Rocket MortGage pays up to $ 5,000 in closing costs for tenants

With the national average rent for $ 1,800, this translates into $ 2,160 that is applied in the direction of the final costs of a customer.

“This offer is deeply rooted in our mission to help everyone at home,” says Bill Banfield, Chief Business Officer and Economist of Rocket. “Many tenants feel that homeowner is out of reach – especially if they try to save money to go to the closing table. Rocketrentrewards enlighten that worry by rewarding customers to do what they do every month, make their rental payment. “

Since 2020, tenant households have now made more than a third of American houses, according to the Joint Center for Housing Studies from Harvard University. The Rocketentrewards program is intended to “bridge the gap” by converting rental payments into financial savings, which means that aspiring buyers are authorized -in particular in subordinated communities, which will more than represent than than Half of the first home buyers by 2030 – to go from renting to possession.

According to the lender established in Detroit, tenants can verify their rental payments from the past 12 months through documentation that confirms their current rental amount. Once validated, the credit is applied directly to closing costs.