Mortgage Purchase Requirements
Below are Rocket Mortage’s requirements for obtaining a mortgage loan:
- You must be a US citizen or permanent resident aged over 18 with a valid Social Security number
- 620 FICO credit score (yet this can vary based on loan type)
- 3-5% down payment (or more depending on mortgage type)
- 2-6% of the property’s price for closing costs
- DTI up to 50% (or slightly lower for certain loans)
Mortgage Terms
Here are the mortgage terms you can expect on your Rocket Mortgage loan:
- APR: 6.475%-7.186% (depends on loan type and term length)
- Loan amount: Up to $645,000 with several exceptions (such as jumbo loans)
- Types: Conforming, non-conforming, jumbo, VA, FHA, ARM
- Other loans: Mortgage refinancing
It’s essential to note that APRs can vary based on the mortgage type and the term length you wish to apply for. Yet, even then, they can and often do change. Still, you benefit from a “rate lock” with Rocket Mortgage. Here, the company will lock your rate in for 90 days if you qualify for a loan, just in case the rate increases. Yet, if rates decrease, Rocket Mortgage will provide you with a lower rate.
Also, raising your income and credit score will often give you access to the best offers. Decreasing your debt-to-income ratio by paying off any debt may also help your approval chances, and terms offered, even if Rocket Mortgage allows for higher DTI.
Repayment Terms
Rocket Mortgage underwrites fixed-rate mortgages with terms ranging from 8 to 30 years. All adjustable-rate mortgages are five years of repayment at a fixed rate. Then, this is followed by 25 years of compensation at an adjustable rate.
