Trending...
- Santa Monica Businesses Push Back on Bus Stop Relocation That Threatens Access and Safety
- Ironside HR Named Fastest-Growing Staffing Firm for Second Year
- Martial Artists Invited to Push Their Limits at the 2025 JMAC Crucible in Ann Arbor
This is the latest in a series of new loan programs from Rocket Mortgage that help Americans achieve homeownership
DETROIT, Nov. 2, 2022 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced a conventional loan option for Americans who are interested in purchasing or refinancing a manufactured home.
"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," said Bob Walters, CEO of Rocket Mortgage. "It's our hope that, through this new option, more Americans can realize their dream of homeownership."
Manufactured homes are built at indoor homebuilding facilities in accordance with the Department of Housing and Urban Development (HUD)'s Manufactured Home Standards. It is then delivered to the land where the owner will live in it. Once the home arrives on site and is placed on a permanent foundation, it becomes real property and is able to be financed through a mortgage.
This housing option offers a cost effective choice for homebuyers as evidenced by a recent report from the Manufactured Housing Institute showing manufactured homes are about a third of the cost, on average, of a site-built home. The Institute also stated that 22 million Americans currently live in manufactured homes and this building type accounts for 9 percent of new home construction.
More on Michimich.com
"In the past year, there was roughly $12 billion in sales of manufactured homes. These are clients with great income, credit scores and who are very creditworthy. We are looking forward to helping them achieve homeownership," Walters added.
Rocket Mortgage's new manufactured home financing can be used for the purchase of a primary residence with as little as 5 percent down or a second home with at least 10 percent. Cash out refinances are available on a primary residence and rate-and-term refinances are available on either a primary or second home. Other credit, asset, income and debt requirements are consistent with conventional loan guidelines.
Clients are able to use Rocket Mortgage's industry-leading digital mortgage experience to apply and go through the loan process, with mortgage experts available to advise and guide them along the way. They can also apply through any mortgage broker who partners with Rocket.
To meet client needs, Rocket Mortgage has announced a number of new offerings in the past few months. In July, the company introduced Rate Drop Advantage – an innovative program that waives many of the costs to refinance if a client buys a home now and refinances within three years. In August, Rocket Mortgage introduced a home equity loan – providing a new option to combat rising consumer debt. The company most recently launched Inflation Buster – lowering a homebuyers' interest rate by one percentage point on most loans for the first year, completely free.
More on Michimich.com
Homebuyers can go to RocketMortgage.com to learn more and apply for a home loan. Mortgage brokers can learn about the program at RocketProTPO.com or they can talk to their account executive.
About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation's largest home mortgage lender and part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Rocket Mortgage closed $351 billion dollars of mortgage volume across all 50 states in 2021.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Rocket Companies, Rocket Mortgage's parent company, ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.
For more information and company news visit RocketMortgage.com/PressRoom.
SOURCE Rocket Mortgage
DETROIT, Nov. 2, 2022 /PRNewswire/ -- Rocket Mortgage, the nation's largest mortgage lender and a part of Rocket Companies (NYSE: RKT), today introduced a conventional loan option for Americans who are interested in purchasing or refinancing a manufactured home.
"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," said Bob Walters, CEO of Rocket Mortgage. "It's our hope that, through this new option, more Americans can realize their dream of homeownership."
Manufactured homes are built at indoor homebuilding facilities in accordance with the Department of Housing and Urban Development (HUD)'s Manufactured Home Standards. It is then delivered to the land where the owner will live in it. Once the home arrives on site and is placed on a permanent foundation, it becomes real property and is able to be financed through a mortgage.
This housing option offers a cost effective choice for homebuyers as evidenced by a recent report from the Manufactured Housing Institute showing manufactured homes are about a third of the cost, on average, of a site-built home. The Institute also stated that 22 million Americans currently live in manufactured homes and this building type accounts for 9 percent of new home construction.
More on Michimich.com
- SeedList Launching Institutional Crypto Crowdfunding Project to Empower Retail Investors and Disrupt the VC-Dominated Crypto Fundraising Landscape
- California Family Launches Billboard to Reach "Pardon Czar" Alice Marie Johnson
- Rocket Companies to Announce Second Quarter 2025 Results on July 31, 2025
- Rent Like A Champion Acquires CollegeWeekends
- Sumter Landing Dental Care Launches Summer Special on Full Mouth Reconstruction
"In the past year, there was roughly $12 billion in sales of manufactured homes. These are clients with great income, credit scores and who are very creditworthy. We are looking forward to helping them achieve homeownership," Walters added.
Rocket Mortgage's new manufactured home financing can be used for the purchase of a primary residence with as little as 5 percent down or a second home with at least 10 percent. Cash out refinances are available on a primary residence and rate-and-term refinances are available on either a primary or second home. Other credit, asset, income and debt requirements are consistent with conventional loan guidelines.
Clients are able to use Rocket Mortgage's industry-leading digital mortgage experience to apply and go through the loan process, with mortgage experts available to advise and guide them along the way. They can also apply through any mortgage broker who partners with Rocket.
To meet client needs, Rocket Mortgage has announced a number of new offerings in the past few months. In July, the company introduced Rate Drop Advantage – an innovative program that waives many of the costs to refinance if a client buys a home now and refinances within three years. In August, Rocket Mortgage introduced a home equity loan – providing a new option to combat rising consumer debt. The company most recently launched Inflation Buster – lowering a homebuyers' interest rate by one percentage point on most loans for the first year, completely free.
More on Michimich.com
- Seligson Law Launches New Website to Support Cannabis Businesses in California and New York
- databahn Announces Subscription Access to Fortune 500 GenAI Deep Dive Sales Intelligence Reports
- AI startup Congero offers instant websites with 24/7 updates - aiming to replace web agencies
- Unlocking PLM's Full Potential: CIMdata Reveals the Executive Support Imperative in Free Webinar
- WonderDays Launches the UK's First AI Experience Gift Finder – Gifting Just Got So Much Easier!
Homebuyers can go to RocketMortgage.com to learn more and apply for a home loan. Mortgage brokers can learn about the program at RocketProTPO.com or they can talk to their account executive.
About Rocket Mortgage
Detroit-based Rocket Mortgage, the nation's largest home mortgage lender and part of Rocket Companies (NYSE: RKT), enables the American Dream of homeownership and financial freedom through its obsession with an industry-leading, digital-driven client experience. In late 2015, it introduced the first fully digital, completely online mortgage experience. Rocket Mortgage closed $351 billion dollars of mortgage volume across all 50 states in 2021.
Rocket Mortgage moved its headquarters to downtown Detroit in 2010. The company generates loan production from web centers located in Detroit, Cleveland and Phoenix. Rocket Companies, Rocket Mortgage's parent company, ranked #7 on Fortune's list of the "100 Best Companies to Work For" in 2022 and has placed in the top third of the list for 19 consecutive years.
For more information and company news visit RocketMortgage.com/PressRoom.
SOURCE Rocket Mortgage
Filed Under: Business
0 Comments
Latest on Michimich.com
- "The Pornified Generation": Dr. Chris Samuels Exposes the Toxic Alliance Between Bro Culture and Pornography That's Rewiring a Generation
- RECOMMENDED CASH AND SHARE COMBINATION OF DOWLAIS GROUP PLC WITH AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
- The Modern Insurance Store Expands Medicare Help Services for Seniors in Cincinnati
- Ironside HR Named Fastest-Growing Staffing Firm for Second Year
- Inframark Continues to Build Its Community Management Capabilities and Multi-Disciplinary Presence in Arizona
- ICAST 2025: The Crystal-Clear Revolution Begins at Booth #3233
- Brindle Pet Supplies Now Carries Badlands Ranch Dog Food in Canada
- $10 Million Allocated to Establish Crypto Treasury Focused on High Value Ethereum (ETH) & Bitcoin (BTC) as Long-Term Holdings for Cybersecurity Leader
- Sing For Your Supper: A Night of Musical Comedy and Drag for a Great Cause
- Cummings Graduate Institute for Behavioral Health Studies Celebrates New DBH Graduates
- $100 to $200 Million Equity Agreement with Top Digital Advisor Bitwise to Power Major Digital Asset Initiative for Bitcoin and Solana: OFA Group
- New Collaboration Launches Corporate ESG Solution for Responsible Decommissioning and Transparent Reporting
- Roofman USA Shares the Pros and Cons of Summer vs. Fall Roof Replacements
- Wilderness Construction Shares Storage Solutions to Take You Kitchen Remodel to the Next Level
- The Bridge Chiropractic in Ann Arbor Offers Groundbreaking Approach to Knee Pain Relief
- Martial Artists Invited to Push Their Limits at the 2025 JMAC Crucible in Ann Arbor
- SlickCashLoan Launches Free Loan Calculator to Help You Plan Monthly Payments
- Michigan Personal Injury Lawyers, Matz Injury Law, Announces Over $10 Million Savings for Clients Through Reduced Fee Model
- TikTok Star ArcadeFriends Attempts 24-Hour Claw Machine Marathon at Lucky Puppy Arcade in Las Vegas
- Pyro Marketing Launches New Website to Accelerate Growth for Fitness Brands