   The home must be permanently secured with tongue, wheels, and axles removed.

(return to top of page)

Who is MLI?

Programs

Bad Credit

Self-Employed

No Equity?

APPLY NOW!

Main Page

Local Links

Commercial Loans