Breaking Down Barriers: ONE+ by Rocket Mortgage, Available Through Pure Rate

The dream of homeownership often feels out of reach for many, especially when it comes to saving for a down payment. With rising home prices and competing financial priorities, even buyers who can afford monthly mortgage payments may find themselves stuck on the sidelines. That’s where ONE+ by Rocket Mortgage, offered through Pure Rate Mortgage, a Pinnacle Partner with Rocket, comes into play.

This innovative program allows buyers to step into homeownership with as little as 1% down. Let’s explore how it works, its benefits, and who qualifies for this life-changing opportunity.

How ONE+ Works: Your Path to Homeownership

With ONE+, you can secure a home with a minimal 1% down payment. As a partner with Rocket Mortgage, Pure Rate Mortgage provides access to this program, which also includes a grant from Rocket Mortgage covering 2% of the purchase price. That means you’ll start your homeownership journey with 3% equity—putting you on solid financial ground right from the start.

Here’s a quick example:

• Home Purchase Price: $250,000
• Your Down Payment: $2,500 (1%)
• Rocket Mortgage Grant: $5,000 (2%)
• Your Total Equity: 3%

Benefits of ONE+ by Rocket Mortgage

1. Low Down Payment:
Save time and money with a 1% down payment. This program is ideal for buyers who can afford monthly mortgage payments but struggle to save for a larger upfront cost.

2. Grant Assistance:
The 2% grant provided by Rocket Mortgage reduces your financial burden, helping you start homeownership with immediate equity or a lower rate. Note (This 2% can also be used towards closing costs or buying down your rate)

3. Nationwide Accessibility:
The ONE+ program is available nationwide, with no restrictions on where you live or are moving from. It’s open to both first-time and repeat homebuyers.

4. Flexible Payment Options:
You may also qualify for temporary buydowns, which lower your interest rate during the initial term of your loan—providing some financial breathing room as you settle into your new home

Who Qualifies for ONE+ Through Pure Rate Mortgage?

Because this program is tied to affordable housing goals, there are specific qualifications:

• Income Limits: Your income must not exceed 80% of the area median income (AMI). For instance, if the AMI in your area is $90,800, you must qualify with an income of $72,640 or less.
• Credit Score: You’ll need a minimum FICO® Score of 620.
• Property Type: The home must be a single-unit primary residence.
• Loan Amount: The program applies to loans up to $350,000.
• Down Payment Cap: Including the 2% grant, your total down payment cannot exceed 5% of the purchase price.

Pro Tip: If you can meet debt-to-income (DTI) requirements without counting bonus income or using a co-borrower’s income, you may have more flexibility within the income limits.

FAQs: What You Need to Know About ONE+

1. Is this truly a 1% down payment program?
Yes! You contribute 1%, and Rocket Mortgage adds a 2% grant, allowing you to begin your mortgage with 3% equity.

2. Are temporary buydowns available?
Yes, temporary buydowns are allowed if funded by eligible sources, such as a builder, seller, or real estate agent. This can help reduce your interest rate during the early years of your loan.

3. What if I don’t qualify for ONE+?
Pure Rate Mortgage offers other low down payment options, including conventional loans with as little as 3% down or FHA loans requiring a 3.5% down payment for buyers with credit scores of 580 or higher.

The Bottom Line: Your Homeownership Journey Starts Here

Pure Rate Mortgage, as a Pinnacle Partner with Rocket Mortgage, is proud to offer ONE+—a program that breaks down barriers to homeownership. With a 1% down payment and a 2% grant from Rocket Mortgage, you can move into your dream home with confidence, starting with 3% equity.

If you’re ready to explore your options, Pure Rate Mortgage is here to help. Apply online or speak to one of our Home Loan Experts today to see how we can bring you one step closer to homeownership.

Don’t let the down payment hold you back. With ONE+, your dream home is within reach!

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