Rocket Mortgage introduced its new ONE+ program – which will allow homebuyers to pay only 1 percent as a down payment – in an effort to increase access to homeownership for millions of low- to moderate-income earning Americans.
With its new ONE+ program, Rocket will cover the remaining 2 percent needed to reach the required threshold for conventional loans. In addition to reducing upfront costs, ONE+ eliminates the monthly mortgage insurance fee for the client – which is traditionally required if the buyer places less than 20 percent 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+,” Bob Walters, CEO of Rocket Mortgage, said. “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, ONE+ is available to homebuyers purchasing single-family homes – including manufactured homes – whose income is equal to or less than 80 percent of their area median income (AMI). With this expansive AMI eligibility, Rocket Mortgage estimates that more than 90 million people can meet the income requirements for this program – based on publicly available income data.