Rocket Mortgage Launches 1% Down Program for Home Buyers
Originally Published 2 years ago — by MarketWatch
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.