In this video, we’ll look at Rocket Mortgage’s new 1% down payment mortgage program. We’ll discuss who qualifies for the program, the pros and cons of 1% down mortgages, and how to get started.
Who Qualifies for Rocket Mortgage’s 1% Down Payment Mortgage?
To qualify for Rocket Mortgage’s 1% down payment mortgage, you must meet the following criteria:
You must earn 80% or less of the median income in the area where you want to buy a home.
You must have a credit score of at least 620.
You must have a debt-to-income ratio of no more than 50%.
Pros and Cons of 1% Down Payment Mortgages
There are both pros and cons to 1% down payment mortgages. On the pro side, they can make it easier for people to buy a home who don’t have a lot of money saved for a down payment. They can also save you money on mortgage insurance premiums, which can be expensive.
However, there are also some potential drawbacks to 1% down payment mortgages. For example, you may have to pay a higher interest rate on your mortgage. You may also have to pay closing costs upfront, which can be expensive.
How to Get Started with Rocket Mortgage’s 1% Down Payment Mortgage
If you want to learn more about Rocket Mortgage’s 1% down payment mortgage, visit their website or contact a mortgage lender. They will be able to help you determine if you qualify for the program and walk you through the application process.
Disclaimer: Our content is for educational purposes only. It should NOT be taken as financial, legal, tax, investing, or real estate advice.
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