Government products

FHAFHA StreamlineVAVA IRRRL
person carrying a box into an empty room of their new home

15-, 20-, 25-, and 30-year fixed, and 5-year adjustable

FHA

These loans have a lower barrier to entry, but can have more strict property requirements. You can use them to help clients with low credit purchase or refinance to achieve their homeownership goals.

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Eligibility guidelines

580¹

Min. credit score

3.5%

Min. down payment

Additional product features

Reduce

interest

rates

Temporary Buydown

Lower your clients’ interest rate2 for the first 1-3 years of their loan.

  1. Build stronger relationships with clients and real estate agents by offering initial interest rate relief in a tough purchase market.
  2. Get more ways to fund the buydown. Real estate agents, home sellers, builders, or correspondent lenders can contribute.

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1Jumbo loans and cash-out refinances that are not solely debt consolidations have a minimum credit score of 620.

2Additional terms and conditions may apply.


FHA: ​The FHA Streamline program may have stricter requirements in some states. In order to qualify for the FHA Streamline program, an immediate .5% minimum reduction in interest and mortgage insurance premium is required. Some states may require an appraisal.


Temporary Buydown: The 3-2-1 temporary rate buydown option and the ability for the buydown to be split and funded by two parties (sellers, builders or real estate agents) is available for clients who lock their rate on or after May 9, 2023. Builder consent and funding is only applicable if they are the seller of the home. Wholesale brokers and clients cannot cover buydowns. Clients choosing a 3-2-1 temporary buydown are eligible to receive an effective rate reduction of 3% for the first year of the mortgage, 2% for the second year and 1% for the third year. Other temporary buydown options are available. Temporary buydowns are eligible for primary residences and second homes for conventional loans and only primary residences for government loans. The 3-2-1 temporary buydown is not available for FHA loans. Buydown funds may not be redeemed for cash or credit and are nontransferable. The new buydown features cannot be retroactively applied to any loans in process or closed loans. Program is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.

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