One+ by Rocket Mortgage® is a 1% down payment option

Saving for a down payment is one of the biggest obstacles faced by home buyers. It’s a significant up-front cost, even if you can afford the monthly payment and maintenance associated with owning a home. We’re tackling this challenge with One+ by Rocket Mortgage^®, giving eligible home buyers a chance to put 1% down with a 2% grant.¹

What are 1% down mortgage programs?

A 1% down mortgage program allows eligible home buyers to put down as little as 1% of the purchase price of their home.

Although lenders may have different structures, these are often conventional loans with a 3% minimum down payment. The lender contributes the remaining 2% through a grant or another form of down payment assistance. This gives new homeowners 3% equity in the home when they close.

A 1% down payment program like One+ is designed to make homeownership more attainable for those who can budget for a mortgage payment but lack the time or savings for a significant up-front down payment.

Understanding 1% down mortgages

It’s a bit of a different loan structure than you would typically see, so let’s briefly break down how this works.

The borrower contributes 1% of the purchase price as their portion of the down payment. The lender contributes 2% of the purchase price in some form of down payment assistance. Rocket Mortgage gives a grant of up to $7,000.

The 1% in client funds combined with 2% lender assistance covers the 3% minimum down payment requirement on a conventional mortgage.

Benefits of One+ by Rocket Mortgage

The main benefit of One+ is the ability to buy a home with a 1% down payment. Rocket Mortgage adds a grant of 2%, meaning you enter your new home with 3% equity immediately.

Buyers have the option to contribute up to 3% toward their down payment while still receiving the 2% grant. This has the benefit of increasing your starting equity.

Finally, there are no geographic restrictions or first-time home buyer requirements.

But before we go too much further, let’s show an example based on a $300,000 purchase price:

• You bring $3,000 for a down payment (0.01 × $300,000 = $3,000).
• Rocket Mortgage provides 2% of the purchase price (0.02 × $300,000 = $6,000).
• Your total down payment is 9,000. You borrow the remaining $291,000 with a conventional mortgage. You also will have to pay for private mortgage insurance until you have at least 20% equity in your home.

Qualifying for One+ by Rocket Mortgage

There are qualifications for conventional loan products tied to affordable housing goals, including One+ by Rocket Mortgage. These include:

• A credit score of 620 or higher.
• If you’re putting 1% down, you must buy a single-unit primary residence.
• Primary residences with 2 – 4 units must have a 3% down payment from the borrower.
• When combined with the 2% grant, the initial down payment can be no more than 5%.
• There’s an upper loan limit of $350,000.
• To qualify, you can’t make more than 80% of the median income in the area you’re looking to buy a home.

That 80% figure is important because this program is available only to low-income home buyers.

For example, if you live in Macomb County, Michigan, the area median income is $102,700 as of Sept. 5, 2025. You can’t make more than $82,160 to qualify for this loan ($102,700 × 0.8 = $82,160). You can look up your area’s median income with Fannie Mae’s lookup tool.

If you’re just above the income limits for the area where you are looking to buy, you may be able to qualify with less income as long as you can still afford the payment based on your debt-to-income ratio. For example, we may be able to exclude income from bonuses.

FAQ

Let’s answer a few more questions you may have.

Is this really a 1% down option?

Yes. You put 1% down, and Rocket Mortgage adds 2%, resulting in 3% total equity.

Are temporary buydowns available for this product?

Yes. They can be funded by real estate agents, builders, or sellers.

Are there other low-down-payment options if I don’t qualify for this program?

Yes. You can get a 3% down conventional loan as a first-time home buyer with no income limit. For those with credit scores of 580 or better, Federal Housing Administration loans allow you to put 3.5% down.

The bottom line: Is a 1% down mortgage program right for you?

One+ by Rocket Mortgage allows you to put 1% toward the purchase price of your home while gaining 3% equity with the addition of a 2% grant. This is meant as an affordable housing option, so you do need to make 80% or less of the median income in the area where you’re looking to purchase. You also need a 620 credit score.

Like what you see and ready to get started? You can apply online.

¹ Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.