Does Rocket Mortgage approve everyone?
You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting.
Rocket Mortgage's online-first process makes the application process smooth, whether you log in using RocketMortgage.com or the mobile app. You'll need credit scores of at least 580 to qualify with Rocket Mortgage.
An FHA loan requires a minimum 3.5% down payment for credit scores of 580 and higher. If you can make a 10% down payment, your credit score can be in the 500 – 579 range. Rocket Mortgage® requires a minimum credit score of 580 for FHA loans.
Rocket Loans prefers applicants with a credit score of 640 or higher. However, you could get approved with a lower credit score, depending on your income and overall credit profile. Rocket Loans prefers applicants with a credit score of 640 or higher.
Cons. Getting a customized interest rate requires a credit check, which can affect your credit score. Origination fees are on the high side compared with other lenders, according to the latest federal data. Doesn't offer home equity lines of credit.
The required credit score to buy a $300K house typically ranges from 580 to 720 or higher, depending on the type of mortgage. For an FHA loan, a popular choice among first-time homebuyers for its lower down payment requirement, the minimum credit score is usually around 580.
With the help of our data partners, we'll access your financial accounts to verify your financial assets and income, and we'll access your employment information to verify your employment and income.
You only need to have a credit score of 580 in order to qualify for an FHA loan with Rocket Mortgage®. You may be able to get an FHA loan with a score as low as 500 points if you can bring a down payment of at least 10% to your closing meeting.
| Mortgage Type | Minimum Credit Score |
|---|---|
| FHA loan (10% down payment) | 500 – 579 |
| VA loan | No industry-standard credit score requirement (Rocket Mortgage® requires a 580 score) |
| USDA loan | No industry-standard credit score requirement (most lenders require a 640 score) |
An FHA mortgage is usually the easiest home loan to get. You can qualify with a credit score as low as 580 (with a 3.5% down payment) or even 500 (with a 10% down payment).
How long does it take Rocket Mortgage to pre approve?
Loan Application And Preapproval: A Few Days
The lender will look at all this information and determine whether, based on the information you provided, you meet their qualifications for getting a loan. This will typically take less than a week to complete.
Rocket Mortgage's mortgage approval requirements are average compared to other mortgage lenders. You'll need at least a 620 credit score, though you may qualify for an FHA loan with a score as low as 580. This lender might not be the best choice for someone with a rocky credit history.
| Time to close | |
|---|---|
| Rocket Mortgage | 30 to 45 days |
| Better | 21 to 42 days |
| loanDepot | 30 to 60 days |
Rocket Mortgage® lets you work at your own pace, while providing award-winning customer service and expert advice. It lets you apply online, anytime, at your convenience – which means it's there when you need a fast approval to buy a house or a way to lock your rate when rates drop.
rocketmortgage.com's top 5 competitors in December 2023 are: quickenloans.com, lendingtree.com, rocketaccount.com, mortgagecalculator.org, and more. According to Similarweb data of monthly visits, rocketmortgage.com's top competitor in December 2023 is quickenloans.com with 762.8K visits.
Certain lenders may not be able to give you a loan if your score is below 620. Rocket Mortgage® requires a median FICO® Score of at least 580 to refinance to a Federal Housing Administration (FHA) or a Department of Veterans Affairs (VA) mortgage.
If you make $70K a year, you can likely afford a home between $290,000 and $310,000*. Depending on your personal finances, that's a monthly house payment between $2,000 and $2,500. Keep in mind that figure will include your monthly mortgage payment, taxes, and insurance.
What income is required for a 200k mortgage? To be approved for a $200,000 mortgage with a minimum down payment of 3.5 percent, you will need an approximate income of $62,000 annually.
A person who makes $50,000 a year might be able to afford a house worth anywhere from $180,000 to nearly $300,000. That's because your annual salary isn't the only variable that determines your home buying budget. You also have to consider your credit score, current debts, mortgage rates, and many other factors.
This process varies from lender to lender. Here at Rocket MortgageⓇ, we usually verify your employment with your employer either over the phone or through a written request.
What is a verified approval letter from Rocket Mortgage?
What Is A Verified Approval Letter? A Verified Approval is a document that you receive after you've had your income, assets and credit confirmed by our underwriting team, stating that you qualify for a mortgage up to a specified amount.
Tip #1: Don't Apply For Any New Credit Lines During Underwriting. Any major financial changes and spending can cause problems during the underwriting process. New lines of credit or loans can interrupt this process. Also, avoid making any purchases that may decrease your assets.
It's rare — but still possible — that loan requirements can change after a pre-approval is issued. Let's say that you applied for a home loan that allows a credit score of 620, and you're good to go because you have a score of 630. But then they move the goalpost, and now you need a credit score of 640.
The primary factor is your income — a $400,000 purchase typically requires a salary of at least $106,000. Other important considerations include your credit score, the size of your down payment and the details of your mortgage loan, including the interest rate.
How many days does it take to close on a home with Rocket Mortgage? It can take as little as eight days to close on a new house with Rocket Mortgage, which is a pretty fast closing process. On average, the closing process takes about 26 days, but this depends on the market where you're buying your new house.
