At Stewardship, we understand that making the leap into homeownership can be tough, especially when it comes to gathering funds for the down payment. With ONE+, you can enter the housing market with confidence, knowing that this innovative program empowers you to contribute just 1% of the purchase price and receive a 2% grant from Rocket Mortgage. This means you’ll start your journey as a homeowner with a solid 3% equity in your new property.
Let’s delve into an example with ONE+. Imagine you’re considering a home with a purchase price of $450,000. With ONE+, you only need to bring $4,500 for the down payment (1% of $450,000), while one of our lending partners, Rocket Mortgage, takes care of 2% ($9,000).
But that’s not all – ONE+ is versatile. Whether you’re a first-time buyer or a seasoned homeowner, you can take advantage of this program. Geographical restrictions are a thing of the past too, as ONE+ is available for the entire state of Arizona. And here’s some more good news: there’s no need to worry about mortgage insurance with this program. By skipping the insurance premium, you can enjoy a more affordable monthly payment, adding further value to this incredible opportunity.
Furthermore, not having to pay for mortgage insurance can save you up to hundreds per month. Over time, this can lead to substantial savings of tens of thousands of dollars compared to the average time it takes to remove mortgage insurance.
Qualifying for ONE+: Your Pathway to Homeownership
Qualifying for ONE+ is achievable, and Stewardship is here to guide you through the process. To be eligible, your income should not exceed 80% of the median income in the area you plan to buy. For instance, in most Arizona areas the median income is $99,000. That means your qualifying income on your loan application needs to be below $79,200 (80% of $99,000). Additionally, a FICO® Score of 620 or higher is needed, and the program is intended for single-unit primary residences.
The initial down payment, when combined with the 2% grant, must not exceed 5%, giving you flexibility in managing your upfront costs. Importantly, your qualifying income doesn’t need to include bonus income or co-borrower income if you meet debt-to-income ratio (DTI) requirements without them.
Answering Your Questions About ONE+
Let’s address a few common questions about the ONE+ program:
Is this really a 1% down option? Yes, with the added benefit of starting with 3% equity, thanks to the 2% grant.
Can I use temporary buydowns with this product? Yes, eligible sources like real estate agents can give you money at closing to buy down your interest rate.
Are there alternative low down payment options? Absolutely. If you don’t qualify for ONE+, there are other low down payment options based on your situation, such as conventional loans with 3% down for first-time home buyers or FHA loans with 3.5% down for those with a credit score of 580 or better. We even have access to VA loans at 0% down for veterans.
The Bottom Line: Your Path to Affordable Homeownership
The ONE+ program by Stewardship is designed to make your homeownership dreams a reality. With as little as 1% down and a 2% grant from our lending partner Rocket Mortgage, you can confidently step into your new home with a strong 3% equity position.
Ready to take the first step? Schedule a FREE Home Buying Game Plan to speak with one of our wise and loving Home Loan Advisors to see if this program would work for you!