Welcome Home: Rocket Mortgage Expands Resources & Support for Detroit Homebuyers

Rhea-AI Summary

Rocket Mortgage has announced a comprehensive initiative to assist Detroit residents in purchasing homes, offering $2,500 in lender credits for primary residence buyers. This program focuses on underbanked individuals, pairing them with credit counseling and homebuyer education resources. By collaborating with MoCaFi, Rocket Mortgage aims to improve access to banking and credit opportunities. The initiative, rooted in community support, underscores Rocket's commitment to enhancing homeownership and financial stability in Detroit.

Positive

• Introduction of $2,500 lender credits for primary residence purchases in Detroit.
• Collaboration with MoCaFi to aid underbanked residents in improving banking and credit access.
• Support from Detroit Housing Network for homebuyers seeking additional assistance.

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• None.

DETROIT, Aug. 9, 2021 /PRNewswire/ -- Rocket Mortgage, America's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today announced a full suite of programs to help Detroit residents who are interested in buying a home in the city, regardless of where they are on their homebuying journey. The new initiative includes $2,500 in lender credits when purchasing a primary residence in Detroit, along with resources for residents who are underbanked or can benefit from credit counseling and homebuyer education.

"Detroit has been home to Rocket Mortgage for more than a decade. In that time, we have been proud to use our expertise to create initiatives that support the city's homeowners," said Jay Farner, CEO of Rocket Companies. "Today, we are doubling down on that commitment. By increasing access to banking, credit-building opportunities and, ultimately, home financing, more Detroit residents will be able to build equity through homeownership, which increases neighborhood stability and opportunity for future generations."

Rocket Mortgage's new initiatives start with those who have a desire to buy a home but need some help along the way. If a Detroiter does not have a bank account, or needs to boost their credit score, Rocket Mortgage will connect them with MoCaFi, a Black-owned FinTech company.

"MoCaFi's goal, as part of the Detroit Home Loan+ program, is to provide the Detroit community with a broader set of resources that can help them take the steps needed to prepare for homeownership. We, along with Rocket Mortgage, believe everyone should have an opportunity at this important part of the American Dream," said Wole Coaxum, CEO of MoCaFi. "Our journey starts with getting Detroiters a bank account, if they don't already have one. We can also help them bring additional data – including rent payments – into their credit report.  We believe offering Detroit residents strong banking and credit fundamentals will create a better path to purchasing a home and getting the stability and equity that comes with it."

Detroiters in need of additional support will be connected to the Detroit Housing Network – a conglomerate of six Detroit-based nonprofits providing wide-ranging housing services for renters, homebuyers and homeowners. Clients will get hands-on support from trained specialists to prepare them for homeownership.

"Rocket Mortgage is taking an important step to increase homeownership in the city of Detroit," said Dana Arrington, director of homeownership and sales of CHN Housing Partners – administrators of the Detroit Housing Network. "We know the journey to homeownership is different for everyone and, everyone is at a different stage, this program will help Detroiters find the right resources to create a path to homeownership, build equity and unlock the generational wealth that comes with homeownership."

Once ready to become a homeowner, Detroit residents can leverage Rocket Mortgage's new Detroit Home Loan+ program to receive a $2,500 closing cost credit when buying a primary residence in the city. The closing cost credit is automatically applied to all eligible mortgages, which includes conventional, FHA and VA loans. Detroiters can apply through the Rocket Mortgage app or call the Detroit Home Loan+ mortgage banking specialists at 800-291-1488.

Rocket Mortgage operates under a "for-more-than-profit" philosophy. The company recognizes that business and community are inextricably linked. It has leveraged its resources to build programs and partnerships that support a more inclusive, thriving and resilient city. Since moving to Detroit in 2010, Rocket Mortgage and the Rocket Community Fund – the philanthropic partner company of Rocket Companies – have demonstrated a commitment to serving and supporting city residents through data-driven investments and initiatives.

"The Rocket Community Fund is dedicated to building homeownership, wealth and stability for all Detroit families," said Laura Grannemann, Vice President of the Rocket Community Fund. "Through programs like Detroit Home Loan+, Rehabbed & Ready, Make It Home and Neighbor to Neighbor we are directly addressing the systems that have historically prevented residents from owning their own homes and building equity."

Homebuyers can apply for a mortgage and take advantage of the Detroit Home Loan+ program by visiting RocketMortgage.com/Detroit or by calling 800-291-1488.  

About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation's largest home mortgage lender, enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. Rocket Mortgage closed $320 billion dollars of mortgage volume across all 50 states in 2020. In late 2015, it introduced the first fully digital, completely online mortgage experience. Currently, 99% of all home loans originated by the company utilize Rocket Mortgage technology.

Rocket Mortgage moved its headquarters to downtown Detroit in 2010. Today, Rocket Mortgage and Rocket Companies employ 24,000 full-time team members nationwide. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix and operates a centralized loan processing facility in Detroit. Rocket Mortgage ranked highest in the country for customer satisfaction for primary mortgage origination by J.D. Power for the past 11 consecutive years, 2010 – 2020, and also ranked highest in the country for customer satisfaction among all mortgage servicers the past seven eight years, 2014 – 2021.

Rocket Companies, Rocket Mortgage's parent company, ranked #5 on Fortune's list of the "100 Best Companies to Work For" in 2021 and has placed in the top third of the list for 18 consecutive years.

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

About Rocket Community Fund
The Rocket Community Fund is a partner company of Rocket Companies, which includes Rocket Mortgage – the nation's largest mortgage lender. It also coordinates team member volunteerism for Bedrock and other affiliated companies who comprise the Rock Family of Companies. Its strategy aims to support thriving, resilient and inclusive communities through data-driven investments in housing, employment and public life.

Through its For-More-Than-Profit model, the Rocket Community Fund recognizes that business and community are inextricably linked, and it purposefully brings together all of the assets of the Rocket Mortgage and Rock Family of Companies business – team member talent, technology, policy advocacy, and philanthropic resources – to invest in comprehensive community development in Detroit and across the country.

Alongside financial investments, the Rocket Community Fund has organized team members to provide more than 815,000 volunteer hours nationwide, including 415,000 in Detroit.

For more information, visit RocketCommunityFund.org.,

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SOURCE Rocket Mortgage

FAQ

What new program has Rocket Mortgage introduced for Detroit homebuyers?

Rocket Mortgage has launched a program offering $2,500 in closing cost credits for Detroit residents purchasing a primary residence.

How is Rocket Mortgage supporting underbanked residents in Detroit?

Rocket Mortgage is partnering with MoCaFi to connect underbanked residents with resources for banking and credit improvement.

When did Rocket Mortgage announce its initiative for Detroit?

The initiative was announced on August 9, 2021.

What financial assistance does the Detroit Home Loan+ program provide?

The Detroit Home Loan+ program provides a $2,500 closing cost credit for eligible homebuyers.

What additional resources are available for homebuyers in Detroit?

Homebuyers in Detroit can access services from the Detroit Housing Network for personalized support and preparation for homeownership.