Disclosures And Licenses

Mortgage Product Disclaimers

ONE+ by Rocket Mortgage: Client will be required to pay a 1% down payment, with the ability to pay a maximum of 2.99%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment. This offer is only available on conventional purchase loans. Primary residence only. Cost of mortgage insurance premium not passed through to client. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Must lock rate on or after 5/22/2023. Offer only available on loan amounts of $350,000 or less. Not available with any other discounts or promotions. Offer cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. 

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.

Home Equity Loan: Home Equity Loan product requires full documentation of income and assets, credit score and Max LTV/CLTV/HCLTV. Requirements are tiered as follows: 680 minimum FICO with a max LTV/CLTV/HCLTV of 75%, 700 minimum FICO with a max LTV/CLTV/HCLTV of 85%, and 760 minimum FICO with a max LTV/CLTV/HCLTV of 90%. Your debt-to-income ratio (DTI) must be 45% or below. Valid for loan amounts between $45,000.00 and $350,000.00 (minimum loan amount for properties located in Iowa is $61,000). Product is a second standalone lien and may not be used for piggyback transactions. To qualify for these loan programs, you must be the age of majority in your state with a valid U.S. residency. Product not available on Schwab products. Guidelines may vary for self-employed individuals. Some mortgages may be considered “Higher Priced” based on the APOR spread test. Higher Priced loans are not allowed on properties located in New York. Formal approval will be subject to satisfactory verification of income, assets, credit, property condition and value. Additional restrictions apply. Not available in Texas.

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.

VA: In order to qualify for a VA loan, an eligible veteran must be the main borrower on the loan. Eligible veterans are classified as either active duty (a veteran who is currently active in one of the five military branches or currently participating in the Reserves or National Guard) or retiree-discharged (a veteran who is honorably discharged from the military, Reserves or National Guard). Minimum service requirements vary based on service dates. Spouses of veterans are eligible as long as they’re classified as a “surviving spouse,” which requires that they’re a not-remarried surviving spouse of a veteran who died in active duty or from complications from service-related injuries. The VA will designate Dependents Indemnity Compensation (DIC) to valid “surviving spouse” claims. DIC designation from the VA should be obtained prior to application. Only surviving spouses collecting DIC are eligible to obtain a VA loan.

VA Streamline: ​The VA Streamline program may have stricter requirements in some states. In order to qualify for the VA Streamline program, you must have a VA loan. The VA Streamline is only available on primary residences. Cash-out transactions are not allowed. In order to qualify for a VA Streamline, a 0.5% minimum reduction in interest rate on the previous fixed-rate loan must occur if the new loan will be a fixed rate or a 2% minimum reduction in interest rate on previous adjustable rate mortgage loan must occur; a minimum of 6 months of consective mortgage payments must be paid on the current loan at the time of application. Some states may require an appraisal. Additional restrictions/conditions may apply.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

YOURgage: Not available on FHA, VA or adjustable rate mortgages. Available for fixed rate conventional products only. 

BorrowSmart: Client will receive $1,250 credit towards down payment if the qualifying income is greater than 50% and less than or equal to 80% of the area median income OR $2,500 if client’s qualifying income is less than or equal to 50% of the area median income, as well as $7,500 additional grant assistance when property is in an eligible minority census tract within Baltimore, Chicago, or Detroit Metropolitan Statistical Areas.  Minimum FICO of 620 is required. Maximum LTV of 97% or 105% with DPA Second Lien. Maximum DTI is 45-50%, as determined by LPA decision. Offer valid on primary residence only. Offer valid on purchase transactions only. Home Possible Investor loan level price adjustments (LLPA) caps may apply. Offer is not valid for correspondent channels or Schwab Channel Products. Client is required to complete 1:1 Homebuyer Education Course with GreenPath facilitated by Homeownership Preservation Foundation (HPF). The course has a fee of $99 that must be paid out of pocket by the client at the time of their counseling. Additional required documents include eligibility certification, housing counseling completion certificate, and course receipt all provided to the client from Homeownership Preservation Foundation through email. Offer is nontransferable. Offer cannot be applied retroactively. Offer may not be redeemed for cash, and no change will be given if the discount amount exceeds costs otherwise due. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. This is not a commitment to lend. Additional restrictions/conditions may apply.

Self Employed Assist: To qualify for this product, self-employed borrowers must provide up to 24 months of consecutive bank statements in addition to proof of ownership percentage and business documentation, which require the following: a business license, letter from tax preparer, Secretary of State filing and proof of ownership percentage (your mortgage expert will explain what documents are required for ownership percentage proof). Client must provide business purpose, goods or services, number of employees, location and business existence verification. Offer valid from December 16, 2022. Offer not valid on Texas 50(a)6 loans. Rocket Mortgage reserves the right to make any final lending decisions based on these factors or others. Additional conditions/restrictions may apply. This is not a commitment to lend. This product is not eligible for the Fast 15 promotion.

Purchase Plus: Client will receive a closing cost grant of $5,250 on their Closing Disclosure. Offer is valid for only for first-time home purchasers with primary residence properties in specific census tracks located in Atlanta-Sandy Springs-Roswell, Georgia; Baltimore-Columbia-Towson, Maryland; Chicago-Naperville-Elgin, Illinois, Indiana and Wisconsin; Detroit-Warren-Dearborn, Michigan; Memphis, Tennessee, Missouri and Arkansas; and Philadelphia-Camden-Wilmington, Pennsylvania, New Jersey, Delaware and Maryland. Offer valid from December 21, 2022. Offer is nontransferable. Offer cannot be applied retroactively to closed loans. Offer may not be redeemed for cash, and no change will be given if the discount amount exceeds costs otherwise due. Rocket Mortgage reserves the right to cancel this offer at any time. Other discounts may be ineligible with this offer.

Verified Approval Program: Your client’s participation in the Verified Approval program is based on an underwriter’s comprehensive analysis of their credit, income, employment status, debt, property, insurance and appraisal as well as a satisfactory title report/search. If new information materially changes the underwriting decision resulting in a denial of the credit request, if the loan fails to close for a reason outside of Rocket Mortgage’s control or if the client no longer wants to proceed with the loan, their participation in the program will be discontinued. Verified Approvals expire 60 days from time of approval or based on the credit report expiration date, whichever is first. This offer is not valid for self-employed clients. Rocket Mortgage reserves the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. This is not a commitment to lend. Additional conditions or exclusions may apply. 

Verified Approval 24-Hour Approval: Most clients receive a Verified Approval within 24 hours of receipt of all requested documentation. 

Verified Approval with Lock and Shop: Rocket Pro℠ TPO will only lock Verified Approvals. Rate locks are only valid for 45, 60 or up to 90 days. This offer is only valid on 30-year FHA, VA and conventional purchase loan products. Rate lock will automatically expire 30 days after initial lock if loan does not reach folder received status. If the loan flips to purchase after expiration, rate can be re-locked at the greater of worst of market or 0.25pts. Re-registrations will be subject to the standard lock transfer policy. Locks are not eligible to be extended prior to submitting a complete purchase application. This offer is not valid for self-employed clients. This offer is not valid for Padlock, Pinnacle or Paid Extensions while in the Mortgage First Status. 90-day locks are not valid on ARMs and high-balance loans. Additional conditions and exclusions may apply. 

Rocket Mortgage State Disclosure Requirements

Rocket Mortgage, LLC is a licensed mortgage lender. The following states require disclosure of licensing information. (If your state is not listed, it doesn’t require a specific license disclosure):

  • Arkansas – Rocket Mortgage, LLC, 1050 Woodward Avenue, Detroit, MI 48226, (888) 474-0404;
  • Arizona – Rocket Mortgage, LLC, 1 N Central Ave, Phoenix, AZ 85004, Mortgage Banker License #BK-0902939;
  • California: Licensed by Dept. of Business Oversight, under the CA Residential Mortgage Lending Act and Finance Lenders Law
  • Georgia Residential Mortgage Licensee (#11704) – 1050 Woodward Avenue, Detroit, MI 48226;
  • Colorado – Rocket Mortgage, LLC, NMLS #3030, (888) 474-0404, Regulated by the Division of Real Estate;
  • Illinois Residential Mortgage Licensee #4127 – Department of Financial and Professional Regulation, 310 S. Michigan Avenue, Suite 2130, Chicago, Illinois, 60604-4278, (312) 793-3000 1050 Woodward Avenue, Detroit, MI 48226;
  • Kansas – Licensed Mortgage Company, Rocket Mortgage, LLC, Supervised Loan License # SL-0000693;
  • Maine – Rocket Mortgage, LLC, Supervised Lender License NMLS #3030;
  • Maryland – Maryland Mortgage Lender License # 5357;
  • Massachusetts – Rocket Mortgage, LLC, Mortgage Lender License #ML 3030;
  • Mississippi Registered Mortgage Company;
  • Nevada – Rocket Mortgage, LLC, 8275 South Eastern Avenue, Office 200, Suite 200, Space 267, Las Vegas, NV 89123, License # 626;
  • New Hampshire – Licensed by the New Hampshire Banking Department #6743MB;
  • New Jersey – Rocket Mortgage, LLC, 1050 Woodward Avenue, Detroit, MI 48226, (888) 474-0404, Licensed Mortgage Banker – NJ Banking and Insurance Department;
  • New York – Rocket Mortgage, LLC, 1050 Woodward Avenue, Detroit, MI 48226, Licensed Mortgage Banker – NYS Banking Department;
  • North Carolina – North Carolina Mortgage Lender License # L-104757;
  • Ohio – Rocket Mortgage, LLC, MB 850076;
  • Oklahoma – Oklahoma Mortgage Lender License # ML002596;
  • Oregon – Rocket Mortgage, LLC, License No ML-1387;
  • Pennsylvania – Licensed by the Department of Banking –License #21430;
  • Rhode Island – Rhode Island Licensed Lender;
  • Tennessee – Tennessee Mortgage License # 109394;
  • Texas – Rocket Mortgage, LLC, 1050 Woodward Ave, Detroit, MI 48226;
  • Virginia – Rocket Mortgage, LLC, NMLS ID #3030; (www.nmlsconsumeraccess.org)
  • Washington – Consumer Loan Company License CL-3030
  • Rocket Mortgage Nationwide Mortgage Licensing System Number 3030.

Visit the NMLS access page for more information.

In Texas – CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 N. LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT www.sml.texas.gov. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT www.sml.texas.gov.

Heter Iska

My client is Jewish and wish to obtain a mortgage with Rocket Mortgage. Does Rocket Mortgage have a Heter Iska that complies with the laws of Ribbis?
Yes, Rocket Mortgage has a Heter Iska that is approved by prominent leading Halachic authorities.

How does it work?
For any mortgage loan made to your client by Rocket Mortgage as detailed on the note and all other mortgage loan documents that may violate the Laws of Ribbis, the mortgage loan will instead be structured as an investment.

In exchange for the mortgage funds, your client will manage their real estate and other Halachically permissible investments in the way most advantageous to Rocket Mortgage, and Rocket Mortgage will share any profits and losses from the investment. Under no circumstances will Rocket Mortgage have any liability above the actual funds advanced. If your client make all their payments as provided in the Note, then the Iska terminates and all profits and losses may be retained by your client. The Iska will also terminate when Rocket Mortgage sells the mortgage loan to a party not subject to the Laws of Ribbis.

If you have any further questions you may reach us at (800) 863-4332.