What is the Rocket Mortgage 1 percent down payment option?

The Rocket Mortgage 1 percent down payment option was a program offered by Quicken Loans, now known as Rocket Mortgage, that allowed qualified borrowers to purchase a home with as little as 1 percent down. The mortgage structure typically involved a loan for 97 percent of the home's value, while the remaining 3 percent was covered through a combination of the borrower's down payment and a grant. The 2 percent grant was provided by the lender which did not require repayment. This program aimed to make homeownership more accessible to those who might have struggled to save for a traditional down payment. However, it's important to note that lending criteria and offerings continually change, and potential buyers should contact Rocket Mortgage directly to get current information about available loan options and requirements.