Rocket Mortgage introduces rewards program converting rent into homebuying credits

Rocket Mortgage, a leading mortgage lender under Rocket Companies (NYSE: RKT), has launched an innovative program called RocketRentRewards. This initiative is designed to assist renters in transitioning to homeownership by offering closing cost credits based on their rental payments.

The program allows homebuyers with a Rocket mortgage to receive 10% back on the last 12 months of their rent payments, up to $5,000 in lender credits for closing costs. Given the national average rent of $1,800, this could translate into $2,160 applied toward a client's closing costs, addressing one of the significant financial challenges faced by first-time homebuyers.

Bill Banfield, Chief Business Officer and Economist at Rocket Mortgage, stated: “This offer is deeply rooted in our mission to Help Everyone Home. 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, there has been a notable increase in renter households across the United States. Currently, over one-third of U.S. homes are rented, with nearly half of these renters being people of color—a rate almost double that of homeowners.¹ The RocketRentRewards program aims to bridge this gap by converting rental payments into savings that can facilitate homeownership for aspiring buyers from underserved communities. These communities are projected to represent more than half of first-time homebuyers by 2030².

To benefit from RocketRentRewards, potential homebuyers need only verify their past year's rent payments through documentation confirming their current rental amount. Once validated, these credits will be directly applied towards closing costs.

This initiative aligns with Rocket's Own the Dream campaign which seeks to unite Americans around the goal of homeownership. As part of this vision, Rocket recently introduced Rocket.com—an integrated platform allowing consumers to search for properties and manage their financing needs seamlessly.

For further details about RocketRentRewards or to apply for a loan, interested parties can visit www.rocket.com/mortgage/rent-rewards.

Rocket Mortgage is headquartered in Detroit and stands as the largest mortgage lender in America. Since its inception in 1985 and subsequent introduction of an online mortgage experience in 2015, it has facilitated over $1.8 trillion in mortgage volume nationwide.

The company has been recognized by J.D. Power as #1 in client satisfaction for both primary mortgage origination and servicing on multiple occasions—22 times more than any other lender—and its parent company consistently ranks among Fortune’s top companies to work for over two decades.

¹ America’s Rental Housing 2024 report by Harvard University’s Joint Center for Housing Studies

² The Latino Housing Journey 2023 report by Fannie Mae