Rocket Mortgage, a part of Rocket Companies, today announced a full suite of programs to help Detroit residents who are interested in buying a home in the city.
The new initiative, Detroit Home Loan+, includes $2,500 in lender credits when buying a primary residence in Detroit, along with resources for residents who are underbanked or who could 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 want to buy a home but need some help. 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,” said Wole Coaxum, CEO of MoCaFi. “We, along with Rocket Mortgage, believe everyone should have an opportunity at this important part of the American Dream.”
Coaxum said the “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.
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, including conventional, FHA, and VA loans. Detroiters can apply through the Rocket Mortgage app or call the Detroit Home Loan+ mortgage banking specialists at 1-800-291-1488.
For additional information on the initiative, click here.
