Renters can earn up to $5,000 in closing cost credits when buying a home
Rocket Mortgage has launched RocketRentRewards, a program that allows renters to apply a portion of their past rent payments toward closing costs when purchasing a home.
The initiative provides 10% back on the last 12 months of rent payments, with a maximum of $5,000 in lender credits.
With the national average rent at $1,800 per month, many renters could receive approximately $2,160 in closing cost credits, potentially reducing one of the most significant financial barriers to homeownership, the mortgage giant said.
“Many renters feel like homeownership is out of reach – especially as they try to save money to take to the closing table,” said Bill Banfield, chief business officer and economist at Rocket Mortgage, said in a Press release. “RocketRentRewards eases those concerns by rewarding clients for simply making their rent payments.”
The launch of RocketRentRewards comes at a time when renter households are growing rapidly, now making up more than a third of US homes. The program aims to help bridge the affordability gap, particularly for underserved communities, who are expected to represent more than half of first-time homebuyers by 2030.
The Federal Housing Administration (FHA) has also been exploring changes that could further support renters’ transition to homeownership. In November 2024, the FHA proposed new guidelines that would allow borrowers to use rental income from individuals living in their homes to qualify for FHA-insured mortgages.
Under current rules, borrowers must demonstrate two years of boarder income to count it toward their mortgage application, but the new proposal would reduce that requirement to just 12 months.
How RocketRentRewards works
Renters looking to take advantage of RocketRentRewards can verify their rental payments through documentation that confirms their current rental amount. Once validated, the credit will be directly applied to their closing costs.
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This initiative is part of Rocket’s broader “Own the Dream” campaign, which promotes homeownership and offers digital tools to simplify the homebuying process. The company has also launched Rocket.com, a platform that enables consumers to search for properties, apply for financing, and manage their mortgage.
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