Majestic Home Mortgage Corp. Loan Programs

Majestic Home Mortgage 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 discount rate.

Majestic Home Mortgage Home-Financing Programs
Majestic Home Mortgage Loan Products

Majestic Home Mortgage offers a full range of Conventional, FHA, VA and Sub Prime financing to accommodate your specific situation. If you do not know or cannot find the program that is right for you, please contact 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 100% Financing and a down payment of 3% or more, with qualifying flexible ratios of 28% to 36%.

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 offers the following mortgage types:

· Fixed-Rate Loan

· Adjustable-Rate Loan

· Balloon Loan

· Commercial- SBA Loans

· Interest Only Loans

· FHA / VA Government Financing

· Sub Prime

· Alt A Financing ( No Income- No Documentation)

· HELOC- 2nd Mortgages

· Construction, Rehab, Lot 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% to 41%.

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 and adjustable-rate financing loans to borrowers. 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 and 100% financing loans.
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 Products and other specialty programs, contact a Majestic Loan Officer at 1-888-310-LOAN

Majestic Home Mortgage 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 5 to 40 years to best match your individual financing needs.

Conventional Fixed-Rate Loans
FHA Fixed-Rate Loans
VA Fixed-Rate Loans
Jumbo & Super Jumbo Fixed-Rate Loans
Interest Only Fixed Rate Loans

Conforming loan limits as of January 01,2006

· (1) Single-Family Home (US) $417,000

· (2) Two Family Home $533,850

· (3) Three Family Home $645,300

· (4) Four Family Home $801,950

Jumbo loans are also available from $417,001 up to (US) $8,000,000 (exceptions available).

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 offers several types of specialty ARM products.

Conventional Adjustable Rate Loans

Conventional 1-Year ARM 2/2/6 % caps
Conventional 2-Year ARM 2/2/6 % caps
Conventional 3-Year ARM 2/2/6 % caps
Conventional 5-Year ARM 5/2/5 % caps
Conventional 7-Year ARM 5/2/5 % caps
Conventional 10-Year ARM 5/2/5 % caps

Jumbo Adjustable Rate Loans

Jumbo 1-Year ARM 2/2/6 % caps
Jumbo 3-Year ARM 2/2/6 % caps
Jumbo 5-Year ARM 5/2/5 % caps

Jumbo 7-Year ARM 5/2/5 % caps
Jumbo 10-Year ARM 5/2/5 % caps

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) $359,650 for a single-family home. Call a Majestic Loan Officer for more details on Balloon loans.

Majestic Home Mortgage Corporation offers:

Conforming 5-Year Balloon
Conforming 7-Year Balloon
Conforming 10-Year Balloon