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Rocket Mortgage, a retail home lender, has unveiled its newest offering called ONE+.
This innovative program enables homebuyers to contribute a mere 1% down payment towards the purchase price of a property, while Rocket Mortgage graciously covers the remaining 2% necessary to meet the standard loan threshold.
As a remarkable feature, ONE+ eliminates the customary monthly mortgage insurance fee imposed on buyers who opt for less than a 20% down payment on their home purchase.
Rocket Mortgage CEO, Bob Walters, expressed encountering aspiring homeowners from all walks of life who could effortlessly make the monthly mortgage payments but were hindered by a substantial down payment they couldn’t accumulate.
Walters further emphasized that ONE+ represents a direct response to the valuable feedback received, showcasing Rocket’s unwavering dedication to developing initiatives that enhance accessibility to homeownership.
The 1% down payment program was uniquely designed to serve millions of Americans from low to moderate-income-level households struggling with housing affordability.
Exclusive broker partners of Rocket Mortgage, along with the Rocket Mortgage mobile app and RocketOnePlus.com, are the available options for homebuyers aiming to purchase a single-family home or manufactured home through the ONE+ program.
The eligibility criteria for this program require the income of the homebuyers to be 80% or less than their area median income (AMI) in order to qualify.
According to Rocket Mortgage’s analysis, a groundbreaking opportunity awaits as an estimated 90 million more people could attain homeownership, all thanks to the program’s remarkably accessible income requirements.
Thanks to the incredible one-percent down payment initiative, homebuyers are now able to purchase a $250,000 home with just $2,500! That’s right, instead of the usual 3% down payment of $7,500, you can get your dream home with a significantly lower upfront cost.
But that’s not all! With ONE+’s amazing offer of free mortgage insurance, you’ll be able to save a whopping $245 every month on your $242,500 home loan.
Imagine the possibilities! You’ll have more cash at hand, allowing you to save up to $20,500 in the first seven years after closing. Say goodbye to those hefty mortgage insurance fees!
Walters expressed Rocket Mortgage’s dedication to discovering groundbreaking approaches and loaning initiatives that empower customers to accomplish their objectives in all types of economic conditions.
ONE+ stands alone as the sole mortgage alternative offered by any lender, delivering unparalleled access to affordable homeownership for countless Americans.
Reference Source: MPA
