Industry Watch: Rocket announces 1% down product, while UWM updates its own 1% offering

Rocket Mortgage announced the nationwide launch of its ONE+ program, which offers several benefits, including the ability for a borrower to put down as little as 1% for their home purchase. Meanwhile, Rocket will also provide a grant of 2% of the loan amount. Qualifying borrowers may contribute up to 2.99% toward a downpayment while still receiving the 2% grant from Rocket. Eligible borrowers must make less than 80% of median income in the area they’re looking to buy, and they must have a FICO score of 620 or better. The product is for single-unit primary residences only, and it’s available for both first-time and repeat buyers.

United Wholesale Mortgage (UWM) announced enhancements to its Conventional 1% Down product, in addition to rolling out a suite of six fixed-rate jumbo loan products. Mortgage brokers now have access to more competitive jumbo pricing, along with transparent investor guidelines and loan qualifications. This will give loan officers the flexibility to tailor a fixed jumbo loan to each borrower’s situation. The Conventional 1% Down product now allows borrowers with less than 80% of the area median income to qualify. Those who qualify will put down 1% of the loan amount and UWM will pay a 2% grant (up to $4,000) for a total downpayment of 3%.

Ross Mortgage Corp. announced its expansion into North Carolina with the company’s newest team based in Charlotte. Susan Webber, a 35-year veteran of the Charlotte mortgage industry, was hired as branch manager.

Doma Holdings and Williston Financial Group (WFG) jointly announced the signing and closing of an agreement for WFG to acquire certain branches of Doma’s West Coast local retail title operations. The sale includes multiple retail title locations and operations centers in the northern and central California regions. This transaction follows Doma’s announcement on its first-quarter 2023 earnings call that it had been conducting a comprehensive review of the business over the past several months to evaluate an “optimal organization structure,” reassessing “anything in the business that is noncore,” according to a statement from the company.


More Headlines