Detroit-based Rocket Mortgage, the nation’s largest mortgage lender and part of Rocket Cos., is the first national lender to offer Freddie Mac’s BorrowSmart Access program, which offers a $3,000 credit for first time homebuyers to use toward their down payment.
First time homebuyers can use BorrowSmart Access if they are purchasing a home in several counties across 10 metro areas – Detroit; Atlanta; Chicago; El Paso, Houston, and McAllen, Texas; Memphis; Miami; Philadelphia; and St. Louis. To qualify for this program, the buyer must have an income equal to or less than 140 percent of the area median income (AMI) and meet all other Freddie Mac lending guidelines.
“At Rocket Mortgage, it is our mission to provide a range of options that make owning a home attainable for as many people as possible,” says Bob Walters, CEO of Rocket Mortgage. “BorrowSmart Access is the continuation of our commitment to narrow the homeownership gap. By offering solutions for borrowers in underrepresented communities, we can help families build financial freedom and generational wealth.
A primary source of wealth among families lies in homeownership with owner-occupied home values rising to $24.1 trillion in 2020 from $15.9 trillion in 2010, according to a recent NAR’s report.
This program, according to Rocket Mortgage, is the latest example of its commitment to “supporting all Americans on their journey to homeownership.”
In late December, Rocket launched Purchase Plus, a special purpose credit program offering up to $7,500 in lender credits for first-time homebuyers to use toward their closing costs. Purchase Plus is available for homebuyers residing in specific census tracts across six major cities — Detroit, Atlanta, Baltimore, Chicago, Memphis, and Philadelphia.
Rocket Mortgage says it offer “numerous” conventional and government affordable programs in addition to BorrowSmart Access. One such program is FHA. Rocket Mortgage says it closes more FHA loans than any other lender. With more flexible mortgage terms and lower down payment requirements, the FHA loan program is designed for first-time homebuyers.
For more information about BorrowSmart Access and program eligibility, visit rocketmortgage.com.