![]() Rocket Mortgage doesn't allow alternative credit data, so it's a better fit for borrowers with good credit scores. For example, you could show proof that you have a history of paying utility bills on time. Some lenders allow you to apply with alternative credit data if you either don't have a credit score or have a very poor one. VA IRRRL, if it's on your primary residence.If you're refinancing, you can choose from the following options: You can't get a USDA mortgage, home equity loan, HELOC, construction loan, or reverse mortgage through Rocket Mortgage. Louis El Paso, Houston, and McAllen, Texas This program is only available in certain counties within the following metro areas: Atlanta Chicago Detroit Memphis Miami Philadelphia St. Rocket also offers Freddie Mac's BorrowSmart Access program, which includes a $3,000 credit for your down payment.This program is only available in specific census tracts in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. The Purchase Plus program offers a credit of up to $7,500 to offset your down payment and closing costs.This mortgage is available nationwide, but only those who earn 80% or less of the area median income can qualify. Its ONE+ mortgage allows down payments as low as 1% with no mortgage insurance, and includes a 2% grant from the lender.Rocket Mortgage is also currently offering a few different affordable mortgage products that can help those with lower incomes become homeowners: Both fixed-rate and adjustable-rate mortgages.Conventional mortgages (both conforming and jumbo).Rocket Mortgage is available in all 50 US states, and it offers the following mortgage products: Rocket Mortgage is the online mortgage lender that used to be known as Quicken Loans. Read Our Review A looong arrow, pointing right How Rocket Mortgage Works Better ranked below average in the study. Power's 2022 US Mortgage Origination Satisfaction Study. If customer service is important to you, you might prefer Rocket Mortgage, which ranked No. It also provides you with a preapproval letter within 24 hours, whereas Rocket Mortgage's turnaround time for letters varies. It also charges no lender fees at closing, making it an affordable option.īoth Rocket Mortgage and Better provide a live online chat feature, which is convenient if you don't like talking on the phone.īetter makes it easy to see customized rates without signing up for an account first. Better is one of our best online mortgage lenders, and it's a particularly good choice if you're a first-time homebuyer thanks to its quick and easy application process.
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