Great news! Rocket Mortgage® accepts down payment assistance.
Down payment assistance1 is a program that helps you pay for your down payment and, in some instances, your closing costs. With down payment assistance, you have the power to get the right home for yourself.
Frequently Asked Questions
When you buy a home, you usually have to put money down that’s equal to a percentage of your home’s purchase price. This is called your down payment.
But coming up with this cash is often very hard for first-time home buyers.
Down payment assistance helps you pay for your down payment and closing costs. It’s a loan or grant that’s separate from your mortgage. You get it from another financial provider or government agency.
If you’re interested in learning more about down payment assistance, reach out to us! We’ll help you understand your options.
But coming up with this cash is often very hard for first-time home buyers.
Down payment assistance helps you pay for your down payment and closing costs. It’s a loan or grant that’s separate from your mortgage. You get it from another financial provider or government agency.
If you’re interested in learning more about down payment assistance, reach out to us! We’ll help you understand your options.
Requirements for down payment assistance vary by program. You'll likely need a minimum credit score of 620, and you need to meet certain income limits to qualify. Many programs will also look at your debt-to-income ratio as an eligibility factor.
In some instances, you must also:
- Purchase your new home in an approved location
- Be a first-time home buyer
- Take a first-time home buyer course
- Live in your new home for a certain amount of time (often 3 – 10 years).
You need to apply for down payment assistance. Rocket Mortgage doesn’t currently offer any down payment assistance programs – but we accept it from other institutions on your behalf.
Right now, Rocket Mortgage only accepts specific types of down payment assistance.
- Grants: Gifted funds that usually don’t have to be repaid.
- Loans: A second no-interest or low-interest mortgage that is paid along with your primary mortgage. These are also called second lien mortgages.
If you’re ready to buy a home and interested in down payment assistance, contact us! We’ll help you find out what programs are available to you and walk you through what you need to know.