Rocket Mortgage in Detroit, the nation’s largest mortgage lender and a part of Rocket Cos., today introduced RocketRentRewards, cited as the homeownership industry’s first offer to provide closing cost credits for renters.
With a Rocket mortgage, homebuyers earn 10 percent 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 annually toward a client’s closing costs — one of the biggest financial hurdles for first-time homebuyers.
“This offer is deeply rooted in our mission to Help Everyone Home,” says Bill Banfield, chief business officer and economist at Rocket. “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 have grown rapidly, now comprising more than a third of U.S. homes. Nearly half of renters are people of color, almost twice the rate of homeowners.
RocketRentRewards is designed to help 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 — move from renting to owning.
The company says it makes it easy for homebuyers to take advantage of RocketRentRewards. Rent payments from the past 12 months can be verified through documentation confirming their current rental amount. Once validated, the credit will be directly applied to closing costs.
This offer supports Rocket’s Own the Dream campaign, which unites Americans in the shared dream of homeownership. Bringing that vision to life, Rocket recently launched Rocket.com, an all-in-one platform that empowers consumers to search, purchase and manage their home financing in one place.
Clients can explore properties with Rocket Homes and get personalized financing options — like RocketRentRewards — from a Rocket Mortgage banker in just a few clicks.
Visit here to learn more about RocketRentRewards and to apply for a home loan.
