Special loan program offers up to $7,500 in subsidized loans for first-time home buyers in underserved communities to eliminate a major barrier to home ownership.
DETROIT, December 27, 2022 – Rocket mortgagepart of Rocket Company (NYSE: RKT), today announced Purchase Plus, a special program designed to increase access to home ownership in underserved communities. The new plan offers up to $7,500 in credit for first-time home buyers to use toward a mortgage. Purchase Plus is available in census data in six major cities where homebuyers are likely to benefit – Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia.
“Home ownership has a significant impact on strong communities and building intergenerational wealth,” said Bob Walters, CEO of Rocket Mortgage. “Our Purchase Plus program is an initiative to help narrow the home ownership gap by addressing a concern we hear time and time again – the the difficulty of saving for expenses abroad when buying a home.”
Saving for a down payment is often cited as one of the biggest barriers to buying a home. Purchase Plus can help reduce this risk by providing home buyers in one of six cities with a basic loan that $5,000 plus an additional loan amounting to 1% of the home’s purchase price – up to $2,500 – for a down payment of $7,500 .
Another benefit of Purchase Plus is the elimination of area income restrictions, broadening the scope of who can use the program. The first phase of Purchase Plus will focus on census data in each of the six cities and their surrounding metropolitan areas – areas where the plan can make the most impact on the economy. between the owners of the buildings.
In addition to Purchase Plus, Rocket Mortgage offers a variety of programs with the goal of expanding opportunities for homeownership. In 2021, the company launched a program in its hometown of Detroit called Detroit Home Loans+ supports those looking to buy in the city through $2,500 lender credit and homebuyer resources. To expand on this mission, Rocket Community Fund – the philanthropic partner of Rocket Mortgage – recently launched the Rocket Wealth Accelerator Programproviding the people 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.
For more information 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 focus on a business that leading, managing numbers of people. In late 2015, the first fully online mortgage information was introduced. Rocket Mortgage closed $351 billion in mortgages in all 50 states by 2021.
Rocket Mortgage moved its headquarters to the city of Detroit in 2010. The company produces loans from online centers in Detroit, Cleveland and Phoenix.
Rocket Companies, parent company of Rocket Mortgage, ranked #7 on Fortune’s list of “100 Best Companies to Work For” in 2022 and placed in the top third of the list for 19 years in a row.
For more information and company news visit RocketMortgage.com/PressRoom.