purchase
One +
The ability to put down as little as 1% and get into a home. Rocket Mortgage is providing a grant of 2% of the loan amount. Under this scenario, you would enter your home with 3% equity. Clients who qualify may contribute up to 2.99% toward a down payment while still receiving the 2% grant.
This is available for both first-time and repeat home buyers. There are no restrictions on where you can live or where you move from.
3-2-1 Buydown
A 3-2-1 buydown enables a buyer to pay less interest on their mortgage for 3 years after obtaining the loan. The points paid upfront reduce the interest rate by 1% for each of those first 3 years.
Jumbo Loans
A jumbo loan, or jumbo mortgage, is a mortgage loan that exceeds the limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans are called non-conforming loans because they don’t conform to these limits.
USDA
USDA home loan is a zero-down-payment mortgage for homebuyers in eligible towns and rural areas. USDA loans are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program, a part of the U.S. Department of Agriculture. Most USDA loans are issued by partner lenders, though the department can grant them directly to qualified borrowers with incomes below a certain limit.
Bank Statement Loans
The Bank Statement mortgage program is the perfect option for self-employed borrowers who need an alternative method to show the true cash flow of their business. Borrowers do not have to own 100% of the business. Self-employed borrowers represent an underserved market in the mortgage industry. Our Bank Statement program provides a loan solution to help underserved credit-worthy self-employed borrowers who otherwise would not qualify for a home loan.
Land Loans
A land loan – sometimes referred to as a lot loan – is used to finance the purchase of a plot of land. You can take out a land loan if you’re interested in buying a piece of land to build a home or to utilize for business purposes. The type you take out will depend on where you’re buying land and how you intend to use the land.
refinance
Homeowners looking to lower your rate or monthly payment, change your loan type and term or tap into your home equity, you may find yourself considering a refinance. Types of cash-out finance options include debt consolidation, remodeling, rainy day funds, weddings, home repairs, and divorce buyouts. Each of these driving factors can present a case for a refinance.
- Cash-Out Refi
- Rate and Term
- Divorce Buy Out
Jumbo Loans
Jumbo Loans are considered conventional mortgages that exceed the loan limits in other words nonconforming loans. In 2023 the loan limit for a Jumbo Loan was considered to be $726,000 for a single-family home in the US. Credit score requirements start at 660, although some lenders may look for a score of 700 or better.
Conventional
Conventional loans are originated, backed, and serviced by private mortgage lenders like banks, credit unions, and other financial institutions. Conventional loans fall into two categories conforming and nonconforming loans depending on guidelines. Credit scores typically required by lenders go as low as 620, although some lenders may look for a score of 660 or better.
FHA
FHA loans are backed by the Federal Housing Administration a government agency under the jurisdiction of the Department of Housing and Urban Development (HUD). FHA loans are insured by the FHA, which simply means that the owners of your mortgage are protected against loss if you default on your loan. Home buyers who have a credit score over 580 can borrow up to 96.5% of a home’s value on a purchase and up to 80% on a refinance with an FHA loan. Home buyers whose credit scores are between 500 – 579 can still qualify for an FHA loan with a 10% down payment on a new home purchase.
Reverse Mortgages
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older. A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan.
VA IRRRL
If you have an existing VA-backed home loan and you want to reduce your monthly mortgage payments—or make your payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for you. Refinancing lets you replace your current loan with a new one under different terms.
Bank Statement
Bank statement loans are considered non-qualified mortgage loan that allows you to qualify based on bank statements instead of tax returns. Credit scores typically required by lenders go as low as 660, although some lenders may look for a score of 700 or better.
fha vs conventional
