I know that Rocket has a reputation for higher costs, but this seems like a pretty interesting strategy to capture business. The kicker is that no other lender I've talked to will be able to even make me a competitive offer without bringing out an appraiser first. With the new value, I eliminate my PMI and qualify for a 2.99% interest rate. My application is approved with the numbers I entered. When the Rocket Loan officer called me, she informed me that my credit score is high enough to not require an appraisal. It bumps my initial 5 down payment to 20. My application is approved with the numbers I entered. Not high enough to be unreasonable, but likely around 15k higher than the house would appraise for. FHA loan limits, which may fluctuate yearly, are based on the property type and. It bumps my initial 5% down payment to 20%. Borrowers need a minimum credit score of either 500 or 580, depending on their down payment. Not high enough to be unreasonable, but likely around $15k higher than the house would appraise for. When I filled out the application, I entered a pretty high number for the current home value. I expected to go with the credit union that I had my original mortgage at, but I applied with Rocket Mortgage just to have a decent rate comparison. I'm shopping around for rates to refinance my house. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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