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Rocket Mortgage, a part of Detroit-headquartered Rocket Companies (NYSE: RKT), is now offering its “Welcome Home RateBreak” program for lowering mortgage payments.

According to the company, eligible borrowers in the program can receive a mortgage rate reduced by two percentage points in the first year, then one percentage point in the second year before returning to the note rate in the third year and until the mortgage is paid off. The company stated the lower rate is accomplished through a special escrow account established and fully funded by Rocket Mortgage, while homebuyer would be responsible for taxes and insurance premiums.

Homebuyers are eligible if they are purchasing a single-family home and have income equal to or less than 80% of their area median income. “Welcome Home RateBreak” is available to homebuyers who apply directly to Rocket Mortgage, or buyers working with a mortgage broker who is partnered with Rocket Pro TPO.  Rocket Mortgage estimates that more than 90 million people can benefit from this program.

“Rocket is committed to creating and delivering unique programs that address the challenges homebuyers face today,” said Bill Banfield, chief business officer and economist at Rocket Mortgage. “Many buyers fear being stretched too thin during the early years of homeownership, especially as they consider the cost of new furnishings and special touches to make the new home their own. By lowering the interest rate for the first two years, ‘Welcome Home RateBreak’ provides financial breathing room, giving consumers the confidence to enter the market and make their homeownership dreams a reality.”