Ally Home and HouseCanary are offering a $5,000 grant to homebuyers in three major metros.
The grant can be used for a down payment, closing costs, or other expenses that arise during the homebuying process.
Buyers within select markets in Charlotte, Detroit, and Philadelphia are eligible, though Ally may expand the program in the future. Eligible buyers must have an income less than or equal to 100% of the area median income and be purchasing a primary residence.
Grantees can combine this award with other offerings like the Fannie Mae HomeReady Mortgage program, which lets buyers put as little as 3% down.
As part of the rollout, HouseCanary, Ally’s portal partner since last year, now identifies grant-eligible properties in the…
Rocket Companies has rolled out a rewards program that allows consumers to get points towards various transactions across Rocket’s platforms, the company announced. In its first phase, consumers will be able to use Rocket Rewards on closing costs when financing a home through Rocket Mortgage. “Rocket Companies is known for delivering exceptional client service and the introduction of Rocket Rewards continues that trend – showing our appreciation for clients by offering incentives at various points throughout their financial journey,” said Jay Farner, Vice Chairman and CEO of Rocket Companies. Home shoppers need to create an account and visit the rewards page. New clients will get a 7,500-point welcome bonus, or $75, which can be used on closing costs. More points…
The national average closing costs in 2021 for a single-family property refinance were up $88 YOY, but still less than 1% of the average refi loan amount, according to CoreLogic’s annual Refinance Closing Cost Report. The average closing cost was $2,375, up 3.8% from 2020’s $2,287. The average refi loan amount was $304,909. By contrast, the national average for purchase closing costs was $3,860. The main difference in closing costs between the two are owner title insurance and inspection fees common for purchase transactions, but less often required for refis. Most third-party fees were still lower for refis. “In 2021, homeowners were still able to get good deals on both interest rates and closing costs,” said Bob Jennings, executive, CoreLogic…
