Rocket Mortgage Loan Review and Alternatives

Editor's note: Rocket Mortgage no longer offers physician mortgage loans. If you're a medical professional looking for a doctor mortgage in your area, visit our updated page to view the best physician mortgage loans.

Medical professionals, such as doctors, dentists and veterinarians, often finish school with high loan balances related to their medical student loan debt. As a result, their debt-to-income (DTI) ratios can make it difficult to qualify for a conventional mortgage. This is where a doctor mortgage loan program can help.

Physician loans provide relaxed underwriting requirements that make it possible to buy a home even when you’re making monthly payments from medical school.

Rocket Mortgage doesn’t offer information on its specific programs for doctors and dentists to qualify for a primary residence. However, you can still learn about how you might be able to get a loan that can help you buy a home, even with debt payments for school.

Rocket Mortgage mortgage loan details

The company changed its name from Quicken Loans to Rocket Mortgage in 2021. Although there are different loan types offered by Rocket Mortgage, the website doesn’t offer specific information on doctor loan programs. However, it claims it’s the number one mortgage lender in the United States (they aren’t a mortgage broker).

Rocket Mortgage mortgage loan: Pros and cons

When reviewing your home buying options, including those for medical professionals, review the origination fees and closing costs. Because Rocket Mortgage doesn’t disclose information about its programs, you might need to contact them directly for information.

Like any mortgage lender, Rocket Mortgage offers advantages and disadvantages. Here’s what to consider when reviewing your choices with this lender.

Rocket Mortgage mortgage loan pros

With Rocket Mortgage, you can access different loan options with low fixed interest rates, relaxed underwriting criteria and other features.

Low down payment options

If the purchase price of your home meets the requirements for certain loan programs, you might be eligible for lower down payments. Rocket Mortgage offers FHA and VA loans. The FHA loan has a down payment as low as 3.5% and the VA loan represents the ability to have a $0 down payment or 100% loan-to-value (LTV). However, Rocket Mortgage no longer offers USDA loans, so that’s one less no down payment option for your new home.

Different mortgage options

Rocket Mortgage offers different loan options, including fixed and adjustable-rate mortgages. You can get a 15 or 30-year fixed rate and adjustable-rate options. Additionally, you can apply for a refinance with this lender.

Use a physician mortgage loan calculator to determine if Rocket Mortgage’s other options make sense instead of getting a doctor mortgage loan.

YOURgage mortgage loan option

In addition to different loan programs, Rocket Mortgage also offers the chance for you to tailor some of your terms. A YOURgage loan can provide a low down payment, fixed-rate term of between eight and 29 years and other options. Depending on your situation, this might be the best mortgage for you.

Rocket Mortgage mortgage loan cons

Before moving forward with Rocket Mortgage or any other bank or credit union for mortgage products, you should understand the downsides of their programs.

No clear description of a physician home loan

Rocket Mortgage doesn’t clearly describe a doctor mortgage home loan program. This means that hallmarks of physician mortgage loans, like qualification with high debt, relaxed income requirements, no private mortgage insurance (PMI) and access to jumbo loans with low down payments might not be available. You might need to speak with someone at Rocket Mortgage to talk about pre-approval and other mortgage options.

Relaxed programs might come with mortgage insurance

If you use the FHA program through Rocket Mortgage, you could pay the HUD mortgage insurance for the life of the loan. Additionally, the VA loan comes with a funding fee, even though you can get a loan with no money down if you qualify. This can make it difficult to build home equity as quickly as you might like.

Excellent credit score for lower interest rates

Although a minimum FICO score isn’t listed for Rocket Mortgage loan types, you might need to have a good score to access the best interest rates. Many doctor loan programs require a score of at least 700 to qualify.

Some other loan programs, like FHA and VA loans, have lower purchase price limits and come with fees, but they feature more flexible credit score requirements. However, you’ll also pay a higher interest rate with some of these programs, especially if you don’t have excellent credit.

How to apply for a Rocket Mortgage mortgage loan

Whenever you buy a home, compare three to five lenders. Look at criteria like income ratio, down payment, the underwriting process and other terms and factors. Consider using our doctor mortgage calculator to compare options that include Rocket Mortgage and other lenders.

If you decide Rocket Mortgage is best for your needs, contact them to start your mortgage application. You can begin filling out the questionnaire and application online.

Step 1: Contact Rocket Mortgage

To start the approval process for any type of mortgage, you or your real estate agent can reach out to a loan officer.

Before you make your call, be ready with the following information:

• Name
• Email
• Phone number
• Loan purpose
• Loan amount
• Purchase price
• Property location (including ZIP code)
• Degree
• Proof of employment

Step 2: Gather the necessary documentation

Lenders want specific information and documentation with your application. Your mortgage loan officer at Rocket Mortgage can give you more information about potential documents, including:

• Purchase agreement.
• Employment contract or pay stubs.
• Recent bank statements.
• Tax returns.
• Driver’s license or other ID.
• Other documents, as requested.

Whether you’re a pro or a first-time homebuyer, getting the documents together ahead of time can make the process faster.

Step 3: If approved, accept the loan

If Rocket Mortgage approves you, it‘s time to decide whether to accept the home loan and its terms. Confirm that the paperwork matches what you were told. Realize that you might have other costs, like property taxes that might not be included. Be sure you’re ready for a home loan, especially if you don’t have access to some of the advantages of a doctor loan program.

Should you apply for a mortgage loan with Rocket Mortgage?

It’s not clear that Rocket Mortgage offers the same types of dentist and physician mortgage loan programs that others have.

Review your financial situation and cash flow to decide whether you’re ready to buy a home. Then, compare Rocket Mortgage to other physician mortgage lenders. You can also fill out the form below for more information about comparing doctor mortgage programs.