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Majestic Home Mortgage Corporation offers a variety of home-financing solutions to help you realize the dream of homeownership. We combine experience with a diverse mortgage line to serve our customers. That means we can help you find the loan program that’s right for your needs, at a very competitive rate. Majestic Home Mortgage Home-Financing Programs Majestic Home Mortgage Corp. offers Conventional, FHA and VA financing to accommodate your specific situation. If you do not know which program is right for you, then please reference the information shown below or call a Majestic Loan Officer at 1-888-310-LOAN. Conventional Financing Conventional financing is the most common type of financing available. Typical Conventional loans allow a down payment of 3% or more, with qualifying flexible ratios of 28%to36%. This means that up to 28% of your gross monthly income may be used for the payment of your mortgage. It also means that up to 36% of your gross monthly income may be used for your total monthly debts (i.e., credit cards, car loan payments, etc), including the amount of your new mortgage payment. Majestic Home Mortgage Corp. also offers programs with more "relaxed" qualifying ratios. Majestic Home Mortgage Corp. offers the following mortgage types:FHA Financing This government-insured financing program allows lower down-payments and more "relaxed" qualifying guidelines than Conventional loans. FHA loans allow qualifying ratios of 29%to41%. This means that up to 29% of your gross monthly income may be used for the payment of your mortgage, and up to 41% of your gross monthly income may be used for your total monthly debts (i.e., credit cards, car loan payments, etc), including the amount of your new mortgage payment. FHA financing requires FHA mortgage insurance in lieu of traditional private mortgage insurance (MIP). Majestic Home Mortgage offers FHA fixed-rate, adjustable-rate loans for financing and Buydown needs. To find out the specific financing programs and benefits available in your area, contact a Majestic Loan Officer at 1-888-310-LOAN.VA Financing The VA financing program is designed to benefit veterans of the armed services, those currently in the service or reserves, and their spouses. You may be able to obtain VA purchase financing with no money down. VA loans allow a qualifying ratio of 41%. This means that up to 41% of your gross monthly income may be used for your total monthly debts (i.e., credit cards, car loan payments, etc), also including the amount of your new mortgage payment. Majestic Home Mortgage Corp. offers VA fixed-rate loans with a variety of terms. Majestic is proud to be a leading national lender for VA financing.Specialty Financing Majestic Home Mortgage can accommodate borrowers with special needs too. Majestic Home Mortgage offers a variety of specialty home-loan programs including no income documentation financing, foreign national financing and cash-out financing for investment properties, 2nd home, bankruptcies or foreclosures, loss loan. Limited documentation is available on all loan products if you meet certain criteria. No documentation programs are available for current Majestic Home Mortgage Corp. customers who meet certain criteria. For more information on these and other specialty programs, contact a Majestic Loan Officer at 1-888-310-LOANMajestic Home Loan Products Fixed-Rate Mortgages You can rest assured that your principal and interest payment will remain the same throughout the life of your loan. Fixed-rate loans may be advantageous for borrowers who plan to stay in their home for a long period, are on a fixed income or borrow money during a low interest-rate environment. You can choose a fixed-rate term from 1 to 30 years to best match your individual financing needs. Conforming loan limits are (US)$252,700 for a single-family home.
If you think that interest rates will remain relatively stable and expect your income to increase, or plan to move in the next few years, a 30-year ARM plan may be the right choice for you. The interest rate on these loans fluctuates periodically in response to changing market conditions. As the interest rate fluctuates, your mortgage payment will be adjusted up or down, hence the name "Adjustable Rate". ARM interest rates are based on an index plus a margin. You may choose to have your rate and payments adjusted at the end of 1, 3 or 5 years, then every year thereafter. In addition, ARMs come with adjustment caps, giving you the security of knowing that your rate can never go above a certain level. ARMs traditionally have lower initial interest rates; the initial rate on the 1-year ARM is typically 2-3 percentage points below conventional fixed-rate loans. Please note that the interest rate and payment on an ARM often increase after the initial period even if market interest rates do not change. This lower interest rate and lower initial monthly payment may enable you to qualify for a larger home loan. Additionally, any prepayments you make will be reflected in the mortgage balance and payment at each adjustment period. Majestic Home Mortgage ARMs are not negative amortization loans. Conforming loan maximum is (US)$252,700 for a single-family home; jumbo loans are available from (US)$252,701 up to (US)$1,000,000 (exceptions available). Majestic Home Mortgage Corp. offers:
Conforming Balloon Mortgages Balloon loans are designed to save borrowers thousands of dollars in monthly payments if they plan on living in their homes for a relatively short time. These plans offer fixed interest rates below other 30-year (or 15-year) fixed-rate programs. Payments are based on a conventional 30-year loan payment schedule that "balloons" in 5 years, 7 years or 10 years (in other words, the unpaid balance of the loan is due much sooner than would be the case under a standard conventional loan). In many cases, balloon customers have the option to refinance the balloon payment before it is due. Conforming loan maximum is (US)$252,700 for a single-family home. Call a Majestic Loan Officer for more details on balloon loans. Majestic Home Mortgage Corporation offers:
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Copyright (c)2000-2009 Majestic Home Mortgage Corporation, all rights reserved. Contact Majestic Home Mortgage Corp.: 1-888-310-LOAN If you have mortgage questions, please e-mail us. |
