DETROIT (WXYZ) — Getting into a new home may have just gotten easier.
Rocket Mortgage is introducing a new home loan program to make buying a new place more affordable.
The program, One+, is expected to help millions of people nationwide.
Buyers will only need a 1% down payment. The Detroit-based lender will cover the remaining 2% needed for most conventional loans.
Program participants will also have the monthly insurance fee eliminated.
To qualify, a buyer must:
- Have income that falls below 80% of the median income for the neighborhood
- Meet a FICO score of 620 or better
- Be looking to buy a single-unit primary residence
The initial down payment can be no more that 4.99% when combined with the 2% grant. One+ is available for first-time and repeat home buyers.
More information about the program can be found on Rocket Mortgage’s website.
