RocketrentRewards allows home buyers to earn closing cost credits equivalent to 10% of rent payments verified over the past year.
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Based on the “One Dream” Super Bowl Advertising Campaign, Rocket Mortgage offers up to $5,000 lender credit to help you become your first home buyer.
The new program is RocketrentRewards, announced Tuesday, where home buyers can earn closing cost credits, equivalent to 10% of their verified rent payments over the past 12 months.
According to the company, this is about $2,160 based on the average US monthly rent of $1,800.
“Many tenants feel that homeowners are out of reach, especially as they try to save money on the closure table,” Rocket CEO Bill Banfield said. I mentioned it in. “RocketrentRewards alleviates these concerns by rewarding clients simply doing what they do each month.
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According to Legal disclosure On the Rocket Mortgage website, the program is available only for financing for major residences, cannot be applied to jumbo mortgages and will not be offered to applicants. Rocket’s Partner Charles Schwab Bank.
Rocket believes RocketrentRewards can help bridge the homeownership gap between blacks and Hispanic renters in underserved communities.
According to Harvard University’s Center for Co-Housing Research, homeownership rates for black (46.6%) and Hispanic (49.9) households lag behind whites (74%), and these gaps have changed almost for 30 years. Not there.
As of the first quarter of 2024, 8% of black and 13% of Hispanic renters’ households stay monthly at median housing, compared to 16% and 29% of white and Asian households. He had enough annual income to provide loan payments. The Center reported in its annual report.State of the country’s housing 2024. ”
Households of color often lack access to intergenerational wealth transfers, which serve as down payments for many white home buyers, and may have more difficult times to obtain mortgage approval .
“Initiatives to provide down payment support and increase access to affordable credits will help address these barriers,” the report said. . ”
The following are lenders who offer mortgages through SPCP:
Mortgage giants Fanny Mae and Freddie Mac offer a $2,500 credit that can be spent on down payments, closing costs, escrow, or mortgage premiums, allowing very low-income borrowers to take the loan. It helped me to qualify.
Home buyers in any state can access information about programs and eligibility requirements through sites such as Zillow and Redfin, and use services such as multiple listing services (MLSS), lenders, lenders, lenders, lenders, and lenders. You can find programs that provide down payment assistance that will allow you to do so. and the agent.
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