Buying a Home with Just 1% Down Payment: The ONE+ Program by Rocket Mortgage

Hello, I'm Mike Barakat, your Home Financing Expert. Buying a home can be an exciting yet daunting experience, especially when it comes to saving for a down payment. But what if you could buy a home with just 1% down? Thanks to Rocket Mortgage's ONE+ program, this dream is now a reality. Let's explore how this innovative program can help you achieve homeownership with minimal upfront costs.

What is the ONE+ Program?

Rocket Mortgage's ONE+ program is designed to make homeownership more accessible by offering a 1% down payment option. This means you only need to bring 1% of the home's purchase price to the closing table. But here's the kicker: Rocket Mortgage provides a 2% grant, effectively giving you 3% equity from the start. This unique feature sets ONE+ apart from other low down payment options.

How Does the ONE+ Program Work?

1. 1% Down Payment: You contribute just 1% of the purchase price at closing.

2. 2% Grant: Rocket Mortgage provides a 2% grant, giving you a total of 3% equity.

3. Eligible Sources for Temporary Buydowns: Temporary buydowns are allowed if they come from eligible sources such as the builder, seller, or real estate agent. These buydowns can help lower your interest rate for the initial years of your loan term.

Who is Eligible for the ONE+ Program?

The ONE+ program is designed for first-time homebuyers and those looking to purchase a primary residence. While specific eligibility criteria may vary, this program is particularly beneficial for those who may not have a large down payment saved but are ready to take the leap into homeownership.

Other Low Down Payment Options:

If the ONE+ program isn't a fit for you, there are other low down payment options available:

• Conventional Loans: As a first-time homebuyer, you can put as little as 3% down on a conventional loan.

• FHA Loans: If your credit score is 580 or better, you can put 3.5% down for an FHA loan.

Why Choose Olympian Mortgage?

At Olympian, we specialize in helping clients navigate the mortgage process with ease and confidence. Our partnership with Rocket Mortgage ensures you have access to innovative programs like ONE+ that can make homeownership a reality.

The ONE+ program by Rocket Mortgage is a game-changer for those looking to buy a home with minimal upfront costs. With just 1% down and the added benefit of a 2% grant, you can start building equity right away. At Olympian, we are committed to helping you achieve your homeownership dreams. Let's work together to find the right mortgage solution for you.

Ready to explore the ONE+ program or other low down payment options? Contact me at mikeb@olympianmortgage.com or 313-629-3105. Let's make your homeownership journey a smooth and successful one!