ONE+ offers an exclusive affordable home loan
option, with mortgage insurance at no cost to the homebuyer –
potentially saving more than 90 million Americans thousands of
dollars
DETROIT, May 22, 2023
/PRNewswire/ -- Rocket Mortgage, the nation's largest retail home
lender and part of Rocket Companies (NYSE: RKT), today introduced
ONE+, a new 1% down home loan program that will dramatically
increase access to homeownership for millions of
low-to-moderate-income earning Americans.
With ONE+, a homebuyer is only required to make a down payment
of 1% of the purchase price and Rocket Mortgage will cover the
remaining 2% needed to reach the required threshold for
conventional loans. In addition to reducing upfront costs, ONE+
completely eliminates the expensive monthly mortgage insurance fee
for the client – which is traditionally required if the buyer
places less than 20% down on their purchase.
"Rocket Mortgage prides itself on finding innovative solutions
and lending programs that help clients achieve their goals in any
market cycle. No other lender has a mortgage option that makes
affordable homeownership possible for as many Americans as ONE+,"
said Bob Walters, CEO of Rocket
Mortgage. "We talk with people from all walks of life every single
day – many of whom are ready to own a home, and could easily make
the monthly mortgage payments, but are having trouble saving for a
down payment. ONE+ is a response to that feedback and the latest
example of Rocket's commitment to creating programs that help make
homeownership more attainable."
Designed to help everyday Americans achieve homeownership, ONE+
is available to homebuyers purchasing single-family homes –
including manufactured homes – whose income is equal to or less
than 80% of their area median income (AMI). With this expansive AMI
eligibility, Rocket Mortgage estimates that more than 90 million
people can meet the income requirements for this program – based on
publicly available income data.
As an example of the savings possible through ONE+, a homebuyer
purchasing a $250,000 home typically
needs a minimum of 3% down, or $7,500. Now, they will only need a $2,500 down payment. In addition, ONE+ offers
mortgage insurance at no cost to the client, which on a
$242,500 loan, can be as much as
$245 per month. That improves a
homeowner's monthly cash flow and can save as much as $20,500 over the first seven years after closing
– the average amount of time mortgage insurance needs to be
paid.
This is the third initiative Rocket Mortgage has launched in the
last six months with affordability in mind. Other programs such as
BorrowSmart Access and Purchase Plus focus on addressing challenges
for homebuyers in underserved communities. By offering a
$3,000 credit with BorrowSmart Access
and a $7,500 credit with Purchase
Plus, hurdles such as closing costs and down payments are lessened
and accessibility is increased.
Homebuyers can apply for ONE+ using Rocket Mortgage's
industry-leading digital mortgage experience at RocketOnePlus.com
and on the Rocket Mortgage mobile app. They can also apply through
one of the thousands of mortgage brokers across the country who
partner with the lender through Rocket Pro TPO.
Visit RocketOnePlus.com to learn more about ONE+ and to apply
for a home loan. Mortgage brokers can learn about the program at
RocketProTPO.com/Mortgage-Products or they can talk to their
account executive.
About Rocket Mortgage
Detroit-based Rocket Mortgage
is one of the nation's largest home lenders, closing more mortgage
volume than any other lender in 2022, and is a part of Rocket
Companies (NYSE: RKT). The lender enables the American Dream of
homeownership and financial freedom through its obsession with an
industry-leading, digital-driven client experience. In late 2015,
it introduced the first fully digital, completely online mortgage
experience. Since its founding in 1985, Rocket Mortgage has closed
more than $1.6 trillion of mortgage
volume across all 50 states.
Rocket Mortgage is ranked highest in the country for client
satisfaction in mortgage origination by J.D. Power. Combining the
mortgage origination and servicing studies, Rocket Mortgage has
earned 20 total accolades from J.D. Power – the most of any
mortgage lender. Rocket Companies, Rocket Mortgage's parent
company, ranked #11 on Fortune's list of the "100 Best Companies to
Work For" in 2022 and has placed in the top third of the list for
20 consecutive years.
For more information and company news
visit RocketCompanies.com/PressRoom.
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SOURCE Rocket Mortgage