If buying a home with a small down payment sounds appealing, Rocket Mortgage ONE+ stands out as a top pick for low-income buyers across the US. This mortgage offers the chance to purchase a property with only a 1% down payment for those who qualify. Borrowers need a minimum credit score of 620, and the program is available nationwide for those earning 80% or less of the Area Median Income (AMI).

You can choose among 10-, 15-, or 30-year fixed-rate mortgages, and Rocket Mortgage also provides FHA, VA, and even jumbo loans if you qualify. The process is streamlined online, with an average home closing period of just 22 days. If buyers purchase through Rocket Homes, an exclusive rebate of up to $10,000 can help offset some of the final costs, making it easier to move in sooner.

How to Apply for Rocket Mortgage ONE+

1. Check your eligibility by confirming your income is 80% or less of the local AMI.
2. Ensure you meet the minimum credit score requirement (620 or higher).
3. Prepare documentation such as income statements and identification.
4. Fill out the online mortgage application on Rocket Mortgage’s secure portal.
5. Work with a loan officer to complete the process and close on your home.

Key Pros of Rocket Mortgage ONE+

The most significant advantage is the ultra-low down payment option—just 1% from you, with Rocket contributing an additional 2%. This makes homeownership possible even with limited savings.

Another highlight is the attractive closing credit, especially when purchasing through Rocket Homes, and a reputation for efficient, customer-friendly service. Their above-average J.D. Power satisfaction scores reflect this commitment.

Consider These Cons

Rocket Mortgage ONE+ is not available to everyone—income restrictions apply, and you must meet specific credit requirements to qualify.

There are also no physical branches, higher origination fees than some competitors, and a hard credit check is required upfront for customized rates.

Our Verdict

Rocket Mortgage ONE+ makes the dream of homeownership real for low-income Americans who qualify, thanks to its 1% down payment and accessible, nationwide platform. While there are some drawbacks, for those who fit the criteria, this mortgage can be an excellent pathway toward your new home.