Rocket Mortgage Introduces Purchase Plus, Helping Make the American Dream of Homeownership More Attainable

Rhea-AI Summary

Rocket Mortgage has launched a new credit program called Purchase Plus, aimed at enhancing homeownership access in underserved communities. This initiative provides first-time homebuyers with up to $7,500 in lender credits to alleviate mortgage costs. Targeted cities include Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. The program aims to reduce the barriers of saving for down payments and eliminates exclusions based on area median income, facilitating broader participation in homeownership.

Positive

• Introduction of Purchase Plus program increases accessibility for first-time homebuyers.
• Eligible participants can save up to $7,500 in lender credits for mortgage costs.
• Program aims to bridge the homeownership gap in underserved communities.

Negative

• None.

Special purpose credit program offers up to $7,500 in lender credits for first-time buyers in underserved communities to eliminate a significant hurdle to homeownership

DETROIT, Dec. 27, 2022 /PRNewswire/ -- Rocket Mortgage, part of Rocket Companies (NYSE: RKT), today introduced Purchase Plus, a special purpose credit program intended to increase accessibility to homeownership in underserved communities. The new initiative offers up to $7,500 in credits for first-time homebuyers to use toward their mortgage costs. Purchase Plus is available in specific census tracts across six major cities where potential homebuyers could benefit the most – Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.

"Homeownership has a significant impact on strong communities and the creation of generational wealth," said Bob Walters, CEO of Rocket Mortgage. "Our Purchase Plus program is a catalyst that will help narrow the homeownership gap by addressing a concern we've heard time and again – the difficulty of saving for out-of-pocket expenses when buying a home."

Saving for a down payment is often cited as one of the largest barriers to buying a house. Purchase Plus can help alleviate this hurdle by providing eligible homebuyers in one of the six cities a base credit of $5,000 plus an additional lender credit totaling 1% of the home's purchase price – up to $2,500 – for a potential savings of $7,500.

Another benefit of Purchase Plus is the elimination of exclusions based on area median income, broadening the scope of who can take advantage of the program. The first phase of Purchase Plus will focus on specific census tracts in each of the six cities and their surrounding metropolitan areas – areas where the initiative can make the largest impact in bridging the homeownership gap.

In addition to Purchase Plus, Rocket Mortgage offers several programs with the goal of expanding access to homeownership. In 2021, the company launched a program in its hometown of Detroit called Detroit Home Loan+ to support those who are looking to purchase in the city through a $2,500 lender credit and homebuyer resources. To further build on this mission, Rocket Community Fund – the philanthropic partner of Rocket Mortgage – recently introduced the Rocket Wealth Accelerator Program, providing residents of Detroit, Cleveland, Milwaukee and Atlanta with coaches who will work with them to improve their ability to meet emergency needs, build their credit and grow generational wealth.

To learn more about Purchase Plus 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. 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 Purchase Plus program by RKT?

The Purchase Plus program offers first-time homebuyers in underserved communities up to $7,500 in lender credits to assist with mortgage costs.

Which cities does the Purchase Plus program target?

The program targets six major cities: Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.

How much can buyers save with the Purchase Plus program?

First-time homebuyers can save up to $7,500, which includes a base credit of $5,000 and an additional lender credit of 1% of the home's purchase price, up to $2,500.

What impact does the Purchase Plus program aim to have?

The program aims to reduce barriers to homeownership and bridge the homeownership gap within targeted underserved communities.

Is there an income restriction for the Purchase Plus program?

No, the Purchase Plus program eliminates exclusions based on area median income, broadening eligibility.