25912 W. Six Mile Rd. Redford, MI 48240
Office: 313-766-4000 Direct 313-918-2604
Fax: 313-692-6067
Licensed in Michigan and Ohio
NMLS # 2329960 Rocket Mortgage
Financing With Rocket Mortgage
When buying a home, your credit plays an important role because it shows your ability to pay off debt. That’s why I want to help you get a better understanding of the loan products available and which ones to take advantage of based on your credit score and financial situation. Check out these loan types and what score you need in order to be eligible:
Conventional Loan:
These home loans offer lower costs than some other popular loan types. If you have a high enough credit score and a large enough down payment, a conventional mortgage might be right for you. It’s recommended to have a credit score of 620 or higher.
FHA LOANS
This government-backed mortgage allows you to buy a home with looser financial requirements. You may consider an FHA loan if you have a minimum credit score of 580 or don't have much cash saved up for a down payment.
VA Loan
VA loans are beneficial for eligible service members, veterans and their surviving spouses. They allow you to qualify for a low-cost mortgage when you’re looking to purchase or refinance, even if your credit isn’t perfect. Rocket Mortgage® requires a credit score of 580.
