Purchase Plus is a 30-year conventional fixed rate mortgage that has some requirements meant to make buying a home affordable for more people.

At least one person on the loan must currently live in one of 21 metro areas.¹
At least one person on the loan must be a first-time home buyer – that means you haven’t been on the title of a property in the last 3 years.

You’ll also need a credit score of around 620 or better, and less than half your income going to pay debt.

Here’s what puts the “plus” in Purchase Plus:

The home you buy can be anywhere in the U.S.
You get a base grant of $5,000 that can be used toward your down payment or closing costs.
Rocket Mortgage will contribute an additional 1% of the purchase price, up to $2,500.
You get lower private mortgage insurance (PMI) pricing, which lowers your monthly mortgage payment.

If you think you meet the requirements and guidelines for this loan, we encourage you to apply or talk to us. A Home Loan Expert will help you know if Purchase Plus is your best option.