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RESOURCES & FAQ's

A VA loan is a mortgage guaranteed by the Department of Veterans Affairs, available to veterans, active service members, and some military spouses. To qualify, you must meet service requirements and obtain a Certificate of Eligibility (COE)
  • The VA funding fee is a one-time payment to help offset the cost of the loan to taxpayers. It can be waived for veterans with service-related disabilities.
Yes, we you can refinance with a VA IRRRL (Interest Rate Reduction Refinance Loan) or a VA Cash-Out Refinance to access equity or lower your interest rate​.
FHA loans are insured by the Federal Housing Administration, allowing borrowers with lower credit scores or limited funds for a down payment to qualify for a mortgage​.
Yes, FHA loans require mortgage insurance premiums (MIP) both upfront and annually, which can be removed by refinancing into a conventional loan once the borrower meets the requirements​.
Yes, once you build sufficient equity or improve your credit, you can refinance from an FHA to a conventional mortgage to eliminate mortgage insurance and potentially reduce your payments.

Rocket Mortgage allows first-time homebuyers to put down 1%, with Rocket contributing an additional 2%, giving the borrower 3% equity in the home​

 

The program is typically for first-time homebuyers with lower to moderate incomes who meet specific credit and income requirements

The key benefit is lowering the initial cash required to buy a home while still building equity from day one. It makes homeownership more accessible for those who may struggle with large down payments​

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