Rocket Mortgage just rolled out a new buyer program called ONE+. The down payment is one of the biggest obstacles home buyers face when they can otherwise afford a mortgage payment. ONE+ can help you get a mortgage by putting as little as 1% down. Combined with a 2% grant from Rocket Mortgage, you start with 3% equity!
To be eligible for ONE+, you must:
- Qualify with less than 80% of the area median income level (about $55,000 in Volusia County)
- Have a qualifying credit score of 620 or better
Here are some additional benefits of ONE+:
- You can start building equity in your home sooner.
- You won’t have to pay mortgage insurance premiums.
- You’ll have more money available to use for other expenses, such as closing costs or home improvements.
My opinion:
- Great option if you want to purchase an older home that needs a lot of work. Those homes are usually priced lower than homes that are newly renovated and move in ready. The problem that some buyers have is… the home while upgraded, might not fit your style. Only putting 1% down frees up capital to invest in the upgrades you want. The obvious negative with this program is you’re monthly payment will be higher.
What are your thoughts?
Thanks for reading,
Chris
