Detroit-headquartered Rocket Mortgage on Monday rolled out a lender-paid 2-1 temporary buydown program for lower-income households.

The program, dubbed “Welcome Home RateBreak,” is available to buyers purchasing a single-family home and earning 80% or less of their area median income (AMI). Rocket estimates the size of this segment at more than 90 million people.

The product, offered through both Rocket Mortgage and its wholesale arm Rocket Pro TPO, has a loan limit of $350,000. It is funded by Rocket through an escrow account that will cover the difference between the details ⇒

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