Buy A Home With Just 1% Down
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How to Buy a Home with Just 1% Down Payment
ONE+ By Rocket Mortgage® offers an exciting option for those looking to buy a home with little down payment. With this program, the buyer is responsible for contributing 1% of the purchase price towards the down payment. Rocket Mortgage then provides an additional 2% down payment grant. That 2% grant is non-repayable, meaning the buyer never has to pay that grant money back. To provide even more savings to the buyer, Rocket Mortage also covers the cost of the mortgage insurance. In order to qualify for this loan, the buyer must have a minimum credit score of 620 and an income that is less than or equal to 80% of the Area Median Income (AMI). As of 2023 in Loudoun and Fairfax Counties, the AMI is $120,320. You can look up the current AMI of different locations with FannieMae's Area Median Income Lookup Tool. ONE+ can only be used for the purchase of a single-unit primary residence, such as a detached home, townhouse, or condo. The 1% down payment requirement can come from eligible gifts or other grant funds, meaning the buyer could potentially purchase a home with zero down payment from their own pocket. Both first-time and repeat homeowners are eligible for ONE+.
Want to connect with Sara to see if ONE+ could work for your home purchase?
Sara Sullivan- APPLY NOW
Email: [email protected]