The mortgage industry has been abuzz with activity since the middle of this year due to the introduction of a new product known as the Rocket ONE+ 1% down home loan program. It was introduced shortly after rival UWM revived its own similar program, suggesting a shift towards lower down payment options on home loans.

The Rocket ONE+ home loan program is designed to support first-time homebuyers, allowing them to purchase a home with a minimal down payment. It also allows cash-strapped buyers to rapidly move past expensive private mortgage insurance and reduce the cost of home ownership. This is achieved through a combination of mortgage guaranty insurance—provided by a different provider—and a loan-level pricing adjustment.

Important Elements:
• Rocket ONE+: new home loan product which allows for minimal down payment for first-time homebuyers
• UMW: rival that revived a similar program in April
• Mortgage guaranty insurance: provided by a different provider and loan-level pricing adjustment
• Benefits: reduce costs of home ownership, move past private mortgage insurance

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