Rocket Mortgage has announced the introduction of RocketRentRewards, a program to provide closing cost credits for renters.
The offer allows homebuyers with a Rocket mortgage to earn 10% back on the last 12 months of rental payments, receiving up to $5,000 in lender credits toward closing costs, a press release stated. With the national average rent at $1,800, that translates to $2,160 applied toward a client’s closing costs, one of the financial hurdles for first-time homebuyers, Rocket noted.
“This offer is deeply rooted in our mission to Help Everyone Home,” said Bill Banfield, chief business officer and economist. “Many renters feel like homeownership is out of reach–especially as they try to save money to take to the closing table. RocketRentRewards eases those concerns by rewarding clients for simply doing what they do every month, making their rent payment.”
Since 2020, renter households have grown rapidly, now comprising over a third of U.S. homes, and early half of renters are people of color–almost twice the rate of homeowners, Rocket noted. RocketRentRewards helps bridge the gap by converting rental payments into financial savings, empowering aspiring buyers–particularly in underserved communities, who will represent more than half of first-time homebuyers by 2030–move from renting to owning.
How it works: Rent payments from the past 12 months can be verified through documentation confirming their current rental amount, and once validated, the credit will be directly applied to closing costs.
RocketRentRewards is available on Rocket.com, a site also recently launched to assist consumers with home searching, purchasing and managing their home financing, the release noted.
To learn more visit www.rocket.com/mortgage/rent-rewards
