Requirements
To be eligible to qualify for a mortgage loan, you should meet certain criteria. First, you should be a US citizen or permanent resident. The next main criterion is a relevant credit score. You need at least 620 points to qualify for a conventional purchase loan and 580 to qualify for FHA or VA loan. You will also need a DTI ratio of 50% or less to successfully apply for a mortgage.
Application details
To successfully apply for a mortgage, you may need the following documents:
A government-issued identification: passport or ID card;
Social Security Card;
Credit documentation to check your credit history and score;
Proof of income and employment verification;
Proof of assets.
You can apply for a mortgage loan in a few minutes. The full verification of documents takes from 24 hours to a few days. Closing or refinancing a home takes 30-40 days. The success of your application depends on the completeness and correctness of your document list.
How to apply for a loan
Here is a simple checklist on the loan application to Rocket Mortgage:
Check your documents for pre-approval: personal identification, Social Security Card, pay stubs, bank statements, tax documents, credit report, and source of income confirmations;
Sign up at the Rocket Mortgage website via the Apply for home purchase or Apply for Refinance button;
Answer the pre-approval questions and give Rocket Mortgage permission to look at your credit report;
After the credit verification, you will get mortgage solutions suitable for your specific case. Select the payment plan you like the most;
If you are approved, you will get a Pre-Qualified Approval letter.
You can also start a Verified Approval for an in-depth check of your documents or RateShield approval to lock up your rates for 90 days before shopping for a home. Then you will have time to choose a home and submit a home offer with your real estate agent.
When you are ready, provide the lender with your property details and additional personal information. To finalize a mortgage loan, attend a closing meeting and provide your Closing Disclosure, down payment, and your ID.
