Shortly before the new year arrived, Rocket Mortgage announced Purchase Plus, a special credit program to increase accessibility to homeownership in underserved communities.
The new initiative offers $7,500 in credits for first-time homebuyers to use towards their mortgage costs. Purchase Plus is available in 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.”
One of the largest barriers to buying a house is saving for a down payment. Purchase Plus can help eligible homebuyers in these six cities by providing a base credit of $5,000, plus an additional lender credit totaling 1% of the home’ purchase price — up to $2,500 — for potential savings of $7,500.
It also eliminates exclusions based on area median income, which can help more underserved borrowers 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 metro areas, in an effort to make the largest impact in bridging the homeownership gap.
Rocket Mortgage also offers other programs that expand access to homeownership. In 2021, Rocket launched a program in its hometown of Detroit called Detroit Home Loan+ to support those who 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.
Additionally, Rocket was ranked one of the fairest lenders for Black homebuyers in Fairplay’s study, released Monday. Others on the list include Gateway First Bank, Lakeview Loan Servicing, Planet Home Lending, Bank of America, Community Bank, Movement Mortgage, Nationstar Mortgage, Guild Mortgage, and Primelending.
