![]() Quicken Loans requires a minimum down payment of 3%, a maximum DTI ratio of 50%, a minimum FICO score of 620, and enough cash to cover closing costs that might be between 2-6% of the purchase price. Determining which term is better for you will depend on your situation, and it is always advisable to consul a mortgage professional before deciding. Among them you’ll find:įixed-rate mortgages - Available in terms of 15 and 30 years, Quicken's fixed-rate mortgages are the standard in the industry. Quicken Loans boasts a bevy of mortgage products for purchase or refinance that include conventional and government-backed loans. Today, Quicken Loans is the nation’s largest mortgage lender by volume. During the 1990’s the company started to focus more on online lending and, after rebranding in 2000 as Quicken Loans, it steadily rose in prominence. The Detroit-based Quicken Loans was originally founded in 1985 as Rock Financial and later changed its name to Rock Financial Group. What started out as a brick-and-mortar operation evolved into the nation’s largest online mortgage lender. Minimum FICO score is 620 for Conventional and VA loansĬonsiders credit scores and debt-to-income ratios Quicken could also do more to mention their fees, as these are not readily available on their website. Aside from cash-out refinance, Quicken does not have home equity loans, HELOCs, and reverse mortgages. Further, although Quicken Loans does offer a wealth of mortgage products, they offer less options when it comes to tapping into your home’s equity. The company does not have physical branches, so customers will need to complete mortgage processes online or over the phone. ![]() ![]() Quicken will fall short for potential borrowers who prefer face-to-face interactions. "If you don't make value you will never get another deal from us," they would say, according to Turner.Hawaii Alaska Florida South Carolina Georgia Alabama North Carolina Tennessee RI Rhode Island CT Connecticut MA Massachusetts Maine NH New Hampshire VT Vermont New York NJ New Jersey DE Delaware MD Maryland West Virginia Ohio Michigan Arizona Nevada Utah Colorado New Mexico South Dakota Iowa Indiana Illinois Minnesota Wisconsin Missouri Louisiana Virginia DC Washington DC Idaho California North Dakota Washington Oregon Montana Wyoming Nebraska Kansas Oklahoma Pennsylvania Kentucky Mississippi Arkansas Texas Get Started Some loan officers "would call appraisers and say: 'If you can't make the value, don't do the appraisal.'" And if the appraiser told the loan officer that there was no way he or she could hit that value, the loan officer would threaten to withhold future assignments. Frequently there was no subtlety about it. Major lenders "actually supplied (appraisers) with the figure needed to make the deal work," he said. In fact, he said, they got their message across far more bluntly than simply labeling the number needed as an "owner's estimate." But Pat Turner, an appraiser in Richmond, Va., said during the boom years, before federal appraisal reforms were enacted, lenders and loan officers weren't shy about revealing the target value they needed to close a loan. Lori Noble, an appraiser with the Real Property Consulting Group in Charleston, W.Va., said, "I never saw other companies do it" - that is, include "owner's estimate" dollar figures to appraisers along with order forms offering the assignment of work. District Judge John Preston Bailey called Quicken's conduct "truly egregious" in that it "flew in the face of prudent lending practices for the benefit of Quicken's bottom line."īut was supplying advance estimates of value a commonplace industry practice back then? Appraisers had differing opinions on the matter. "Once an appraisal is tainted by the implication of influence over the appraiser, especially by the party compensating the appraiser," the court said, "the resulting appraisal cannot by any established standard be fair, valid and reasonable." The court also found that by "concealing" what it did, Quicken "deceived the plaintiffs." U.S. The court determined that Quicken's practices constituted "unconscionable" conduct under the West Virginia Consumer Credit and Protection Act. One home-owning couple said in the original complaint that Quicken's appraiser had reported their property was worth $151,000, significantly higher than its actual value of $115,500. Plaintiffs in a class-action suit affecting 2,770 homeowners said appraisers working for Quicken had overstated the market worth of their properties, putting them underwater on their loans from the start. Quicken allegedly provided appraisers advance "estimates" of property values in assignments on home financings, effectively communicating the amounts Quicken needed to fund the loan.
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