In a Nutshell
Founded in 2015, Rocket Mortgage specializes in guiding first-time buyers in the process of purchasing their home. You can secure a loan for a single-unit primary residence with a 1% down payment. The personalized service walks you through the loan process and helps suggest affordable rates and terms based on your financial situation.
-
Low down payment for government-backed loans
-
5- or 7-year ARM and 15- or 30-year fixed-rate mortgages
-
Online-only lender, no in-person service
-
No USDA loan, HELOC, reverse mortgage, or construction loan
Eligibility
Rocket Mortgage offers flexible down payment requirements, as low 1%-3% for those who qualify. Compared to other lenders, Rocket Mortgage also accepts slightly lower credit scores. Depending on the mortgage loan, Rocket Mortgage typically looks for a minimum credit score ranging from 580 to 620. All applicants must be at least 18 years of age to apply.
Repayment Terms
-
5 and 7-year adjustable-rate mortgages
-
15 or 30 year fixed-rate mortgages
Customer Support
Rocket Mortgage strives to provide outstanding support to its customers. Knowledgeable lending experts walk you through the entire mortgage process. You can contact support by live chat, email, and by phone at (833) 326-6018.