What are the requirements for a VA loan through Rocket Mortgage?

To qualify for a VA loan through Rocket Mortgage, an applicant must meet certain eligibility criteria: They must have satisfactory credit, sufficient income to ensure their ability to repay the loan, and a valid Certificate of Eligibility (COE). The COE verifies that the applicant has met the required minimum service requirement to receive a VA loan as a veteran, current active duty service member, reservist, National Guard member, or surviving spouse. Additionally, Rocket Mortgage will typically require a debt-to-income (DTI) ratio that confirms the borrower's capability to manage monthly payments alongside their other debts. Lastly, while VA loans do not require a down payment or mortgage insurance, lenders like Rocket Mortgage do appraise the property in question to assess its market value and condition, ensuring it meets the minimum standards for lending.