Bilt, a company known for helping renters earn rewards on their biggest reoccurring expense, is expanding its loyalty program. This time, it is turning its attention to homeownership.

The company is launching a program that allows people to earn points when purchasing a home. The company said it is a first for the industry. It also comes at a time when housing costs, including elevated home prices and borrowing rates, have sidelined a significant number of buyers and sellers from the market.

Industry experts have also warned that interest rates may not fall as much as previously expected.

The new program is an extension of what the company has already been doing in attempting to help its members build their path toward homeownership. Bilt currently helps members build their credit by reporting their timely rent payments to the credit bureaus every month. In doing so, renters are able to build their credit history, making it easier to qualify for a home, founder Ankur Jain told FOX Business. 

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With the new program, Bilt launched a search tool on its website and app that enables prospective buyers to search for homes based on their monthly budget rather than the total price. The move is an attempt to help buyers navigate the complexities of homeownership in a way that aligns with their budget. 

"Part of the issue is people really don't even know what they can afford and which homes they can buy," Jain said. "It is a little bit easier to find homes you can afford right now just by creating simplicity and transparency."

Here's how the program works:

First, perspective buyers need to be a Bilt member, which is free. Bilt members can then search for homes based on their budget through the company's website or app. Buyers can search and compare what they can get for their monthly budget in areas around the country. 

Members can also see how far their monthly rental payment could go toward owning a home.

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"You say, ‘I can spend $5,000 a month all in, including taxes, insurance, interest, principal… show me the homes I can buy today.’ And we do all the work for you," Jain said.

The company calculates homeownership costs such as the local tax rates on that house, insurance estimates, principal cost and interest. It also looks up what mortgage rates a person qualifies for, according to Jain. 

When someone is ready to buy, they click on the home and schedule a tour with an eXp Realty agent. If the prospective buyer closes on the home with the agent, they will earn one point for every $2 of a home's purchase price. 

The points will automatically get deposited into their Bilt account, which can be redeemed for things like travel or fitness classes. 

These homes are not direct listings for Bilt. The company is pulling from all the major home services.

"It's just going through the Bilt to find the home, that's the key," Jain said.

Lawrence Yun, chief economist at the National Association of Realtors, told FOX Business he is unsure if a "corporate point system can influence the ultimate decision one way or the other" to buy a home given how big this decision is. 

However, Yun acknowledged that Bilt's move is a positive development for the industry. 

"Many inducements exist in the marketplace, for example, buying down of mortgage rates, free appliances, free home warranties, and others," he said. "Therefore, more competition is admirable to see in this country’s competitive real estate brokerage industry."

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Bilt has been expanding its rewards programs since being founded in 2019 by Jain. 

Today, Bilt members can earn points on rent payments at more than 4.5 million homes across the nation. Among its housing incentives, it also rewards members when they sign or renew a lease. Those points can be transferred for things like travel, dining or fitness classes. It also rewards people for spending within their neighborhood, such as at local restaurants, workout classes and for using Lyft's rideshare service.  

In August, it teamed up with Walgreens to help members use their unused flexible spending accounts and health savings accounts funds for eligible purchases.