Rocket Mortgage recently introduced ONE+, a new 1% down home loan program that will dramatically increase access to homeownership for millions of low-to-moderate-income earning Americans, the company has announced.
With ONE+, Rocket Mortgage stated that a homebuyer is only required to make a down payment of 1% of the purchase price and they will cover the remaining 2% needed to reach the required threshold for conventional loans. In addition to reducing upfront costs, Rocket Mortgage says ONE+ completely eliminates the expensive monthly mortgage insurance fee for the client —which is traditionally required if the buyer places less than 20% down on their purchase.
“Rocket Mortgage prides itself on finding innovative solutions and lending programs that help clients achieve their goals in any market cycle. No other lender has a mortgage option that makes affordable homeownership possible for as many Americans as ONE+,” said Bob Walters, CEO of Rocket Mortgage. “We talk with people from all walks of life every single day—many of whom are ready to own a home, and could easily make the monthly mortgage payments, but are having trouble saving for a down payment. ONE+ is a response to that feedback and the latest example of Rocket’s commitment to creating programs that help make homeownership more attainable.”
Designed to help everyday Americans achieve homeownership, Rocket Mortgage stated that ONE+ is available to homebuyers purchasing single-family homes—including manufactured homes—whose income is equal to or less than 80% of their area median income (AMI). With this expansive AMI eligibility, the company estimates that more than 90 million people can meet the income requirements for this program—based on publicly available income data.
This is the third initiative Rocket Mortgage has launched in the last six months with affordability in mind, according to a release. Other programs such as BorrowSmart Access and Purchase Plus focus on addressing challenges for homebuyers in underserved communities. By offering a $3,000 credit with BorrowSmart Access and a $7,500 credit with Purchase Plus, hurdles such as closing costs and down payments are lessened and accessibility is increased.
Homebuyers can apply for ONE+ at RocketOnePlus.com and on the Rocket Mortgage mobile app. They can also apply through one of the thousands of mortgage brokers across the country who partner with the lender through Rocket Pro TPO.
For more information, visit https://www.rocketmortgage.com/.