How Rocket Mortgage Helps Renters With Homeownership

by Sharelle B. McNair

May 5, 2025

Rocket Mortgage’s chief economist says the program helps renters realize that homeownership is obtainable

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Online lender Rocket Mortgage is helping renters’ dream of homeownership become a reality with a new program that gives them a credit of up to $5,000, CNBC reports. 

The RocketRentRewards program, launched in February, gives renters a credit worth 10% of their final year of rent payments that can be used for closing costs on a Rocket Mortgage home loan.

“Many renters feel like homeownership is out of reach, especially as they try to save money to take to the closing table,” said Rocket Mortgage’s chief economist, Bill Banfield. “RentRewards eases those concerns by rewarding clients for simply doing what they do every month: making their rent payment.”

Closing costs for those purchasing a home—including lenders’ fees, title search and insurance, and home inspection—can rise. The average cost can be as much as 6% of the home price. For a home selling at $200,000, buyers can be looking at close to $12,000 in closing costs.

With a 10% savings, a program renter paying $1,800 would have a $2,160 credit.

Vice president of product development and credit policy, Eileen Tu, says the program also helps potential buyers understand existing expenses outside of a down payment.

“There are a lot of costs that are involved in buying a home, and sometimes people aren’t aware that not only do you need to bring in a down payment, there’s also closing costs that are involved,” Tu said, according to Business Insider. 

There are some stipulations with program eligibility; the main one is applicants must be a renter. However, renters don’t need to be living in the same place for the previous 12 months. In order to calculate a potential credit, Rocket Mortgage requires documentation proving the applicant’s rent and how much is paid each month.

The RocketRentRewards program can only be used for a primary residence purchase and not a second home or investment property. Applicants don’t have to be a first-time homebuyer to qualify. According to Tu, “a lot of people don’t know that these types of offers are out there.” 

Financial institutions like Bank of America and Third Federal Savings and Loan have programs that make homeownership more accessible. Bank of America offers a down payment grant of up to $10,000 and a lender credit of up to $7,500 for eligible borrowers, while Third Federal Savings and Loan provides Low-Cost Mortgages, which include only $395 in closing costs in exchange for a seemingly higher mortgage rate.

Rocket Mortgage program applicants should be aware that there is a chance of still owing closing costs after the credit is applied in addition to being responsible for your down payment.

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