Guidelines for this loan
Income
ONE+ was created to make it easier to buy a home, so it has income eligibility requirements. We’ll help you know if you meet them.
The home
Must be a single-family home and your primary residence.
Credit and debt
You'll need a credit profile above 620 and less than 50% of your income going to pay debt.
Closing costs
In addition to your down payment, you’ll need enough funds to cover closing costs.
Comparing ONE+ by Rocket Mortgage
Income cap
Down payment as low as
Mortgage insurance
Link to loan type
ONE+
Income cap
Yes
Down payment as low as
1%
Mortgage insurance
Yes
HomeReady® & Home Possible®
Income cap
Yes
Down payment as low as
1%
Mortgage insurance
Yes
FHA
Income cap
Yes
Down payment as low as
1%
Mortgage insurance
Yes
Estimate and explore
Calculators are a great way to learn and see what's possible.
Mortgage calculator
Estimate your monthly payment including taxes and insurance.
Home affordability calculator
Explore home prices affordable for you and see what you could prequalify for.
Get more in-depth details
Articles that give you more information about this loan and explain how mortgages work.
4-minute read
ONE+ by Rocket Mortgage is a 1% down payment option
9-minute read
What is PMI? Private mortgage insurance defined and explained
5-minute read
Down payment: What is it and how does it work?
9-minute read
What is a 30-year fixed mortgage?
4-minute read
ONE+ by Rocket Mortgage is a 1% down payment option
9-minute read
What is PMI? Private mortgage insurance defined and explained
5-minute read
Down payment: What is it and how does it work?
9-minute read
What is a 30-year fixed mortgage?
Frequently asked questions
Answers to the most common questions we get about ONE+
ONE+ has an income cap – also called an Area Median Income (AMI) requirement. That means you may qualify if your income is below a certain percentage of the AMI where you want to buy a home.
You can check your income using this look-up tool, but we encourage you to apply or chat with a Home Loan Expert. It’s the best way to find out which income guidelines apply to you. Even if your income doesn’t qualify, we could have other low down payment options for you.
No, you don’t have to be a first-time home buyer to be eligible for ONE+.
Yes, you can put down as much as 2.99% of the purchase price, and we’ll still cover an additional 2% down.
You might decide to put down more than 1% to lower your monthly mortgage payment, or you could decide to go with the lowest down payment and use the funds for closing costs. We’ll help you figure out which strategy is best for you.
It’s a 30-year fixed-rate conventional loan. This means that your payments are spread over 30 years and your interest rate stays the same for the entire length of the mortgage.
Whether you’re starting to look at homes or you’ve just made an offer, begin the approval process. You can do that by applying online or talking to a Home Loan Expert.
Don’t wonder what’s best. Ask us!
We’ve been helping clients find their perfect home loan for almost 40 years.