Rocket Mortgage and Rocket Homes announced a new credit for buyers who use the companies to buy a home.
The program, BUY+, gives borrowers who obtain purchase financing from Rocket Mortgage and find a home through a Rocket Homes Partner Real Estate Agent a credit equal to 1.5% of their loan amount – up to $10,000 – to put toward closing costs.
Additionally, a homebuyer working with an unaffiliated real estate professional who refers them to Rocket Mortgage can receive a 0.75% credit on their loan amount. This is also true for buyers opting for a Verified Approval.
Rocket says this buyer can save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home.
“There are way too many people across the country who are looking forward to buying a home – and could comfortably make the monthly payments – but are still on the long road to saving for the upfront costs,” said Bob Walters, CEO of Rocket Mortgage.
“With BUY+, Rocket Mortgage is making this process a lot easier to achieve, lowering a hurdle for those who are ready for a home of their own.”
Sellers can benefit from Rocket’s new SELL+, announced at the same time. This program gives home sellers the opportunity to receive a rebate check for 1% of their sale price after closing if they use a Rocket Homes Partner Agent.
This is one of several programs rolled out by Rocket in the last year geared towards attracting homebuyers in a high-cost environment.
The company has also introduced first-time homebuyer credits, a rewards program that allows consumers to get points toward various transactions across Rocket’s platforms, and an “Inflation Buster” promotion where homebuyers pay one percentage point less on their rate for the first year.
It also comes in the midst of a major leadership change-up at the company. Long-time Rocket CEO Jay Farner is retiring on June 1.
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