Rocket Mortgage 1% Down Program | + One Mortgage Program Real Estate | All Thingz Real

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[AllThingzReal]

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[Rydal]

The new 1% mortgage is a type of home loan that allows borrowers to put down as little as 1% of the purchase price as a down payment. This is significantly lower than the traditional 20% down payment requirement, which can make homeownership more affordable for many people.

The new 1% mortgage is offered by a number of different lenders, including Rocket Mortgage, United Wholesale Mortgage, and Wells Fargo. To qualify for a 1% mortgage, borrowers must typically have a credit score of at least 620 and a debt-to-income ratio of no more than 50%.

There are a few drawbacks to the new 1% mortgage. First, borrowers will typically have to pay private mortgage insurance (PMI), which is an additional monthly fee that protects the lender in case the borrower defaults on their loan. Second, the interest rate on a 1% mortgage is typically higher than the interest rate on a conventional mortgage with a 20% down payment.

Overall, the new 1% mortgage can be a good option for borrowers who want to buy a home but don't have the money for a large down payment. However, it's important to weigh the pros and cons of this type of loan before making a decision.

Here are some of the benefits of the new 1% mortgage:

Lower down payment requirement: This can make homeownership more affordable for many people.
More flexible lending standards: Borrowers with lower credit scores and higher debt-to-income ratios may still be able to qualify for a 1% mortgage.
Access to competitive interest rates: Some lenders offer competitive interest rates on 1% mortgages.
Here are some of the drawbacks of the new 1% mortgage:

PMI: Borrowers will typically have to pay private mortgage insurance (PMI), which is an additional monthly fee that protects the lender in case the borrower defaults on their loan.
Higher interest rates: The interest rate on a 1% mortgage is typically higher than the interest rate on a conventional mortgage with a 20% down payment.
Shorter loan terms: Lenders may offer shorter loan terms on 1% mortgages, which means that borrowers will have to pay off their loan sooner.
If you are considering a 1% mortgage, it is important to compare offers from multiple lenders and to carefully consider the terms of each loan. You should also make sure that you can afford the monthly payments, including PMI and property taxes.

[RaceForGoodLife]

Thank God for you and thank you bro for sharing the info. I was looking into 3 2 1 program but what you explained here seems to be better program❤

[JRRey-ls]

So in other words “A bigger fannie and freddy” like in 08!!! But this time the govt is spreading the love in-more directions!!!

[howardgilbert]

Wonderful video! I really enjoyed the editing and format.

[chicagoblue]

ROCket Morgage just told me 1% NO PMI, I qualify because my credit 724. It’s conventional loan he said.

[yvonneowilliams]

Thank you. I just received a call from the builder lender, sales associate. She said I have to find another lender, so now I'm looking for lenders who can help me with my 1st time buyer home

[prometheus]

Nothing sinister but since it takes 5% usually to sell a house when you have 1% down you start out underwater. Mortgage payments for the first 5 years do not really reduce equity so if you lose your job you will likely have to walk away from the house. Not necessarily a disaster and many people will be doing that the next few years but make sure the bank can't come after you for the shortfall after the house is foreclosed.

[lewisb]

Can you do one one Chase Bank first time home buyer Grant

[dannymcclinton]

Its only single family or i could use it for a townhouse or condo as well?

[katchyflex]

When I called rocket mortgage they said I can use for multiple family I’m in New York. Does it differentiate from state to state ?

[sogoodgolf]

Is it 80% of median household income or just median income

[ajbrannon]

So it’s basically a home ready/home possible down payment assistance program. Does it also work with FHA?

[VStarMama]

Unfortunately they mske up the $ with very high CC.

[Daydreamwithchelli]

Does this program use the household income or just the borrower income?

[anhelinabodnar]

Make under 80%...is it before tax or after taxes paid? Thank you

[t-point]

Mortgage is a fraud to keep you poor and poorer. Soon there will be a 60 years loan

[wildregen]

I think it’s better to share the pros and the cons of these products. Instead of giving people who examine the cons a “tinfoil hat”

[augurcybernaut]

Can’t use for multi family!!!!?😢
Good to know!!!

[joshuaburns]

Its a beautiful idea to have 1% equity when homes are at all time highs.. Lets give away homes to people that dont deserve them. Love it