HousingWireHousingWire
Rocket Mortgage on Tuesday unveiled RocketRentRewards, which the company says is the homeownership industry’s first offer to provide closing cost credits for renters.
Under the program, homebuyers who use Rocket Mortgage as their lender can earn 10% back on the last 12 months of rental payments, receiving up to $5,000 in lender credits toward closing costs.
With the national average rent at $1,800, that translates to $2,160 applied toward a client’s closing costs.
“This offer is deeply rooted in our mission to Help Everyone Home,” said Bill Banfield, Rocket’s 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 now make up over a third of U.S. homes, per the Joint Center for Housing Studies of Harvard University. The RocketRentRewards program aims to “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 — to move from renting to owning.
According to the Detroit-based lender, renters can verify their rent payments from the past 12 months through documentation confirming their current rental amount. Once validated, the credit will be directly applied to closing costs.
