Move in response to segment growth
Rocket Mortgage has rolled out a new manufactured home loan program – the latest in a series of mortgage offerings the company has launched in recent months.
The manufactured home loan can be used to purchase a primary residence with as little as a 5% down payment or a second home with 10%. Cash-out refinances are available on a primary residence, and rate-and-term references are available on either a primary or second home. The loan requires credit, asset, income and debt documentation in line with conventional loan guidelines.
Read more: Broker on how manufactured housing can help first-time buyers enter the market
“In the past year, there was roughly $12 billion in sales of manufactured homes,” said Rocket Mortgage CEO Bob Walters. “Many of these clients have a great income and credit scores and are very creditworthy. We are looking forward to helping them achieve homeownership.”
The company introduced the new manufactured home financing option following the launch of its customer loyalty program, Rocket Rewards. Last month, the lender debuted its Inflation Buster program, which lowers a homebuyer’s mortgage rate by 1% on most loans for the first year. Prior to that, Rocket Mortgage also launched a new home equity loan and Rate Drop Advantage, a program that waives refinance costs if a client buys a home now and refinances within three years.
“After revolutionizing the home loan experience for traditional site-built homes, we are proud to bring the technology and expert guidance Rocket is known for to those who are purchasing manufactured homes,” Walters said. “It’s our hope that, through this new option, more Americans can realize their dream of homeownership.”
