If you rent, it may feel like you'll never save enough to buy a home. But a new program from Rocket Mortgage is rewarding renters with up to $5,000 to make the dream of homeownership a reality
Launched in February, the RocketRentRewards program provides renters with a credit worth 10% of their final year of rent payments that they can put toward closing costs on a Rocket Mortgage home loan.
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
A monthly rent of $1,800, for example, would net you a $2,160 credit.
"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 chief economist Bill Banfield. "RentRewards eases those concerns by rewarding clients for simply doing what they do every month: making their rent payment."
The credit can only be applied towards purchasing a primary residence and applicants must provide proof of rent payments for the past 12 months, such as canceled checks, bank statements or a lease agreement.
Closing costs include lenders' fees, title search and insurance, legal fees, home inspection and private mortgage insurance, and can be as much as 6% of the home price. For a $200,000 home, that could mean as much as $12,000 in closing costs.
Along with saving for a down payment, expenses related to closing are among the top barriers to homeownership for Americans, according to data from the Urban Institute.
"The sizes of the fees that make up closing costs vary significantly and lead to a regressive pattern of costs, which makes closing costs more burdensome for homebuyers with lower incomes and less wealth," the nonprofit think tank said in a January 2025 blog post. "This added burden poses yet another roadblock to first-time homebuyers seeking to buy starter homes, further constraining access to credit."
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What is the RocketRentRewards program?
Rocket Mortgage's RocketRentRewards program allows renters to submit proof of their final year of rent to earn a credit of up to 10% that can be put toward a home financed through the online lender. According to Rocket Mortgage, this is the first program in the industry to reward renters with closing cost credits.
What are closing costs?
"Closing costs" is an umbrella term given to the various expenses paid when closing on a home sale, including your application fee, origination fees, the cost of having the home appraised, title search and insurance, attorney fees, several months' worth of property taxes and the first year of homeowners insurance. Both buyers and sellers incur closing costs, but there's room for negotiation about who pays for what. For buyers, closing costs typically range from 2% to 6% of the home's total purchase price.
What credit score do I need for a Rocket Mortgage home loan?
For conventional loans, Rocket Mortgage prefers a minimum credit score of 620, although borrowers with a 760 will typically get the best rates. FHA loans are backed by the U.S. Department of Housing and Urban Development, so they have more flexible credit requirements. If you have a down payment of at least 10%, you only need a 500 FICO score for approval. If you have a 580 or better, you can get approved with just 3.5% down.
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