Rocket rolls out temporary rate buydown for lower-income households
Briefly

from www.housingwire.com1 month ago
Rocket Mortgage's Welcome Home RateBreak program offers lower-income homebuyers a temporary interest rate reduction, enabling affordability in housing amid rising mortgage rates.
www.housingwire.comhttps://www.housingwire.com/articles/rocket-rolls-out-temporary-rate-buydown-for-lower-income-households/
Bill Banfield commented, "Some people have the down payment money but they just don't like the interest rate. We can give them a rate that is materially lower..."
www.housingwire.comhttps://www.housingwire.com/articles/rocket-rolls-out-temporary-rate-buydown-for-lower-income-households/
For a $250,000 loan at 6.99%, using the Welcome Home RateBreak would reduce first-year payments to $1,340 from $1,661, saving over $5,800 in two years.
www.housingwire.comhttps://www.housingwire.com/articles/rocket-rolls-out-temporary-rate-buydown-for-lower-income-households/
Rocket has launched various mortgage products like ONE+, aimed at affordability, allowing buyers income at or below 80% AMI to make a 1% down payment.
www.housingwire.comhttps://www.housingwire.com/articles/rocket-rolls-out-temporary-rate-buydown-for-lower-income-households/
Read at www.housingwire.com
#rocket-mortgage #homebuying #interest-rate-reduction #affordable-housing #mortgage-programs
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