Rocket Mortgage Once more Expands House Mortgage Choices, Begins Financing Manufactured Houses

That is the newest in a sequence of latest mortgage applications from Rocket Mortgage that assist People obtain homeownership

DETROIT, Nov. 2, 2022 /PRNewswire/ — Rocket Mortgage, the nation’s largest mortgage lender and part of Rocket Companies (NYSE: RKT), right this moment launched a standard mortgage possibility for People who’re excited about buying or refinancing a manufactured house.

“After revolutionizing the house mortgage expertise for conventional site-built properties, we’re proud to carry the know-how and knowledgeable steerage Rocket is understood for to those that are buying manufactured properties,” mentioned Bob Walters, CEO of Rocket Mortgage. “It is our hope that, by way of this new possibility, extra People can understand their dream of homeownership.”

Manufactured properties are constructed at indoor homebuilding services in accordance with the Division of Housing and City Improvement (HUD)’s Manufactured Home Standards. It’s then delivered to the land the place the proprietor will dwell in it. As soon as the house arrives on web site and is positioned on a everlasting basis, it turns into actual property and is ready to be financed by way of a mortgage.

This housing possibility gives a value efficient selection for homebuyers as evidenced by a recent report from the Manufactured Housing Institute exhibiting manufactured properties are a few third of the associated fee, on common, of a site-built house. The Institute additionally said that 22 million People at present dwell in manufactured properties and this constructing sort accounts for 9 p.c of latest house building.

“Prior to now 12 months, there was roughly $12 billion in gross sales of manufactured properties. These are shoppers with nice earnings, credit score scores and who’re very creditworthy. We’re wanting ahead to serving to them obtain homeownership,” Walters added. 

Rocket Mortgage’s new manufactured house financing can be utilized for the acquisition of a main residence with as little as 5 p.c down or a second house with a minimum of 10 p.c. Money out refinances can be found on a main residence and rate-and-term refinances can be found on both a main or second house. Different credit score, asset, earnings and debt necessities are per standard mortgage pointers.

Shoppers are ready to make use of Rocket Mortgage’s industry-leading digital mortgage expertise to use and undergo the mortgage course of, with mortgage specialists accessible to advise and information them alongside the way in which. They’ll additionally apply by way of any mortgage dealer who companions with Rocket.

To fulfill shopper wants, Rocket Mortgage has introduced quite a few new choices previously few months. In July, the corporate launched Charge Drop Benefit – an modern program that waives most of the prices to refinance if a shopper buys a house now and refinances inside three years. In August, Rocket Mortgage launched a house fairness mortgage – offering a brand new choice to fight rising client debt. The corporate most not too long ago launched Inflation Buster – reducing a homebuyers’ rate of interest by one share level on most loans for the primary 12 months, fully free.

Homebuyers can go to RocketMortgage.com to be taught extra and apply for a house mortgage. Mortgage brokers can study this system at RocketProTPO.com or they will speak to their account govt.

About Rocket Mortgage

Detroit-based Rocket Mortgage, the nation’s largest house mortgage lender and a part of Rocket Firms (NYSE: RKT), permits the American Dream of homeownership and monetary freedom by way of its obsession with an industry-leading, digital-driven shopper expertise. In late 2015, it launched the primary absolutely digital, fully on-line mortgage expertise. Rocket Mortgage closed $351 billion {dollars} of mortgage quantity throughout all 50 states in 2021.

Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The corporate generates mortgage manufacturing from internet facilities situated in Detroit, Cleveland and Phoenix. Rocket Firms, Rocket Mortgage’s father or mother firm, ranked #7 on Fortune’s listing of the “100 Greatest Firms to Work For” in 2022 and has positioned within the prime third of the listing for 19 consecutive years.

For extra data and firm information go to RocketMortgage.com/PressRoom.

SOURCE Rocket Mortgage