Rocket Unveils Closing Cost Credits For Renters

ByTMN Editor Reading Time: 2 minutes

Rocket Mortgage has introduced closing credits designed to help renters overcome upfront homebuying costs.

The program, RocketRentRewards, gives aspiring homebuyers the opportunity to earn 10% back on the last 12 months of rental payments, maxing out at $5,000 in lender credits toward closing costs.

Doing the math from the national average rent of $1,800, a buyer would receive $2,160 applied to their closing costs.

Rent payments from the past 12 months will be verified through documentation confirming their current rental amount. Once validated, the credit will be directly applied to closing costs.

Closing costs typically run between 3% and 6% of the loan amount. With home prices now 54.8% higher compared to pre-pandemic levels, those costs can be one of the biggest hindrances for potential buyers.

“This offer is deeply rooted in our mission to Help Everyone Home,” said Bill Banfield, Chief Business Officer and Economist.

“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.”

Leaders at Rocket say the offer will particularly help underserved communities — who will represent more than half of first-time homebuyers by 2030 — move from renting to owning.

Rocket is positioning itself to take advantage of the changing lending landscape. It recently unveiled a new identity designed to position it “as one of the most inclusive brands in America.”

Rocket specifically hopes to engage key growth demographics with the new look, including Hispanic, Veteran, female, and first-time homebuyers.

“This is just the first of many steps Rocket will take in 2025 as we embark upon this significant companywide transformation. This refreshed identity celebrates the humanity and diversity of the homeownership journey, redefining what it truly means to own a home in today’s America,” said Jonathan Mildenhall, Chief Marketing Officer of Rocket Companies.