Rocket Rolls Out 1% Down Payment Program
Rocket Mortgage is launching a product for low-to-moderate income borrowers to help get them on the ladder of homeownership.
With ONE+, homebuyers pay a down payment of 1% of the purchase price. Households with income equal to or less than 80% of their area median income are eligible.
Rocket will then kick in the remaining 2% required for a loan. ONE+ covers the monthly mortgage insurance fee required if a buyer places less than 20% down.
The program is available for single-family home purchases, including manufactured homes, and it is expected that more than 90 million Americans can save thousands of dollars.
Bob Walters, CEO of Rocket Mortgage, said in a statement that no other lender has an option that…