Rocket Mortgage Further Expands Affordable Homebuying Options with New BorrowSmart Access

Rhea-AI Summary

Rocket Mortgage, the nation's largest mortgage lender, has launched the BorrowSmart Access program, offering a $3,000 credit for first-time homebuyers in underrepresented communities. This initiative aims to alleviate down payment barriers, focusing on ten metro areas, including Atlanta and Chicago. Eligible buyers must earn 140% or less of the area's median income and meet Freddie Mac's guidelines. This program follows the December launch of Purchase Plus, which provides up to $7,500 for closing costs. With a mortgage volume of $1.5 trillion since its inception, Rocket Mortgage continues its commitment to making homeownership accessible.

Positive

• Launch of BorrowSmart Access program providing $3,000 credit for first-time homebuyers.
• Focus on underserved communities aims to bridge the homeownership gap.
• Eligibility for the program covers ten major metro areas, enhancing accessibility.
• Successful previous program, Purchase Plus, offering up to $7,500 for closing costs.

Negative

• None.

Company launches second special purpose credit program in three months by offering new Freddie Mac program offering $3,000 to use toward a down payment for those buying in underrepresented communities

DETROIT, March 7, 2023 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and part of Rocket Companies (NYSE: RKT), is the first national lender to offer Freddie Mac's BorrowSmart Access ^SM program. The program offers a $3,000 credit for first time homebuyers to use toward their down payment – helping to reduce the largest hurdle to homeownership, especially in underserved communities.

First time homebuyers can use BorrowSmart Access if they are purchasing a home in several counties across 10 metro areas – Atlanta; Chicago; Detroit; El Paso; Houston; McAllen, Texas; Memphis; Miami; Philadelphia and St. Louis. To qualify for this program, the buyer must have an income equal to or less than 140 percent of the area median income (AMI) and meet all other Freddie Mac lending guidelines.

"At Rocket Mortgage, it is our mission to provide a range of options that make owning a home attainable for as many people as possible," said Bob Walters, CEO of Rocket Mortgage. "BorrowSmart Access is the continuation of our commitment to narrow the homeownership gap. By offering solutions for borrowers in underrepresented communities, we can help families build financial freedom and generational wealth."

A primary source of wealth among families lies in homeownership with owner-occupied home values rising to $24.1 trillion in 2020 from $15.9 trillion in 2010 – according to a recent NAR's report.

This program is just the latest example of Rocket Mortgage's commitment to supporting all Americans on their journey to homeownership. In late December, Rocket Mortgage launched Purchase Plus, a special purpose credit program offering up to $7,500 in lender credits for first-time homebuyers to use toward their closing costs. Purchase Plus is available for homebuyers residing in specific census tracts across six major cities – Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

Rocket Mortgage offers numerous conventional and government affordable programs in addition to BorrowSmart Access. One such program is FHA. Rocket Mortgage closes more FHA loans than any other lender. With more flexible mortgage terms and lower down payment requirements, the FHA loan program is designed for first-time homebuyers and hard-working Americans – teachers, firefighters or those in the manufacturing field – who are the backbone of the country.

To learn more about BorrowSmart Access and program eligibility, visit www.RocketMortgage.com. 

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. Since its founding in 1985, Rocket Mortgage has closed $1.5 trillion of mortgage volume across all 50 states. 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 BorrowSmart Access program by Rocket Mortgage?

The BorrowSmart Access program offers a $3,000 credit to first-time homebuyers for down payments, focusing on underserved communities.

Who is eligible for the BorrowSmart Access program?

Buyers must have an income of 140% or less of the area median income and meet Freddie Mac's lending guidelines.

Which metro areas does the BorrowSmart Access program cover?

The program is available in ten metro areas, including Atlanta, Chicago, and Detroit.

What other programs does Rocket Mortgage offer?

Rocket Mortgage also offers multiple affordable programs, including the Purchase Plus program that provides up to $7,500 for closing costs.

When was the BorrowSmart Access program launched?

The BorrowSmart Access program was launched on March 7, 2023.