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Whether you’re getting started with your first home purchase, building your dream home, or refinancing your existing home we can help you find the perfect mortgage.
FHA loans are government-backed and insured by the Federal Housing Administration. The qualifications are less restrictive compared to those of a conventional loan, meaning you may qualify for an FHA loan if you hav edebt or a lower credit score.
Conventional loans are not insured by the federal government (unlied FHA or VA loans). These loans typically require a higher credit score and a lower debt-to-income ration. People who choose conventional loans typically make a higher down payment to avoid private mortgage insurance, although putting 20% down isn't required.
VA loans are backed by the Department of Veterans Affairs. There are different loan types with fixed or adjustable interest rates, along wtih a range of loan terms. This is a more affordable option for qualified veterans, service members and their surviving spouses.
A YOURgage™ is a conventional loan offered exclusively through Rocket Mortgage™ that offers term options between 8 - 29 years. It has the same advantages as a conventional loan, with the added benefit of the borrower being able to customize the term length to best fit their financial situation.
ONE+ is a loan program that allows qualified borrowers to put 1% down and our partner lender will cover the other 2%. You get all the benefit of a 3% down payment! ONE+ is for eligible first-time home buyers and repeat home buyers who make less than or equal to 80% of the area median income (AMI) of the location they’re buying in. It’s only available for purchase loans with a maximum loan amount of $350,000 and can’t be combined with other promotions
It's worth noting that a mix of your credit score, debt-to-income ration, and down payment funds are three of the main aspects that determine which loan makes sense for your financial situation.
FHA: The FHA Streamline program may have stricter requirements in some states. In order to qualify for the FHA Streamline program, an immediate .5% minimum reduction in interest and mortgage insurance premium is required. Some states may require an appraisal.
VA: In order to qualify for a VA loan, an eligible veteran must be the main borrower on the loan. Eligible veterans are classified as either active duty (a veteran who is currently active in one of the five military branches or currently participating in the Reserves or National Guard) or retiree-discharged (a veteran who is honorably discharged from the military, Reserves or National Guard). Minimum service requirements vary based on service dates. Spouses of veterans are eligible as long as they’re classified as a “surviving spouse,” which requires that they’re a not-remarried surviving spouse of a veteran who died in active duty or from complications from service-related injuries. The VA will designate Dependents Indemnity Compensation (DIC) to valid “surviving spouse” claims. DIC designation from the VA should be obtained prior to application. Only surviving spouses collecting DIC are eligible to obtain a VA loan. VA Streamline: The VA Streamline program may have stricter requirements in some states. In order to qualify for the VA Streamline program, you must have a VA loan. The VA Streamline is only available on primary residences. Cash-out transactions are not allowed. In order to qualify for a VA Streamline, a 0.5% minimum reduction in interest rate on the previous fixed-rate loan must occur if the new loan will be a fixed rate or a 2% minimum reduction in interest rate on previous adjustable rate mortgage loan must occur; a minimum of 6 months of consecutive mortgage payments must be paid on the current loan at the time of application. Some states may require an appraisal. Additional restrictions/conditions may apply.
Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
YOURgage™: Not available on FHA, VA or adjustable rate mortgages. Available for fixed rate conventional products only.
ONE+ by Rocket Mortgage™: Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.
