For home buyers

HomeReady® and Home Possible®

These loans make buying a home possible with just 3% down and reduced mortgage insurance.

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Important legal disclosures

1The 2-1 temporary buydown offer is funded by Rocket Mortgage. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year. This offer is only available to clients who lock their interest rate while completing the application process before April 30, 2025. Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.

The payment on a $350,000 Home Ready or Home Possible loan at 6.99% is $2,326.21. The annual percentage rate (APR) is 7.399% and the loan-to-value ratio (LTV) is 95% for the cost of .5 points ($1,750) due at closing. One point is equal to one percent of the loan amount. Year 1 with 2% buydown the payment is $1876.74 and Year 2 with 1% buydown the payment is $2,096.18. Payment does not include taxes and insurance premiums. The actual payment amount will be greater. Rates shown valid on publication date of August 20, 2024. Some state and county maximum loan amount restrictions may apply.

Home buying made possible for your budget

Lower upfront costs

If you qualify, you can buy a home with as little as 3% down payment.

30-year conventional fixed

Payments spread over 30 years are lower, and your interest rate stays the same.

Reduced mortgage insurance

This makes your monthly payment more affordable.

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Guidelines for this loan

If your details are close to these guidelines, we encourage you to apply or contact us. Even if you don’t qualify for HomeReady or Home Possible, we could have other options for you.

Income

You'll need to meet income eligibility requirements based on where you want to buy a home.

Verify my eligibility

Home type

Must be your primary residence. You can also use this loan to refinance an existing mortgage.

About refinancing

Credit and debt

You'll need a credit profile above 620 and a manageable debt-to-income ratio (DTI).

About DTI

Upfront costs

You’ll need a 3% down payment and 3-6% in closing costs.

About upfront costs

Answers when you need them. Real people when it matters.

Rocket Assist is here 24/7 to guide you through your mortgage questions - fast, clear, and stress-free. And when the moment’s right, we’ll connect you to a mortgage expert who can help you get started.

Alt text: A Rocket Mortgage team member smiles while wearing a headset and black hoodie.A Rocket Mortgage team member smiles while wearing a headset and black hoodie.

Comparing HomeReady® and Home Possible®

Everyone’s situation is different. What might be right for one person might not be right for you. Apply or contact us – it’s the best way to explore your unique options.

Income cap

Mortgage insurance

HomeReady® & Home Possible®

HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA

HomeReady® & Home Possible®

Income cap

Yes

Mortgage insurance

Reduced pricing

Income cap

Yes

Mortgage insurance

Reduced pricing

Learn more

Income cap

No

Mortgage insurance

Standard pricing

Learn more

ONE+ by Rocket Mortgage®1

HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA

ONE+ by Rocket Mortgage®1

Income cap

Yes

Mortgage insurance

Reduced pricing

Income cap

Yes

Mortgage insurance

Reduced pricing

Learn more

Income cap

No

Mortgage insurance

Standard pricing

Learn more

FHA

HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA

FHA

Income cap

Yes

Mortgage insurance

Reduced pricing

Income cap

Yes

Mortgage insurance

Reduced pricing

Learn more

Income cap

No

Mortgage insurance

Standard pricing

Learn more

HomeReady® & Home Possible®

HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA

ONE+ by Rocket Mortgage®1

HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA

Income cap

Yes

Yes

Mortgage insurance

Reduced pricing

Reduced pricing

Learn more

Frequently asked questions

Answers to questions about this loan we heard from people like you during research.

HomeReady and Home Possible have 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. Repeat home buyers may also be eligible. If you’re a current homeowner, you can use this loan to refinance to a new rate or term. (Cash-out refinances are not allowed.)

The mortgage you get with HomeReady or Home Possible will be a 30-year fixed rate loan. So the interest rates are usually close to 30-year conventional rates, and typically costs are less.

You can buy a multifamily property with up to four units. You’ll need to live in one of the units and it must be your primary residence.

For more details on guidelines and how to qualify for HomeReady or Home Possible, read this article in the Learning Center.

 Learn more about home buying

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We’ve been helping clients find their perfect home loan for almost 40 years.

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(888) 452-8179

Your homeownership dream is possible

Important legal disclosures

1Client 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.