In an effort to relieve some of the upfront costs of buying a home, Rocket Mortgage and sister company Rocket Homes announced the Buy+ program. Clients who obtain purchase financing from Rocket Mortgage and find a home with the help of a Rocket Homes Partner Real Estate Agent will receive a credit equal to 1.5% of their loan amount to put toward closing costs,.
“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.”
Homebuyers can receive a credit of 1.5% of their loan amount, up to $10,000 off their closing costs, by working with a Rocket Homes Partner Agent to find their new home. For example, a homebuyer putting 5% down on a $350,000 home would have a loan of $332,500. Working with a Rocket Homes Partner Agent and getting a mortgage through Rocket Mortgage would earn them nearly $5,000 toward their closing costs.
Homebuyers who are not being helped by a Rocket Homes Partner Agent can also save on their mortgage. Clients working with an unaffiliated real estate professional who refers them to Rocket Mortgage, or buyers opting for a Verified Approval — a full mortgage approval that considers their income, assets and credit — will receive a 0.75% credit of their loan amount toward closing costs. This buyer would save nearly $2,500 on their closing costs if they put 5% down on a $350,000 home.
In addition to partnering with Rocket Mortgage on Buy+, Rocket Homes announced an initiative to help home sellers as well. Through the Sell+ offer, sellers listing their home for sale with a Rocket Homes Partner Agent will receive a rebate check for 1% of the sale price from Rocket Homes after closing. If a homeowner is buying and selling, they can use both the Buy+ and Sell+ programs to increase their savings.
Homeowners who participate in Buy+ are also eligible to combine their credit with their Rocket Rewards. With more than one million members, Rocket Rewards is a loyalty program for homebuyers – helping them earn credit toward closing. If buyers combine their BUY+ credit and Rocket Rewards earnings, they can save even more on their way to homeownership.
