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Thursday, December 09, 2004

Mila's 100% Stated 80/20 gets Bigger

MILA has increased its maximum 80/20 combo loan amount to $600,000 for Self-Employed borrowers with a middle credit score of 650 or higher.

Other Stated Income Documentation Loan Program Highlights include:

# Middle score of 625 for Self-Employed and 640 for Wage Earner or 1099.
# 12 month rental or mortgage history (and a private VOR can confirm rental history).
# 4 trades including mortgage or rent, one must be open > 24 months. No minimum account balance is required. Accounts may be closed or not active.
# For Self-Employed Borrower: 2 years self-employed, same address. For Stated Wage Earner or 1099 Borrower: 2 year employment history with 1 year same line of work.
# 50% Debt Ratio
# Owner occupied, SFR, Condos and 2-unit properties (3-4 units 100% CLTV on refinance only)
# 6% seller contribution can be used towards non-recurring closing costs

And it gets even better:

# With 625 middle credit score, Interest Only is available.
# As with any MILA loan, there is no MI and no reserves or impounds required.

Check Today's Rates on www.mila.com for MILA's latest rates and AccessPoint to get your loan approved in seconds.

Please don't hesitate to call me with any questions

Heather Sweeney
Business Development Manager
P (702) 324-5000
F (702) 791-0799

MILA Financial Center
http://www.mila.com

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