Rocket Mortgage Again Expands Home Loan Options, Begins Financing Manufactured Homes

Rhea-AI Summary

Rocket Mortgage has launched a new conventional loan option aimed at helping Americans purchase or refinance manufactured homes. This initiative is expected to enhance homeownership opportunities, particularly in light of the average manufactured home price being a third of traditional site-built homes. In the last year, $12 billion in manufactured home sales occurred, targeting creditworthy clients. The financing options require as little as 5% down for primary residences. With a commitment to technological advancement, Rocket continues to innovate its offerings, fostering a digital mortgage experience for clients.

Positive

• Launch of a new conventional loan option for manufactured homes.
• Manufactured homes cost approximately a third of traditional site-built homes, enhancing affordability.
• $12 billion in sales of manufactured homes in the past year indicates market potential.
• Financing options available with as low as 5% down for primary residences.

Negative

• None.

This is the latest in a series of new loan programs from Rocket Mortgage that help Americans achieve homeownership

DETROIT, Nov. 2, 2022 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced a conventional loan option for Americans who are interested in purchasing or refinancing a manufactured home.

"After revolutionizing the home loan experience for traditional site-built homes, we are proud to bring the technology and expert guidance Rocket is known for to those who are purchasing manufactured homes," said Bob Walters, CEO of Rocket Mortgage. "It's our hope that, through this new option, more Americans can realize their dream of homeownership."

Manufactured homes are built at indoor homebuilding facilities in accordance with the Department of Housing and Urban Development (HUD)'s Manufactured Home Standards. It is then delivered to the land where the owner will live in it. Once the home arrives on site and is placed on a permanent foundation, it becomes real property and is able to be financed through a mortgage.

This housing option offers a cost effective choice for homebuyers as evidenced by a recent report from the Manufactured Housing Institute showing manufactured homes are about a third of the cost, on average, of a site-built home. The Institute also stated that 22 million Americans currently live in manufactured homes and this building type accounts for 9 percent of new home construction.

"In the past year, there was roughly $12 billion in sales of manufactured homes. These are clients with great income, credit scores and who are very creditworthy. We are looking forward to helping them achieve homeownership," Walters added. 

Rocket Mortgage's new manufactured home financing can be used for the purchase of a primary residence with as little as 5 percent down or a second home with at least 10 percent. Cash out refinances are available on a primary residence and rate-and-term refinances are available on either a primary or second home. Other credit, asset, income and debt requirements are consistent with conventional loan guidelines.

Clients are able to use Rocket Mortgage's industry-leading digital mortgage experience to apply and go through the loan process, with mortgage experts available to advise and guide them along the way. They can also apply through any mortgage broker who partners with Rocket.

To meet client needs, Rocket Mortgage has announced a number of new offerings in the past few months. In July, the company introduced Rate Drop Advantage – an innovative program that waives many of the costs to refinance if a client buys a home now and refinances within three years. In August, Rocket Mortgage introduced a home equity loan – providing a new option to combat rising consumer debt. The company most recently launched Inflation Buster – lowering a homebuyers' interest rate by one percentage point on most loans for the first year, completely free.

Homebuyers can go to RocketMortgage.com to learn more and apply for a home loan. Mortgage brokers can learn about the program at RocketProTPO.com or they can talk to their account executive.

About Rocket Mortgage

Detroit-based Rocket Mortgage, the nation's largest home mortgage lender and part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Rocket Mortgage closed $351 billion dollars of mortgage volume across all 50 states in 2021.

Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Rocket Companies, Rocket Mortgage's parent company, ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.

For more information and company news visit RocketMortgage.com/PressRoom.

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SOURCE Rocket Mortgage

FAQ

What is the new loan program from Rocket Mortgage for manufactured homes?

Rocket Mortgage has introduced a conventional loan option specifically designed for purchasing or refinancing manufactured homes.

How much do manufactured homes cost compared to traditional homes?

Manufactured homes are approximately a third of the cost of traditional site-built homes.

What are the financing terms for Rocket Mortgage's new manufactured home loans?

Financing options require as little as 5% down for primary residences and 10% down for second homes.

How much sales of manufactured homes occurred in the last year?

There were roughly $12 billion in sales of manufactured homes in the past year.

What innovative programs has Rocket Mortgage launched recently?

Recently, Rocket Mortgage launched several programs, including Rate Drop Advantage and the Inflation Buster program.