Buying a home can be a complex process, especially when you’re doing it for the first time. However, Loan Factory has unveiled the ground-breaking Rocket $5,250 Purchase Plus Program, which will guide you through the process and provide savings on your interest rate, closing costs, and more.
About Rocket $5,250 Purchase Plus Program
Rocket $5,250 (Purchase Plus Program): This credit initiative is a one-time use credit intended to alleviate the costs associated with buying a home. Qualified borrowers can receive a CREDIT of $500 towards LLPA and up to $5,250 towards down payments and closing expenses. This program bridges the gap to homeownership, enabling buyers to start their journey with confidence and peace of mind.
What Does The Rocket $5,250 Purchase Plus Program Offer
The Rocket $5,250 Purchase Plus Program is designed to unlock the door to owning a home and lower the barriers to entry and affordability by providing substantial financial incentives.
Here’s a detailed overview of what the Rocket $5,250 Purchase Plus Program offers:
- $5,250 in Lender Credit
One of the distinct offerings of the Rocket $5,250 Purchase Plus Program is the $5,250 lender credit. You can use the credit to cover all or part of your down payment and closing costs, which will reduce the amount of money you have to pay out of pocket before closing on your home. The reduction in financial burdens at closing makes it easier for you to qualify for a mortgage and purchase a house.
- $500 Appraisal Credit
The Rocket $5,250 Purchase Plus Program also provides a $500 appraisal credit in addition to the generous lender credit. The credit is given at closing and goes to the cost of the mandatory home appraisal. This helps you save money, which you can then spend on your home.
- Lower Monthly Mortgage Insurance Rates
Rocket Purchase Plus $5,250 Program helps buyers with reduced monthly mortgage insurance rates, eliminating the long-term costs typically associated with 3, 5, or 7-year payment plans. This advantage can add up to quite a bit of savings over the life of your loan, helping you afford your monthly payments. Lower mortgage insurance rates help ease the long-term financial commitment associated with homeownership.
- Additional $1,000 Credit for HomePath Properties
When you purchase a HomePath property, you receive an additional credit of $1,000 through the Rocket $5,250 Purchase Plus Program. Eligible borrowers can claim this credit if they secure title insurance under different terms from the Fannie Mae-paid title policy. This special offer helps customers save more money with the HomePath properties, making them even more attractive.
Why is the Rocket $5,250 Purchase Plus Program amazing for eligible borrowers?
In addition to the significant savings that customers receive through this program, its superior flexibility makes home purchases more affordable and accessible compared to other programs.
1. No geographic location requirements for the subject property
The Rocket $5,250 Purchase Plus Program offers unprecedented flexibility by eliminating geographic restrictions for the subject property. This means eligible borrowers have the freedom to purchase a home in any location without restrictions imposed by the program.
2. No grant repayment
There are no repayment obligations with the Rocket $5,250 Purchase Plus Program. That means the money provided is a grant and does not have to be repaid by qualifying borrowers, presenting a significant financial benefit.
3. No minimum residency period
The Rocket $5,250 Purchase Plus Program does not have a minimum residency period requirement, allowing eligible borrowers to move into their new homes immediately.
4. No income limit
The Rocket $5,250 Purchase Plus Program imposes no maximum household income or borrower income requirements, ensuring eligibility is not restricted by income. This flexibility allows more borrowers to qualify and pursue homeownership without income constraints.
5. No LLPA’s
Rocket $5,250 Purchase Plus Program - does not apply to Loan Level Price Adjustments (LLPAs), resulting in improved loan terms for the borrower and lower associated mortgage financing costs.
6. No settlement delays during grant request reviews.
The Rocket $5,250 Purchase Plus Program eliminates delays during the review of grant requests, streamlining the settlement process for eligible borrowers.
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Qualification Requirements for the Rocket $5,250 Purchase Plus Program
The Rocket $5,250 Purchase Plus Program opens doors to the American dream for low-income homebuyers by providing them with unexpected perks and convenience, provided they fulfill the following requirements:
1. First-time Homebuyer Status:
Applicants must be first-time homebuyers, defined as individuals who have not owned a principal residence within the past three years. This criterion aims to support those entering the housing market for the first time.
2. Residency Requirement:
To meet eligibility criteria, at least one borrower must currently reside in a designated metropolitan or expanded area census tract approved by Fannie Mae. This ensures targeted community support through the Rocket $5,250 Purchase Plus Program.
- Atlanta, Sandy Springs, Roswell-GA
- Baltimore, Columbia, Towson-MD
- Brownsville, Harlingen - TX
- Chicago, Naperville, Elgin-IL, IN
- Cleveland-OH
- Dallas-Fort Worth, Arlington-TX
- Detroit, Warren, Dearborn-MI
- Houston, Pasadena, The Woodlands - TX
- McAllen, Edinburg, Mission - TX
- Memphis-TN, MS, AR
- Miami, Ft. Lauderdale, West Palm Beach-FL
- New York, Newark, Jersey City-NY, NJ
- Oklahoma City-OK
- Orlando, Kissimmee, Sanford-FL
- Philadelphia, Camden, Wilmington-PA, NJ, DE, MD
- Phoenix, Mesa, Chandler - AZ
- Riverside, San Bernardino, Ontario - CA
- San Antonio, New Braunfels-TX
- St. Louis - MO, IL
- Tampa, St. Petersburg, Clearwater-FL
- Washington, Arlington, Alexandria-DC, VA, MD, WV
For a quick and simple way to see if you're listed, use the tool to locate the Loan Officer nearest to answer you.
3. Loan Type and Approval
A critical requirement for the Rocket $5,250 Purchase Plus Program is securing a Fannie Mae Conventional loan with Desktop Underwriting Approve/Eligible findings. This ensures that your mortgage meets stringent eligibility criteria, ensuring smoother processing and approval.
Remember, each lender may have its own set of additional requirements or steps to follow, so it's important to work closely with Loan Factory or your chosen loan officer to navigate the application process successfully.
Why Loan Factory is Your Best Choice for a Mortgage Partner?
At Loan Factory, we're committed to making your home-buying journey smooth and rewarding. Here's why we're your ideal mortgage partner:
- Specialized in First-Time Home Buying: Our team excels in guiding first-time buyers through the intricacies of the mortgage process.
- Competitive Rates: We diligently negotiate to secure the most competitive rates, ensuring your mortgage is affordable and advantageous.
- Exceptional Customer Service: Your satisfaction is our priority. We're here to answer your questions, provide clear guidance, and support you from application through to closing.
Make Your Homeownership Dreams a Reality
Seize the opportunity to lower the cost of homeownership. You may now own your dream home faster than ever before with Loan Factory's assistance and the Rocket $5,250 Purchase Plus Program. Finding the ideal mortgage for your needs and optimizing these advantages are top priorities for our staff.
Ready to start your journey to homeownership? Contact Loan Factory today to discover more about the Rocket $5,250 Purchase Plus Program and how we can assist you in securing your future home. Visit our website or give us a call to begin today. At Loan Factory, your goals are our priority, and we're dedicated to helping you achieve them.
