Quicken Loans VA Mortgages
And just as is the case with the mortgage process for any type of loan at Quicken Loans, VA loans are completed entirely online.
- 100% financing – there is no need to have a down payment on most VA loan types.
- You can often qualify with the lower credit score than you can with a conventional loan.
- You can sometimes qualify with more debt, since VA loans use two debt qualification methods.
- VA loans often have lower interest rates than other loan types.
- There is no monthly mortgage insurance requirement on the VA loans.
- Closing costs are frequently paid entirely by the seller.
- You can usually include VA Loan funding fees into your mortgage, if you are required to pay them.
- On a refinance, you can borrow up to 100% of the value of your home with a VA cash-out refinance. In some cases, you can refinance up to 120% of the property value.
The company can work directly with the VA to get your Certificate of Eligibility and any other necessary documentation from the agency.
VA loan types available include 15, 20, 25, and 30-year fixed-rate mortgages, as well as the VA 5/1 adjustable-rate mortgage. They even provide jumbo VA loans for amounts up to $1.5 million. Note: Learn more about VA Loan limits by county.
And finally, since Quicken Loans provides all other mortgage types, you can also take advantage of those programs as necessary.
For example, VA loans can only be used for certain types of property. They aren’t available for second homes or investment properties. You’ll need a conventional loan to purchase either type of property, and Quicken Loans can make it happen.
The Quicken Loans Mortgage Application Process
You’ll begin the process by applying online through Rocket Mortgage. You start by creating an account, and then you can begin completing the application.
That will require basic information, like your current address, and the address of the property you’re purchasing. (Only your current address will be needed if you are applying for a refinance.)
The app will then fill in the details of the property, including the approximate property value and real estate taxes. They will be able to do this because there are a number of online valuation services available, as well as the fact that property taxes are public record.
A formal appraisal will need to be performed on the subject property with most loan types later in the mortgage process.
Since you’re entering your basic personal information, including your Social Security number, a credit report will be run on you, your spouse, or any other co-borrowers who will be on the loan. Because of this, they will be able to provide you with an offer of the rate you will qualify.
This is very different from the teaser rate that might be provided based on a self-assessment of your credit, which is more typical of online lenders.
Once the rate offer is provided, it will be subject to verification of all the information you’ve provided in your application. You’ll then be able to lock in the interest rate, and an appraisal will be ordered.
A $500 fee will then be collected to continue the process. You’ll then move on to the verification process, in which the lender will require that you furnish documentation supporting the information claimed in your application.
TIP: If at any time during the application process you need assistance, you can hit the “Talk to Us” button, which is available on every page of the website.