The Rocket Mortgage Learning Center features hundreds of articles on mortgages, loan types, and home buying, as well as several calculators to help you budget. Educational tools: Whether you’re a first-time or experienced homebuyer, learning about the process can make it seem less daunting.You’ll likely need a 680 credit score and a DTI below 45% to get approved.īesides offering several loan options for borrowers, Rocket Mortgage also has some other features and benefits worth mentioning: However, jumbo loans have stricter credit score and DTI requirements. Jumbo: With a jumbo loan from Rocket, you could get a mortgage of up to $2.5 million.Borrowers could get approved for a fixed, adjustable, or jumbo VA loan with a credit score as low as 580 and no down payment. VA: Rocket also offers VA loans for qualifying servicemembers, veterans, and their eligible family members.
However, FHA loans come with an upfront mortgage insurance premium of 1.75% of the total loan amount, and you’ll also need to make monthly mortgage insurance payments. Borrowers could get approved for a fixed- or adjustable-rate FHA loan through Rocket with a 580 credit score and a down payment of 3.5%. FHA: FHA loans have lower credit score requirements than conventional fixed- or adjustable-rate loans.FHA and VA adjustable-rate loans are also available. Borrowers can choose from a 7/6 ARM with a fixed rate for seven years and a variable rate every six months afterward, or a 10/6 ARM with a fixed rate for 10 years and a variable rate every six months afterward. Adjustable-rate: Adjustable-rate mortgages (ARMs) typically offer a low fixed interest rate for a certain period, but the rate could increase over time.Rocket offers 30-year and 15-year fixed-rate mortgages with down payments as low as 3%. Fixed-rate: With a fixed-rate mortgage, you’ll have the same APR for the life of your loan, so your monthly mortgage payments won’t change over time.This lender offers several loan options, including: Types of Mortgage Loans Offered by Rocket Mortgageīorrowers seeking a variety of loan types will find what they’re looking for with Rocket Mortgage. Relatively high credit score required: In general, borrowers will need good to excellent credit to qualify for a loan from Rocket Mortgage.Department of Agriculture (USDA) loan, you’ll need to work with another lender. Doesn’t offer USDA loans: While Rocket Mortgage does offer several loan options, if you’re seeking a U.S.It was the highest-ranked lender for customer satisfaction in 2020, and it ranked second in 2021. Power Primary Mortgage Origination Satisfaction Study. High customer satisfaction ratings: Rocket Mortgage has consistently ranked among the top lenders on the annual J.D.Quick closings available: Rocket’s average time to close is just 26 days, according to customer support, which is a shorter timeframe than many competitors can provide.However, representatives are available to help with your application if needed. Convenient online application process: If you prefer to apply for a loan online, Rocket Mortgage offers a convenient digital application process.See our picks for the best mortgage lenders for more options. Rocket Mortgage has a nice selection of loan types, but there are many other mortgage lenders with different terms and rates.
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