The nation's largest home lender launches new program to help underbanked residents buy a home in the city
Rocket Mortgage has rolled out new programs designed for aspiring Detroit homebuyers in a bid to increase homeownership in the city.
The company on Monday said that it will provide Detroit residents with $2,500 closing cost credit when they purchase a home in the city through its new Detroit Home Loan+ program. The lending credit is available to all eligible conventional, FHA, and VA mortgages.
“Detroit has been home to Rocket Mortgage for more than a decade. In that time, we have been proud to use our expertise to create initiatives that support the city’s homeowners,” said Rocket Companies CEO Jay Farner. “Today, we are doubling down on that commitment. By increasing access to banking, credit-building opportunities and, ultimately, home financing, more Detroit residents will be able to build equity through homeownership, which increases neighborhood stability and opportunity for future generations.”
Additionally, Rocket intends to help residents who do not have a bank account or need a boost in their credit score. Rocket has partnered with Black-owned fintech company MoCaFi and the Detroit Housing Network to provide Detroiters with credit counseling and homebuyer education.
“Our journey starts with getting Detroiters a bank account if they don’t already have one. We can also help them bring additional data – including rent payments – into their credit report,” said Wole Coaxum, CEO of MoCaFi. “We believe offering Detroit residents strong banking and credit fundamentals will create a better path to purchasing a home and getting the stability and equity that comes with it.”
“The Rocket Community Fund is dedicated to building homeownership, wealth and stability for all Detroit families,” added Laura Grannemann, vice president of the Rocket Community Fund. “Through programs like Detroit Home Loan+, Rehabbed & Ready, Make It Home and Neighbor to Neighbor we are directly addressing the systems that have historically prevented residents from owning their own homes and building equity.”