Doorway Home Loans offers USDA Loans for homes in a designated area that covers several rural and suburban locations. USDA loans are guaranteed by the United States Department of Agriculture.
Low-interest mortgages with zero down payments are designed for low-income Americans who don’t have enough credit to qualify for traditional mortgages. USDA Loans are also required to buy homes.
- No down payment required
- 620 Minimum FICO score
- 30-year fixed interest rate
- Household income maximums
- Buy existing, build new, or refinance current Rural Development loan
- Eligible loan costs may include purchase price, repairs, lender fees, closing costs, and essential household equipment
- Gift and grant funds allowed
- Normal purchase contract time
- No maximum purchase price limits
- Finance-eligible loan costs up to 100% of the appraised value plus a one-time upfront guarantee fee.
- Property must meet rural eligibility requirements
- Homes must meet HUD requirements
- The home must be used as a primary residence only
- May be used for new home construction