The ONE+ loan by Rocket Mortgage allows eligible homebuyers to put down as little as 1%, with the online lender kicking in another 2% to start you off with 3% equity.
Rocket popularized the digital-first mortgage application process and has an outstanding reputation for customer satisfaction. The ONE+ loan has some fairly strict eligibility requirements, however, and there are some downsides to starting out with such a low down payment.
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
How does ONE+ by Rocket Mortgage work?
ONE+ by Rocket Mortgage allows qualified borrowers with a mortgage of up to $350,000 to put as little as 1% toward a home purchase. Rocket will cover another 2%, starting you out with 3% home equity.
To get approved for ONE+ by Rocket Mortgage, you must:
- Make less than 80% of the median income in your buying area.
- Have a FICO® score of 620 or higher.
- Be purchasing a single-unit primary residence, including a condo or manufactured home.
- Have a maximum debt-to-income ratio of 50%
ONE+ mortgages are available nationwide to first-time and repeat homebuyers. Qualified borrowers in 21 metro areas are also eligible for Rocket's Purchase Plus credit, which provides up to $7,500 toward closing costs.
Is ONE+ by Rocket Mortgage worth it?
ONE+ is an excellent low-down-payment option for eligible borrowers since you can get a conventional mortgage with just 1% down, and Rocket will add another 2% upfront without repayment.
You also benefit from Rocket's nationwide availability and stellar reputation for customer service. And you may qualify for an additional $7,500 through Rocket's Purchase Plus program.
However, it's only available to borrowers who make no more than 80% of the area median income, and Rocket caps ONE+ mortgages at $350,000.
And, as with any low down payment mortgage, you're at greater risk of having an "upside down mortgage," meaning you'll owe more on your house than what it's worth if the value of your home goes down.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
10–30 years
620
5% for conventional loans, 3.5% for FHA loans, 0% for VA loans, 10.01% for jumbo loan
10, 15 or 30 years for fixed-term conventional loans, 30-year VA and FHA loans. Custom mortgages with fixed-rate terms from 8 to 29 years.
620 for conventional, 500 for FHA
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
Pros and cons of ONE+ by Rocket Mortgage
- Can put as little as 1% down
- Rocket will match up to 2% of your loan, up to $5,000, that does not have to be repaid
- May also qualify for an additional $7,500 with the Purchase Plus program
- The mortgage must be no larger than $350,000
- Must make no more than 80% of the area median income to qualify
Other low-down-payment mortgages
The ONE+ program isn't the only option for homebuyers with a small down payment.
Guild Mortgage offers a 1% Down Payment Advantage loan and will provide an additional 2% down payment, up to $5,000.
Guild Mortgage
Types of loans
Conventional, FHA, VA, USDA, Arrive Home, Zero Down, jumbo, renovation, refinancing, reverse mortgages, home equity loans
Terms
10 to 30 years
Minimum credit score
540 for FHA, VA and USDA loans; 600 for Zero Down; 620 for conventional loans, 680 for jumbo loans. Nontraditional credit options available
Minimum down payment
0% for USDA, VA, Arrive Home™ or Zero Down; 1% for conventional loans, 3.5% for FHA loans
Other low-down-payment mortgages include Citibank's HomeRun loan and Chase Bank's DreaMaker mortgage, which require as little as 3% down.
Citibank Mortgage Account
Annual Percentage Rate (APR)
Apply online for personalized rates
Types of loans
Conventional loans, FHA loans, VA loans and Jumbo loans
Terms
15 – 30 years
Credit needed
Not disclosed
Minimum down payment
3%
Terms apply.
Chase Bank
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Conventional loans, FHA loans, VA loans, DreaMaker℠ loans and Jumbo loans
Terms
10 – 30 years
Credit needed
620
Minimum down payment
3% if moving forward with a DreaMaker℠ loan
Terms apply.
Offers first-time homebuyer assistance?
Yes — click here for details
Government-backed mortgages
Homebuyers who need help funding their down payments can also consider home loans guaranteed by government agencies like the Federal Housing Authority (FHA), the U.S. Department of Agriculture (USDA), and the Department of Veterans Affairs (VA).
- FHA loans: mortgages that require a minimum of 3.5% down for borrowers with a credit score of at least 580.
- USDA loan: mortgages that require a minimum of 0% down for borrowers who make no more than 115% of the area median income and purchase properties in select rural and suburban areas,
- VA loan: mortgages that require a minimum of 0% down for borrowers who are active duty service members, reservists and veterans.
- HomeReady: mortgages backed by Fannie Mae require a minimum of 3% down for borrowers who make 80% of the area median income and have a credit score of at least 620.
- Home Possible: mortgages backed by Freddie Mac require a minimum of 3% down for borrowers who make 80% of the area median income and have a credit score of at least 620.
ONE+ by Rocket Mortgage FAQs
Does Rocket Mortgage have any branches?
While Rocket Mortgage issues loans in all 50 states and Washington, D.C., it is an entirely online enterprise with no physical branches.
What bank is behind Rocket Mortgage?
Rocket Mortgage, formerly Quicken Loans, was founded by Dan Gilbert in 1986. It is a direct mortgage lender owned by Detroit's Rocket Companies.
Is Rocket Mortgage legit?
Rocket Mortgage is one of the largest home lenders in the U.S. by volume and has a solid reputation for customer service, regularly earning high rankings on J.D. Power's mortgage satisfaction surveys. It also received an A+ from the Better Business Bureau.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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