Overall, you’ll need a credit profile of at least 580 and a stable income. Something else that we look at is DTI, or your debt-to-income ratio. Generally, a DTI in the 36% to 43% range will get you more loan options. You’ll also need some amount of a down payment.

Here are some of our affordable loans and their different requirements:

ONE+ By Rocket Mortgage

• 1% down payment 
• Credit profile above 620 

HomeReady® & Home Possible®

• 3% down payment
• Credit profile above 620

FHA Loans

• 3.5% down payment 
• Credit profile above 580 

The average down payment on a house is actually around 6% for first-time buyers. We have affordable loans with down payments as low as 1%-3%.

A 20% down payment will get you a better rate and lower payments. But we’ll work to find you the best money-saving options no matter what down payment budget you have. 

Having a shorter term like a 15-year mortgage means you’ll pay less interest over the life of the loan. You’ll typically get a lower interest rate, too since it’ll take you less time to pay it back.

A 15-year mortgage can help you build equity faster, since more of your money is going toward paying down the loan in a shorter amount of time. However, your monthly payments will be higher with a 15-year mortgage than with a 30-year mortgage.

Most use a process called a comparative market analysis to estimate the value of a home.

This involves evaluating several factors:

• Nearby properties that have sold recently
• The home’s square footage
• Any special features in the home 

Real estate agents may also factor in their knowledge of the area, market trends, and professional appraisals to land on a specific price. 

Like most things related to home buying, this depends on a few factors. 

• Type of loan 
• Time of year 
• Personal financial details 

If everything goes smoothly, the process can take about 1-2 months.