At Doorway Home Loans, we believe in giving every person an equal opportunity to homeownership and financial stability. We offer our clients access to a range of loan programs and mortgage rates. Choosing the right loan for your situation could be overwhelming. But it won’t be with the help of knowledgeable mortgage advisors at Doorway Home Loans.
The most common type of loan option, the traditional fixed-rate mortgage includes monthly principal and interest payments which never change during the loan’s lifetime.
Ideal for borrowers with a steady income and sufficient down payment, borrowers pay the same monthly payment amount (principal and interest payments) over loan’s lifetime. 30-year and 15-year fixed available.
Interest-only mortgages are home loans in which borrowers make monthly payments solely toward the interest accruing on the loan, rather than the principle, for a specif...
A conventional loan is not backed by a government agency, broken down into "conforming" and "non-conforming" loans. Conforming conventional loans follow lending rules set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Good option for first-time homebuyers who may not have saved enough for a large down payment; or have suffered from bankruptcy or foreclosures may qualify for an FHA backed mortgage. (Insured by the Federal Housing Association).
Designed for military veterans, VA loans are mortgages guaranteed by the Department of Veteran Affairs, offering exceptional benefits, including low interest rates and no down payment requirement.
A loan which is larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
This loan type allows 62 or older senior homeowners with considerable home equity to borrower against the value of their home and receive funds as a lump sum, fixed monthly payment or line of credit, while still living in the home.
If you're looking to buy a home in a rural or suburban area with no down payment and minimal investment, you might consider the USDA Rural Development Loan.
Ideal for independent workers, 1099 contractors, or self-employers, this type of mortgage loan allows borrowers to qualify based on alternative methods such as bank statements or assets as collateral, instead of the traditional income verification required for most loans.