Whether you’re a first-time or repeat homebuyer, Sharonview likely has a loan option for you if you’re in the market for a new home. Thanks to our new relationship with Rocket Mortgage, we now offer more loan options to fit your specific needs and can get you into your dream home sooner. Here are three of our loan options you should know about:
ONE+ by Rocket Mortgage1: Only 1% Down Payment
With rising home costs, increased interest rates, and inflation, buying a home may seem like a distant dream for some low- to moderate-income buyers. With ONE+, this dream can be closer to reality! ONE+ is a new conventional mortgage product designed to make homeownership more accessible for first-time and repeat buyers whose income is less than or equal to 80% of the area median income (AMI).
Key Features:
· 1% Down Payment: The home buyer needs to provide only 1% of the down payment, with the remaining 2% covered by Rocket Mortgage.
· Reduced Interest Rates: Enjoy lower interest rates to make your monthly payments more manageable.
· Lower Mortgage Insurance Premiums: Decrease your overall costs with reduced mortgage insurance premiums.
FHA: Flexible Credit Guidelines
If you have a few bumps in your financial history, an FHA loan can be a great option. This loan has flexible credit guidelines and down payment requirements, with options as low as 3.5% down and a minimum credit score of 580.
Key Features:
· Flexible Credit Requirements: Ideal for buyers with lower credit scores.
· Low Down Payment: Only 3.5% down payment required.
· Lower Interest Rates: Benefit from competitive interest rates.
· No Area Media Income (AMI) Limitations: Available to both first-time and repeat homebuyers.
Fannie Mae HomeReady and Freddie Mac HomePossible
Both the Fannie Mae HomeReady and Freddie Mac HomePossible loans help low-income homebuyers save on home costs. Although these programs are similar, they have key differences in approval guidelines, lending requirements, and other underwriting factors.
Key Features:
· Low Down Payment: Only 3% required.
· Income Limitations: Both programs have an income cap of 80% of the AMI.
No matter your circumstances, Sharonview can help pair you with the right loan to fit your needs and make homeownership a reality. Contact one of our Mortgage Loan Officers today to learn more about our loan types and get started with the application process!
1ONE+ by Rocket Mortgage: 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, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. 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. Not available with any other discounts or promotions and 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/modify this offer at any time. Additional restrictions/conditions may apply.