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Rocket Mortgage, a Rocket Companies (NYSE: RKT) company, today launched Purchase Plus, a special purpose loan program designed to increase homeownership in underserved communities.
The new program offers first-time home buyers a loan of up to $7,500 to cover home loan costs.
Purchase Plus is available in select census tracts in six major cities (Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia) where potential homebuyers can benefit the most.
Rocket Mortgage CEO Bob Walters said home ownership has a significant impact on creating a strong community and generational prosperity.
The company’s Purchase Plus program is a catalyst to help close the home ownership gap by addressing what everyone hears over and over again – the difficulty of saving for a down payment 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 ease that barrier by providing eligible homebuyers in one of six cities with a base loan of $5,000 plus an additional loan credit of 1% of the home’s purchase price (up to $2,500), potentially saving $7,500.
Another benefit of Purchase Plus is eliminating exclusions based on area median income, expanding who can benefit from the program.
The first phase of Purchase Plus will focus on specific census tracts in six cities and their surrounding metropolitan areas — areas where the program could have the greatest impact on closing the homeownership gap.
In addition to Purchase Plus, Rocket Mortgage offers several programs to expand your home ownership options.
In 2021, the company launched the Detroit Home Loan+ program in its hometown of Detroit to support those looking to buy a home in the city with a $2,500 home loan and home buyer resources.
To further this mission, Rocket Community Fund – Rocket Mortgage’s philanthropic partner – recently launched the Rocket Wealth Accelerator program, which provides coaches to residents of Detroit, Cleveland, Milwaukee and Atlanta to work with them to increase their fulfillment. there is an urgent need to build credit and increase generational wealth.
Reference Source: PR Newswire
