In various embodiments, the present disclosure describes methods for processing seismic data to concurrently produce a velocity model and a depth image. Various embodiments of the methods include: a) acquiring seismic data; b) generating a shallow velocity model from the seismic data; c) generating a stacking velocity model using the shallow velocity model as a guide; d) generating an initial interval velocity model from the stacking velocity model; and e) generating an initial depth image using the initial interval velocity model. The methods also include iterative improvement of the initial depth image and the initial interval velocity model to produce improved depth images and improved interval velocity models. Improvement of the depth images and the interval velocity models is evaluated by using a congruency test.