Rocket Mortgage is offering $2,500 in lender credits to homebuyers purchasing a primary residence in Detroit, the mortgage giant of Rocket Companies Inc. said Monday.
The program is a part of a new "Detroit Home Loan+" initiative seeking to provide resources to Detroit residents who are looking to buy a home in the city regardless of the stage they are at in the process, according to the company. That includes assistance for those in areas where it may be difficult to obtain a loan. Credit counseling and homebuyer education also is available.
"By increasing access to banking, credit-building opportunities and, ultimately, home financing," Rocket CEO Jay Farner said in a statement, "more Detroit residents will be able to build equity through homeownership, which increases neighborhood stability and opportunity for future generations."
The $2,500 is a closing cost credit. It's available to current Detroit residents and those moving into the city. Rocket Mortgage will apply the credit to eligible mortgages, which include conventional, Federal Housing Administration and Veterans Affairs loans. The program is supported by the Rocket Community Fund, Rocket's nonprofit arm.
Rocket Mortgage also is partnering with the Black-owned FinTech company MoCaFi to work with Detroiters who do not have a bank account or need to boost their credit score such as by adding rent payments.
"We believe offering Detroit residents strong banking and credit fundamentals," MoCaFi CEO Wole Coaxum said in a statement, "will create a better path to purchasing a home and getting the stability and equity that comes with it."
Rocket Mortgage will connect Detroiters in need of additional support with the Detroit Housing Network, a conglomerate of six Detroit-based nonprofits providing housing services for renters, homebuyers and homeowners from trained specialists.
"This program," Dana Arrington, director of homeownership and sales of CHN Housing Partners, administrators of the Detroit Housing Network, said in a statement, "will help Detroiters find the right resources to create a path to homeownership, build equity and unlock the generational wealth that comes with homeownership."
