Developed by Quicken Loans, the largest mortgage lender in the United States, Rocket Mortgage is an online lender that does VA loans in addition to several other home purchase loans and refinance loans. When you use Rocket Mortgage to get your VA loan, Quicken Loans processes the loan. And you manage your loan through the Rocket Mortgage app for the life of the loan rather than needing to worry about tracking it elsewhere.
The Rocket Mortgage app for iOS and Android can save prospective borrowers time and keep them organized while obtaining a VA loan. The application process is automated so instead of manually entering income, you can use the automatic search and share feature to connect directly with your bank account and save time.
You can view term and loan options right from the app and select your choice, then have a pre-qualified approval letter ready to go. You can even schedule where and when to close on your loan, view upcoming payments, and manage autopay.
You can lock your rate for up to 90 days for a 30-year conventional, FHA, and VA fixed-rate purchase loan.
To obtain a VA loan from Rocket Mortgage, you need a Certificate of Eligibility from the Department of Veterans Affairs. The company recommends that you have a credit score of at least 620 and a debt to income ratio of no more than 60 percent, but in general, borrowers can qualify for VA loans with a lower credit score and more debt compared to that of traditional loans. Plus, most do not require a down payment and often have lower interest rates.
While the automation used by Rocket Loans is efficient, some borrowers may prefer to go through the mortgage process in a brick and mortar bank or lender’s office. In that case, an in-person lender is a better choice.
While the Department of Veterans Affairs has not set a minimum credit score for obtaining a VA loan, you need a score of at least 620 to get one with Rocket Mortgage.