This online lender will also take your loan-to-value (LTV) ratio into consideration to calculate the necessary down payment. ![]() Again, this is a standard requirement among lenders. You must furnish the past two years of income history and your current assets. Rocket Mortgage advises having a debt-to-income (DTI) ratio of 45% or lower to qualify for the best rates. These individuals can participate in the Fresh Start program, which can help improve their credit scores. First, borrowers can apply with a creditworthy co-borrower or a co-signer.Īnother option is for applicants with a score slightly below 580. The lender offers two additional ways to qualify with a relatively low credit score. Credit scoreīorrowers should have a credit score above these thresholds before applying: However, here are some of the basic guidelines. Several factors determine your eligibility and these vary by loan type. How to qualify for a Rocket Mortgage loan Most of the criticism revolves around difficulties calculating escrow payments and receiving automated principal and interest payments. However, the lender doesn’t disclose your personalized rates and potential lender fees until you apply.Ĭustomer reviews are generally favorable but there are several complaints as this online mortgage lender handles a high volume of mortgage applications. Potential borrowers can preview current mortgage rates online. Unfortunately, USDA loans and home equity lines of credit (HELOCs) are unavailable. Several programs only require a minimum 580 FICO score or have low down payment requirements.Īdditionally, Rocket Mortgage services most of the loans they originate except for jumbo loans. The lender offers purchase, rate-and-term refinance and cash-out refinancing. Individuals and couples can apply for conventional, FHA, VA and jumbo home loans. It was previously known as Quicken Loans until rebranding under its current name in July 2021. This non-bank lender operates completely online and opened its doors in 1985. Rocket Mortgage is consistently one of the largest mortgage originators year in and year out. Time to close: Typically 30 to 45 days.Preapproval time: Typically within 24 hours. ![]() Perks: Rocket Rewards loyalty points, $1,000 Verified Approval guarantee.DTI ratio: 50% (depending on loan type).Interest rates: Above national average.
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