Rocket Mortgage has partnered with Freddie Mac to offer their BorrowSmart Access program. The Freddie Mac program can offer up to a $2,500 credit for first-time homebuyers to use toward their down payment. According to a Rocket Mortgage press release, its version of the program will offer up to a $3,000 credit, which it says will help reduce the most significant hurdle to homeownership, especially in underserved communities.
First-time homebuyers can use BorrowSmart Access if they purchase a home in several counties across 10 metro areas – Atlanta; Chicago; Detroit; El Paso; Houston; McAllen, Texas; Memphis; Miami; Philadelphia, and St. Louis. To qualify for this program, the buyer must have an income equal to or less than 140 percent of the area median income (AMI) and meet all other Freddie Mac lending guidelines.
“At Rocket Mortgage, it is our mission to provide a range of options that make owning a home attainable for as many people as possible,” said Bob Walters, CEO of Rocket Mortgage. “BorrowSmart Access is the continuation of our commitment to narrow the homeownership gap. We can help families build financial freedom and generational wealth by offering solutions for borrowers in underrepresented communities.”
In late December, Rocket Mortgage launched Purchase Plus, a special-purpose credit program offering up to $7,500 in lender credits for first-time homebuyers to use toward their closing costs. Purchase Plus is available for homebuyers residing in specific census tracts across six major cities – Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.