Chase Bank offers the DreaMaker loan, a mortgage option that allows qualified borrowers to purchase a home with a down payment as low as 3%. While other loans like VA and USDA loans offer 0% down payment options, the DreaMaker loan provides more flexibility. The loan is available for primary residences with one to four units and requires a 30-year fixed rate term. Chase also offers educational courses for first-time homebuyers and discounts for existing customers. Other low down payment options include VA loans, USDA loans, and FHA loans.
Rocket Mortgage has launched a new program called ONE+ that allows low and moderate-income aspiring homeowners to buy homes in their area with just 1% of a home’s purchase price down, as well as avoid paying mortgage insurance. The program will be available to qualifying homebuyers in all 50 states. Rocket will pay 2% of the borrower’s loans to ensure the mortgages are sold and guaranteed by Fannie Mae and Freddie Mac. Unlike subprime loans, borrowers must meet specific and stringent credit standards to prevent defaults. The program aims to level up some of the folks who are struggling in a competitive housing market where prices have risen.
