1% down payment programs gain momentum for Arizona home buyers

Mark Stapp, a real estate expert who teaches at Arizona State University, said 1% down payment mortgages are simply a marketing tool to drive new mortgage business.

MESA, AZ (3TV/CBS 5) — Savana Carollo is fixing up her new home to make it her own. “Once I saw it, it kind of just felt right,” she said. Carollo started her house hunt two years ago, and it wasn’t an easy process. “I got discouraged because I was looking at all these places and it just wasn’t working out,” she said. Interest rates kept going up, and the math changed dramatically from when she started looking at homes to the day she closed.She’s one of an estimated 90 million homebuyers across the country who could qualify for Rocket Mortgage’s ONE+ program, which allows buyers to put just 1% down on a primary residence. According to Adam Speck, the company’s executive vice president of purchase, the program is gaining momentum.“Finding a down payment to buy a house is one of the biggest barriers t …

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