If You've Considered Buying A Home, But Find Most Lenders Requirments Are To Much:
Presented by
Steve Poirier
NMLS #2262840
"I believe if a person can pay rent, then they can make a Mortgage payment as well.
Loan Factory designed it's own proprietary, high tech, loan sifter software.
Nobody else has it.
I also believe that with the use of it, I can find a great mortgage loan for just about anyone."
Steve Poirier
Mortgage Loan Originator
Lives in West Fargo, ND
Licensed in North Dakota and Minnesota
You’ve done your homework. You know you can afford the mortgage payment and handle the maintenance.
The down payment is the last obstacle, but it’s a big one.
After all, homes aren’t getting any cheaper.
Introducing ONE+ By Rocket Mortgage®,
With One+ you can get into a home with as little as 1% down.(1)
You’ll also receive a 2% grant from Rocket Mortgage.
ONE+ Benefits
This loan option has several benefits.
Chief among them is the ability to put down as little as 1% and get into a home.
Rocket Mortgage is providing a grant of 2% of the loan amount. Under this scenario, you would enter your home with 3% equity.
Clients who qualify may contribute up to 3% toward a down payment while still receiving the 2% grant.
This is available for both first-time and repeat home buyers.
There are no restrictions on where you can live or where you move from. The program is available nationwide.
Supercharge Savings
Down payment got you down? ONE+ allows you to put down just 1%.(1)
In addition to the benefits of the upfront savings, clients won’t pay for mortgage insurance on this product.
That means a lower monthly payment, which adds to affordability. But before we go too much further, let’s breakdown the math.
This is for illustration purposes only, we will need to run a quote to get a rate.
We'll use a $300,000 assumed purchase price.
You bring $3,000 for a down payment (.01 × $300,000 = $3,000).
Rocket Mortgage covers 2% (.02 × $300,000 = $6,000).
You could save up to $245 per month by not having to pay for mortgage insurance.
The $6,000 Rocket covers means lower out-of-pocket costs at closing for you.
The mortgage insurance is paid in full at closing by Rocket.
In fact, ordinarily, when you do have to pay mortgage insurance, you can’t request it comes off until you reach 20% equity.
It takes an average of 7 years before mortgage insurance is removed from a loan.
Based on this, clients would be saving an average of $20,500 over the same period.
Qualifying For ONE+
Because this is a conventional loan product tied to affordable housing goals, there are several requirements you should know about.
Here’s a brief rundown:
You can’t qualify if you make higher than 80% of the median income in the area in which you’re looking to buy.
For example, if you live in Cass County, North Dakota the area median income is $104,100.
You can’t use more than $83,281 to qualify for this ($104,100 ×.8 = $83,281).
You can look up your area's median income with Fannie Mae's lookup tool.
You need a qualifying FICO® Score of 620 or better.
This is for single-unit primary residences only.
When combined with the 2% grant, your initial down payment can be no more than 5%.
Although there are income limits, there’s one other important note to make.
This is qualifying income.
If you can meet debt-to-income ratio (DTI) requirements without using bonus income or putting another borrower on the loan,
it doesn’t need to be included in your qualifying income.
This could give you some breathing room.
Frequently Asked Questions About ONE+
Now that you have the basics, let’s take some time to answer a few questions you may have about this option.
Is this really a 1% down option?
Yes, but you get the benefit of going into your loan with 3% equity. In addition to the 1% you bring to the closing table, Rocket Mortgage is providing a 2% grant.
Are temporary buydowns available for this product?
Temporary buydowns allow for the creation of a fund to effectively lower the interest rate for a year or more at the beginning of your loan term. These are allowed if they come from an eligible source including the builder, seller or a real estate agent.
Are there other low down payment options if I don’t qualify for this program?
There are several other low down payment options that may be available to you depending on your situation.
For example, if you need to qualify with a higher income, you can still put as little as 3% down on a conventional loan as a first-time home buyer.
If your credit score is 580 or better, you can put 3.5% down for an FHA loan.
The Bottom Line
We know that the down payment is one of the biggest obstacles home buyers face when they can otherwise afford a mortgage payment.
ONE+ allows you to get a mortgage by putting as little as 1% down.
Combined with a 2% grant from Rocket Mortgage, you start with 3% equity. Mortgage insurance is not charged to you.
This is available to those qualifying with less than 80% of the area median income level who have qualifying credit scores of 620 or better.
You can buy a single-unit primary residence nationwide.
Does ONE+ sound good to you?
For a no obligation quote, just send me a quick Email with your approximate:
- Annual Income,
- Approximate Credit Score,
- County you want to buy in,
- An estimate of the home price you would consider buying.
Please include your contact information also.
Loan amount must be $350,000 or less.
After I receive your information I'll be able to determine if your at 80% or less of the subject property AMI level.
As of this writing, in Fargo, ND the AMI is $104,100 so those in this zip code can earn up to $83,281 and qualify.
After receiving your information, I'll run a couple quote comparison's and send it back to you.
No obligations just the quotes.
Email the information to me at:
steven.poirier@loanfactory.com
Put something like: "show me the quotes" in the subject line so I see it right away.
If you prefer, you can also Text the information or call me at 701-306-0143.
Steve Poirier
Mortgage Loan Originator
701-306-0143
steven.poirier@loanfactory.com
NMLS #2262840
Loan Factory Corporate (408) 877-8000
2195 Tully Road, San Jose, CA 95122
CO-NMLS: #320841
About Loan Factory.
Loan Factory is a private mortgage broker company headquartered in San Jose, California.
Our mission is to provide AMAZINGLY LOW mortgage rates combined with great customer service.
We believe that we can accomplish both these goals with the use of technology and the willingness to help our customers.
Loan Factory has the highest consumer ranking among all mortgage companies.
It has an impressive 4.99 ranking with over 5,500 5-star Google Reviews.
The magic in the bottle is Loan Factory has built and owns their own Loan Origination Software.
Loan Factory is all about the customer experience.
Our motto is: “We Dare You To Compare”.
With Loan Factory's proprietary software, borrowers can complete applications online, submit documentation electronically and even receive automated loan approvals.
This digitalization improves the borrower experience and enables quicker and more accurate loan processing.
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. This offer is only available on conventional purchase loans. Primary residence only. Cost of mortgage insurance premium not passed through to client. 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. Must lock rate on or after 5/22/2023. Not available with any other discounts or promotions. Offer 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 this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply.