Rocket Mortgage, part of Detroit’s Rocket Cos., today introduced Purchase Plus, a special purpose credit program intended to increase accessibility to homeownership in underserved communities.
“Homeownership has a significant impact on strong communities and the creation of generational wealth,” says Bob Walters, CEO of Rocket Mortgage. “Our Purchase Plus program is a catalyst that will help narrow the homeownership gap by addressing a concern we’ve heard time and again — the difficulty of saving for out-of-pocket expenses when buying a home.”
The new initiative offers up to $7,500 in credits for first-time homebuyers to use toward their mortgage costs. Purchase Plus is available in specific census tracts across six major cities where potential homebuyers could benefit the most — Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
Saving for a down payment is often cited as one of the largest barriers to buying a house. Purchase Plus can help alleviate this hurdle by providing eligible homebuyers in one of the six cities a base credit of $5,000 plus an additional lender credit totaling 1 percent of the home’s purchase price — up to $2,500 — for a potential savings of $7,500.
Another benefit of Purchase Plus is the elimination of exclusions based on area median income, broadening the scope of who can take advantage of the program. The first phase of Purchase Plus will focus on specific census tracts in each of the six cities and their surrounding metropolitan areas.
In addition to Purchase Plus, Rocket Mortgage offers several programs with the goal of expanding access to homeownership. In 2021, the company launched a program in its hometown of Detroit called Detroit Home Loan+ to support those who are looking to purchase in the city through a $2,500 lender credit and homebuyer resources.
To further build on this mission, Rocket Community Fund, the philanthropic partner of Rocket Mortgage, recently introduced the Rocket Wealth Accelerator Program, providing residents of Detroit, Cleveland, Milwaukee, and Atlanta with coaches who will work with them to improve their ability to meet emergency needs, build their credit and grow generational wealth.
To learn more about Purchase Plus and program eligibility, click here.
