Are you wondering, “Does Rocket Mortgage do USDA loans?” If so, you’re in the right place! In this blog post, we’ll dive into whether Rocket Mortgage offers USDA loans, what these loans entail, and how they could be a game-changer for your homebuying journey. We’ll also explore the requirements, benefits, and alternatives, giving you all the info you need to make an informed decision about your mortgage options. Stay tuned!
What Is Rocket Mortgage? Reviews – How Does It Work?
Rocket Mortgage Home Equity Loan
What Are USDA Loans, Anyway?
USDA loans can be a game-changer for homebuyers, offering low interest rates and no down payment. Curious about how they work and who qualifies? Dive into the details and discover if this is the right option for you: What Are USDA Loans.
So,
Does Rocket Mortgage Offer USDA Loans?
No, Rocket Mortgage doesn’t currently offer USDA loans. As of July 6, 2020, they stopped accepting applications for USDA loans, which are designed to help low- to moderate-income buyers purchase homes in eligible rural areas with benefits such as no down payment and competitive interest rates.
While they provide a variety of other loan types (like conventional loans, FHA loans, and VA loans), USDA loans are not part of their offerings.
But don’t worry, just because Rocket Mortgage doesn’t have USDA loans doesn’t mean you’re out of luck. There are plenty of other options out there if you’re specifically looking for that USDA-backed financing. We’ll get into that a little later.
You might be wondering
Why Doesn’t Rocket Mortgage Offer USDA Loans?
Well, it boils down to the fact that Rocket Mortgage focuses more on traditional loan products, like conventional, FHA, and VA loans. USDA loans, on the other hand, have specific eligibility requirements that might not align with Rocket Mortgage’s usual offerings.
For example, USDA loans are meant for homes in rural and suburban areas, and they’re subject to income limits and other restrictions. Some lenders just choose not to deal with these requirements, and that’s likely why Rocket Mortgage hasn’t jumped on the USDA bandwagon. But that doesn’t mean there aren’t other great lenders who can help you out with USDA financing.
What Are The Eligibility Requirements for USDA Loans?
USDA loans offer great benefits, but there are specific eligibility requirements you need to meet. Wondering what they are? From location to income limits, these criteria can impact your chances. Find out everything you need to know here: Eligibility Requirements for USDA Loan.
Alternatives To USDA Loans for Rocket Mortgage Customers
So, let’s say you were hoping to go the USDA route with Rocket Mortgage, but since that’s off the table, what now? Don’t worry—there are other great mortgage options available. If you’re specifically looking for a loan with a low down payment, you might want to check out an FHA loan, which only requires 3.5% down. FHA loans are more widely available and might be a great option if you’re a first-time homebuyer or don’t have a perfect credit score.
If you’re a veteran or active-duty military, VA loans could also be a fantastic choice. VA loans also offer no down payment and have competitive interest rates, just like USDA loans. So, while you can’t get USDA financing through Rocket Mortgage, these alternatives could still help you achieve your homeownership dreams.
The Benefits of USDA Loans for Rural Homebuyers
If you qualify for a USDA loan, it’s a pretty amazing deal. One of the biggest benefits is that you don’t have to worry about putting money down. For most other loan types, you’re looking at anywhere from 3% to 20% down, which can be a huge hurdle for a lot of buyers. With USDA loans, you can finance 100% of the home’s purchase price—meaning you don’t need to dip into your savings or scramble for a down payment.
USDA loans also come with competitive interest rates, which can save you a lot of money in the long run. If you’re in a rural area and don’t have a huge income but still want to buy a home, this could be a real game-changer for you.
The Drawbacks of USDA Loans
That said, there are some drawbacks to USDA loans. The biggest one is the location restriction—only homes in rural or certain suburban areas qualify. If you’ve got your heart set on a house in the city, a USDA loan is probably not the way to go.
There are also income limits, so if you’re making more than the qualifying threshold, you won’t be eligible for the loan. Plus, while the credit score requirements are more flexible than other loan types, you still need to show you can handle debt responsibly.
How to Apply For USDA Loans Through Other Lenders
If you’ve found that Rocket Mortgage isn’t your go-to for USDA loans, the good news is that plenty of other lenders specialize in them. To apply for a USDA loan, you’ll want to find a USDA-approved lender and go through their application process.
Usually, this involves providing financial documents like tax returns, proof of income, and a credit report. USDA loans can take a little longer to process than conventional loans because of the extra paperwork and requirements, so be patient during the process. But once approved, it could be a very affordable path to homeownership.
Why You Should Consider USDA Loans (If Eligible)
If you’re eligible for a USDA loan, you should definitely consider it. The low or no down payment, combined with low-interest rates, can make homeownership far more affordable than other loan types. Plus, if you’re planning to live in a rural or suburban area long-term, a USDA loan can set you up with great financial benefits for the future.
Does Rocket Mortgage Offer USDA Loans?
Currently, Rocket Mortgage does not offer USDA loans. While they provide various mortgage options, USDA loans are not among them. If you’re interested in USDA financing, you may need to explore other lenders who specialize in these types of loans.
What Is The Eligibility Criteria For USDA Loans Through Rocket Mortgage?
Since Rocket Mortgage doesn’t provide USDA loans, there are no specific eligibility criteria applicable through them. Generally, USDA loans require that your household income does not exceed 115% of the area median income and that the property is located in an eligible rural area.
How Can I Apply For A USDA Loan With Rocket Mortgage?
As Rocket Mortgage does not accept USDA loan applications, you won’t be able to apply through them. Instead, consider contacting lenders who do offer USDA loans to start your application process.
What Are The Benefits Of Getting A USDA Loan Through Rocket Mortgage?
Since Rocket Mortgage doesn’t offer USDA loans, you won’t find benefits specific to them. However, typical advantages of USDA loans include zero down payment and competitive interest rates when offered by other lenders.
Are There Any Income Limits For USDA Loans With Rocket Mortgage?
Rocket Mortgage does not provide USDA loans, so there are no income limits applicable through them. Generally, USDA loans require that household income must not exceed 115% of the median income for the area.
What Is The Minimum Credit Score Requirement For A USDA Loan From Rocket Mortgage?
Rocket Mortgage does not offer USDA loans, so there is no minimum credit score requirement with them. Typically, other lenders prefer a credit score of at least 640 for USDA loan approval.
How Much Can I Borrow With A USDA Loan Through Rocket Mortgage?
As Rocket Mortgage does not offer USDA loans, borrowing limits are not applicable through them. Generally, the amount you can borrow with a USDA loan depends on factors like income and property location.
Are USDA Loans Available For Both First-Time Homebuyers And Repeat Buyers At Rocket Mortgage?
Since Rocket Mortgage does not provide USDA loans, this question is moot. However, other lenders typically allow both first-time homebuyers and repeat buyers to apply for USDA loans if they meet eligibility criteria.
Can Rocket Mortgage Help Me With A USDA Loan Even If I’ve Been Denied Elsewhere?
Rocket Mortgage does not offer USDA loans; therefore, they cannot assist you with this type of financing if you’ve been denied elsewhere. It’s advisable to seek out other lenders who specialize in USDA financing.
Does Rocket Mortgage Offer USDA Loans For Rural Areas Only?
Rocket Mortgage does not offer any type of USDA loans. However, when available from other lenders, these loans are specifically designed for rural and some suburban areas.
Are There Geographic Restrictions For USDA Loans Through Rocket Mortgage?
Since Rocket Mortgage does not provide USDA loans, there are no geographic restrictions applicable through them. Typically, other lenders restrict these loans to designated rural areas.
What Are The Typical Down Payment Requirements For USDA Loans At Rocket Mortgage?
Rocket Mortgage does not currently offer USDA loans; therefore, down payment requirements do not apply. Generally, one of the key benefits of a USDA loan is that it requires no down payment when offered by other lenders.
Is Mortgage Insurance Required For USDA Loans Through Rocket Mortgage?
As Rocket Mortgage does not provide USDA loans, mortgage insurance requirements are irrelevant here. However, when available from other lenders, borrowers usually pay an upfront guarantee fee and an annual fee instead of traditional mortgage insurance.
Can USDA Loans Through Rocket Mortgage Be Used For New Construction Homes?
Since Rocket Mortgage doesn’t offer USDA loans at all, this question doesn’t apply. Typically, eligible properties can include new construction homes when using other lenders that provide these loans.
Are There Closing Costs Associated With USDA Loans From Rocket Mortgage?
Rocket Mortgage does not handle USDA loans; thus, closing costs do not apply through them. Generally speaking, all mortgage types usually involve closing costs that can vary by lender.
How Long Does The USDA Loan Approval Process Take With Rocket Mortgage?
As there are no available USDA loan options through Rocket Mortgage, the approval process is irrelevant here. Typically, the approval timeline for a USDA loan with other lenders can range from a few weeks to a couple of months.
What Are The Current Interest Rates For USDA Loans At Rocket Mortgage?
Rocket Mortgage currently does not offer any type of USDA loan; hence interest rates are not applicable. When available from different lenders, interest rates can vary based on market conditions and individual qualifications.
Can I Refinance With A USDA Loan Through Rocket Mortgage?
Since Rocket Mortgage does not provide access to USDA loans at this time, refinancing options through them do not exist. You may want to look into refinancing options with other lenders who offer these types of loans.
Does Rocket Mortgage Offer USDA Loans For Manufactured Homes?
Rocket Mortgage doesn’t currently offer any type of USDA loan products. However, some lenders do allow manufactured homes under the guidelines of the program when applicable.
What Types Of Properties Qualify For USDA Loans With Rocket Mortgage?
As there are no available options for obtaining a USDA loan from Rocket Mortgage, property qualifications do not apply here. Generally speaking, properties must be located in eligible rural areas to qualify under other lenders’ guidelines.
Is A USDA Loan Through Rocket Mortgage Only Available To U.S. Citizens?
Rocket Mortgage does not handle any type of USDA loan applications; thus this question is irrelevant with them. Typically though, most lenders require applicants to be U.S. citizens or lawful permanent residents for these loans.
Does Rocket Mortgage Offer USDA Loans For Veterans?
Currently, Rocket Mortgage does not provide any type of financing under the USDA program for veterans or anyone else. Veterans typically have access to VA home loans instead.
How Do I Check If A Property Qualifies For A USDA Loan With Rocket Mortgage?
Since there are no available options for applying for a USDA loan through Rocket Mortgage, property qualification checks don’t apply here. Usually, other lenders provide tools or maps to help check property eligibility against their criteria.
Can I Use A USDA Loan Through Rocket Mortgage To Buy A Second Home?
Rocket Mortgage doesn’t offer any type of financing under the USDA program; therefore this question is moot. Generally speaking though, second homes typically do not qualify for traditional USDA financing with other lenders.
How Do USDA Loans Through Rocket Mortgage Compare To Conventional Loans?
As there are no available options for obtaining a USDA loan from Rocket Mortgage at present time, comparisons don’t apply here. Generally speaking though, conventional loans often require down payments while many types of government-backed loans like the FHA or VA may have more flexible terms.
Can I Use A USDA Loan For A Vacation Home With Rocket Mortgage?
Since there are no available options for obtaining a USDA loan through Rocket Mortgage currently, this question is irrelevant with them as well. Generally speaking though, vacation homes typically do not qualify under standard guidelines for a traditional or government-backed mortgage like those offered by the FHA or VA programs.
What Happens If I Exceed The USDA Loan Limits At Rocket Mortgage?
Because there are no available options for obtaining a USDALoan from rocket mortgage currently this question is moot however generally speaking exceeding limits could result in denial or adjustment depending on lender policies followed by others offering such products
Can Rocket Mortgage Help Me Find A USDA-Approved Lender In My Area?
Currently rocket mortgage does not handle usda lending thus they cannot assist you in finding approved lender however you can search online or contact local banks specializing in usda products
Does Rocket Mortgage Require A Home Inspection For USDALoans?
As rocket mortgage currently doesn’t provide access usda lending home inspection requirements don’t apply however typically most lenders may require inspections as part of their processes
What Is The USDA Loan Funding Fee With Rocket Mortgage And How Much Is It?
Since rocket mortgage doesn’t handle usda lending funding fees don’t apply however generally speaking usda borrowers might expect upfront guarantee fees along with annual fees based on their total loan amount.
Does Rocket Mortgage Offer USDA Loans For Non-Traditional Borrowers (E.G., Self-Employed)?
Rocket Mortgage does not currently offer USDA loans, including for non-traditional borrowers like the self-employed. Generally, USDA loans are available through other lenders, and they often accept self-employment income with proper documentation, such as tax returns and profit-and-loss statements.
How Do I Know If I Meet The Income Eligibility For A USDA Loan With Rocket Mortgage?
Since Rocket Mortgage doesn’t provide USDA loans, you can’t check eligibility through them. However, to determine if you meet the income requirements, you can use the USDA’s online eligibility tool by entering your household size and location to see if you qualify.
What Documentation Is Required When Applying For A USDA Loan With Rocket Mortgage?
Rocket Mortgage does not handle USDA loans, so specific documentation requirements do not apply. Typically, other lenders require tax returns, W-2s, pay stubs, and proof of any additional income sources when applying for a USDA loan.
Is Rocket Mortgage’s USDA Loan Program Available In All 50 States?
Rocket Mortgage does not offer USDA loans at all. When available from other lenders, USDA loans are typically accessible in many rural areas across the United States, but not all properties in every state qualify.
Can I Apply For A USDA Loan Online With Rocket Mortgage?
Since Rocket Mortgage does not provide USDA loans, you cannot apply for one online through them. If you’re interested in a USDA loan, consider applying through lenders that specialize in this type of financing.
Are USDA Loans Through Rocket Mortgage Suitable For Borrowers With Bad Credit?
Rocket Mortgage does not offer USDA loans; thus, this question is irrelevant for them. Generally speaking, many lenders require a minimum credit score of around 640 for USDA loans, making them less suitable for borrowers with bad credit.
What Is The USDA Loan Repayment Term With Rocket Mortgage?
As Rocket Mortgage does not provide USDA loans, there is no repayment term applicable through them. Typically, USDA loans feature a standard repayment term of 30 years when offered by other lenders.
How Does Rocket Mortgage Handle USDA Loan Servicing?
Rocket Mortgage does not offer USDA loans; therefore, they do not handle servicing for these types of loans. Other lenders usually manage servicing according to their policies and procedures.
Does Rocket Mortgage Offer USDA Loans For Buyers Who Have Filed For Bankruptcy?
Rocket Mortgage does not provide USDA loans. Generally speaking, many lenders may consider applicants who have filed for bankruptcy after a waiting period, typically two to three years.
Can Rocket Mortgage Offer Me A USDA Loan If I Have A Large Amount Of Student Loan Debt?
Since Rocket Mortgage doesn’t offer USDA loans, this question doesn’t apply. However, other lenders may consider your total debt-to-income ratio when evaluating your application for a USDA loan.
Does Rocket Mortgage Offer USDA Loans With Adjustable-Rate Mortgages (ARMs)?
Rocket Mortgage does not currently offer any type of USDA loan products. When available from other lenders, most USDA loans are fixed-rate mortgages rather than adjustable-rate mortgages.
Can I Use A USDA Loan From Rocket Mortgage To Buy A Duplex Or Triplex?
As Rocket Mortgage does not provide access to USDA loans, this question is moot. Typically though, some lenders allow the purchase of duplexes or triplexes with a USDA loan if one unit is owner-occupied.
Does Rocket Mortgage Offer USDA Loans With 100% Financing?
Rocket Mortgage does not offer any type of USDA loans; hence 100% financing is irrelevant with them. However, one of the main benefits of a USDA loan from other lenders is that it allows for 100% financing with no down payment required.
How Do USDA Loans From Rocket Mortgage Differ From FHA Loans?
Since Rocket Mortgage does not provide any type of USDA loan products, comparisons do not apply here. Generally speaking though, FHA loans typically require a down payment and have different eligibility criteria compared to USDA loans.
Can I Get Pre-Approved For A USDA Loan With Rocket Mortgage?
You cannot get pre-approved for a USDA loan through Rocket Mortgage since they do not offer these loans. Other lenders who specialize in USDA financing can assist you with the pre-approval process.
What Are The Eligibility Requirements For The USDA Loan Program Through Rocket Mortgage?
Rocket Mortgage does not handle any type of USDA loan applications; thus eligibility requirements do not apply here. Generally speaking though, eligibility often includes meeting income limits and residing in an eligible rural area.
How Can I Determine If A Property Is In A USDA-Eligible Area For A Loan With Rocket Mortgage?
Since there are no available options for obtaining a USDA loan from Rocket Mortgage currently, this question is moot. You can check property eligibility through the official USDA website or by contacting lenders who offer these loans.
Does Rocket Mortgage Have A Minimum Debt-To-Income Ratio For USDA Loans?
As there are no available options for obtaining a USDA loan from rocket mortgage currently this question is moot however generally speaking most lenders prefer a debt-to-income ratio below 41% for usda financing
Does Rocket Mortgage Offer USDA Loans For Non-Traditional Borrowers (E.G., Self-Employed)?
Rocket Mortgage does not currently offer USDA loans, including for non-traditional borrowers like the self-employed. Generally, USDA loans are available through other lenders, and they often accept self-employment income with proper documentation, such as tax returns and profit-and-loss statements.
How Do I Know If I Meet The Income Eligibility For A USDA Loan With Rocket Mortgage?
Since Rocket Mortgage doesn’t provide USDA loans, you can’t check eligibility through them. However, to determine if you meet the income requirements, you can use the USDA’s online eligibility tool by entering your household size and location to see if you qualify.
What Documentation Is Required When Applying For A USDA Loan With Rocket Mortgage?
Rocket Mortgage does not handle USDA loans, so specific documentation requirements do not apply. Typically, other lenders require tax returns, W-2s, pay stubs, and proof of any additional income sources when applying for a USDA loan.
Is Rocket Mortgage’s USDA Loan Program Available In All 50 States?
Rocket Mortgage does not offer USDA loans at all. When available from other lenders, USDA loans are typically accessible in many rural areas across the United States, but not all properties in every state qualify.
Can I Apply For A USDA Loan Online With Rocket Mortgage?
Since Rocket Mortgage does not provide USDA loans, you cannot apply for one online through them. If you’re interested in a USDA loan, consider applying through lenders that specialize in this type of financing.
Are USDA Loans Through Rocket Mortgage Suitable For Borrowers With Bad Credit?
Rocket Mortgage does not offer USDA loans; thus, this question is irrelevant for them. Generally speaking, many lenders require a minimum credit score of around 640 for USDA loans, making them less suitable for borrowers with bad credit.
What Is The USDA Loan Repayment Term With Rocket Mortgage?
As Rocket Mortgage does not provide USDA loans, there is no repayment term applicable through them. Typically, USDA loans feature a standard repayment term of 30 years when offered by other lenders.
How Does Rocket Mortgage Handle USDA Loan Servicing?
Rocket Mortgage does not offer USDA loans; therefore, they do not handle servicing for these types of loans. Other lenders usually manage servicing according to their policies and procedures.
Does Rocket Mortgage Offer USDA Loans For Buyers Who Have Filed For Bankruptcy?
Rocket Mortgage does not provide USDA loans. Generally speaking, many lenders may consider applicants who have filed for bankruptcy after a waiting period, typically two to three years.
Can Rocket Mortgage Offer Me A USDA Loan If I Have A Large Amount Of Student Loan Debt?
Since Rocket Mortgage doesn’t offer USDA loans, this question doesn’t apply. However, other lenders may consider your total debt-to-income ratio when evaluating your application for a USDA loan.
Does Rocket Mortgage Offer USDA Loans With Adjustable-Rate Mortgages (ARMs)?
Rocket Mortgage does not currently offer any type of USDA loan products. When available from other lenders, most USDA loans are fixed-rate mortgages rather than adjustable-rate mortgages.
Can I Use A USDA Loan From Rocket Mortgage To Buy A Duplex Or Triplex?
As Rocket Mortgage does not provide access to USDA loans, this question is moot. Typically though, some lenders allow the purchase of duplexes or triplexes with a USDA loan if one unit is owner-occupied.
Does Rocket Mortgage Offer USDA Loans With 100% Financing?
Rocket Mortgage does not offer any type of USDA loans; hence 100% financing is irrelevant with them. However, one of the main benefits of a USDA loan from other lenders is that it allows for 100% financing with no down payment required.
How Do USDA Loans From Rocket Mortgage Differ From FHA Loans?
Since Rocket Mortgage does not provide any type of USDA loan products, comparisons do not apply here. Generally speaking though, FHA loans typically require a down payment and have different eligibility criteria compared to USDA loans.
Can I Get Pre-Approved For A USDA Loan With Rocket Mortgage?
You cannot get pre-approved for a USDA loan through Rocket Mortgage since they do not offer these loans. Other lenders who specialize in USDA financing can assist you with the pre-approval process.
What Are The Eligibility Requirements For The USDA Loan Program Through Rocket Mortgage?
Rocket Mortgage does not handle any type of USDA loan applications; thus eligibility requirements do not apply here. Generally speaking though, eligibility often includes meeting income limits and residing in an eligible rural area.
How Can I Determine If A Property Is In A USDA-Eligible Area For A Loan With Rocket Mortgage?
Since there are no available options for obtaining a USDA loan from Rocket Mortgage currently, this question is moot. You can check property eligibility through the official USDA website or by contacting lenders who offer these loans.
Does Rocket Mortgage Have A Minimum Debt-To-Income Ratio For USDA Loans?
As there are no available options for obtaining a USDA loan from rocket mortgage currently this question is moot however generally speaking most lenders prefer a debt-to-income ratio below 41% for usda financing
Conclusion
So, Does Rocket Mortgage do USDA loans? Unfortunately, no. But don’t let that discourage you—there are plenty of other lenders who offer USDA loans, and they can be an amazing option if you meet the requirements. Whether you choose to go with USDA financing or explore other mortgage types, the important thing is that you find the best fit for your needs. If USDA loans are right for you, make sure to check out USDA-approved lenders and start your journey to homeownership today!