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Rocket Mortgage is an online mortgage lender that offers a wide range of mortgages for purchasing and refinancing homes—including its One+ By Rocket Mortgage option with a 1% down payment.
Why We Like It
Rocket Mortgage has several loan options that come with flexible repayment terms, low down payments and other benefits that can help self-employed home buyers. Its One+ program is a low down payment option that lets borrowers put down 1% with Rocket covering an additional 2% on a conventional loan.
Why We Don’t Like It
Interest rates through Rocket Mortgage are higher than the national average, and the average time to close is longer than some competitors.
Who It’s Best For
Rocket Mortgage is best for home buyers who want access to low down payments and flexible loan terms while enjoying a fully digital mortgage experience.
How to apply
Borrowers can apply online or through the Rocket Mortgage app. The lender can preapprove loans within eight minutes.
Phone support is available for in-process and closed loans by calling (800) 603-1955; available hours are Monday through Friday from 8:30 a.m. to 9 p.m. ET and Saturday from 9 a.m. to 4 p.m. ET. For new loans, call (888) 452-8179; available hours are Monday through Friday from 7 a.m. to midnight ET, Saturday from 9 a.m. to 8 p.m. ET and Sunday from 9 a.m. to 7 p.m. PT.
Chat support is available seven days a week. You reach chat support Monday through Friday from 7 a.m. to midnight ET and Saturday and Sunday from 8 a.m. to midnight ET.
Speed
As of February 2024, the average time to close a conventional refinance with Rocket Mortgage is 21 days, and the average time to close a conventional purchase loan is 36 days.
Eligibility
- Minimum credit score of 580 for FHA and VA loans, 620 for conventional mortgages and 680 for jumbo loans
- Minimum down payment of 0% for VA loans, 3% for some conventional loans and 3.5% for FHA loans
- Alternative credit data, such as rent and utility payments, is accepted
Loan types
Rocket Mortgage’s product line includes fixed and adjustable-rate mortgages, conventional, jumbo, FHA and VA loans. It also offers its own conventional loan, YOURgage, a custom-term, fixed-rate mortgage. Finally, its FHA streamline refinance loan allows existing FHA borrowers to refinance at a lower rate with less paperwork and no appraisal required. The lender offers home equity loans, but it doesn’t offer USDA loans or HELOCs.