Doral Financial Corp

Doral Financial Corp is a financial services company that offers mortgage banking, banking, institutional securities operations, and insurance agency activities in New York City and Puerto Rico. Founded I 1972, Doral Financial is headquartered in San Juan, Puerto Rico. In their business in the United States, Doral aims specifically to help Hispanic and multicultural communities.

Doral Mortgage Loan Options

You can get a mortgage loan through Doral Mortgage. They offer Federal Housing Administration (FHA) Loans for purchase or refinance of any primary residence. This mortgage comes with a fixed rate and terms of either thirty, twenty-five, twenty, or fifteen years. A FHA loan is a loan insured by the Federal Housing Administration, and often does not require a down payment. Doral also offer the Veterans Administration Loan for US Veterans. This loan can come with 100% Loan-to-Value. Veterans need to provide an eligibility certificate for this loan.

Doral Balloon Mortgages

Doral offers Balloon Mortgages for home purchase. With this loan, you will pay monthly payments that would be similar to a thirty year amortization for five, seven, ten, or fifteen years, depending on your contract. When your term is over, the rest of your mortgage balance will be due in one large lump sum. Doral recommends this loan for borrowers who want to refinance or sell after a few years.

If your dream home only exists in your dreams, you will be pleased to know that Doral also offers Construction Loans. They provide The Federal Nation Mortgage Association (FNMA) Construction to Permanent Mortgage. This mortgage is helpful because it essentially offers two loans, one to build the residence and one permanent loan, under one application, one closing fee, and one monthly payment. This can be used for primary or secondary residences.

Doral Mortgage also offers Rural Development loans. This loan can be used to purchase a rural residence, and is designed to help those with low to moderate incomes. This loan is only available for primary residences in rural areas, and comes with a thirty year term. Eligible borrowers can receive this loan at 100% LTV.

Doral is an Equal Housing Lender, which means they comply with the Fair Housing Act of 1968. They do not discriminate against borrowers based on color, race, national origin, religion, age, sex, familial status, or disability.

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