RKT - New Rocket Mortgage program offers up to $7500 credits for underserved communities

• Rocket Mortgage, part of Rocket Companies ( NYSE: RKT ), introduced a special purpose credit program that's aimed at making home ownership more accessible in underserved communities, it said Tuesday.
• Under the Purchase Plus program, first-time homeowners in specific areas of six cities can get up to $7,500 in credits toward their mortgage costs. The offer is available in specified census tracts in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
• "Our Purchase Plus program is a catalyst that will help narrow the homeownership gap by addressing a concern we've heard time and again – the difficulty of saving for out-of-pocket expenses when buying a home," said Rocket ( RKT ) Mortgage CEO Bob Walters.
• The first phase of the program will focus on specific census tracts in each of the six cities and their surrounding metropolitan areas, areas in which the initiative can make the biggest impact in bridging the homeownership gap, the company said.
• In November, Rocket ( RKT ) issued guidance for lower revenue, closed loan volume, net rate lock volume, and gain on sale margins.

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