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Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Quicken Loans and FHA

I've read for hours and find Quicken Loans are fast to accept relatively low credit scores and easily accept 3.5% down payment in areas where many here are having a really hard time with banks. Has anybody had problems in the loan process with Quicken? They seem most eager to lend. I don't want issues in the 11th hour.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011

Re: Quicken Loans and FHA

I have read bad posts about quicken, so I'd use the search box here and put in "Quicken Loans" and see what you can come up with.  I'm pretty sure they make you pay a substantial amount to just get the ball rolling, that is nonrefundanble.  i wouldn't use them, personally, based on posts I've read. 

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Contributor
BGinVA
Posts: 131
Registered: ‎10-03-2011

Re: Quicken Loans and FHA

[ Edited ]

I refinanced with Quicken back in December.  I  got a little nervous when I read some of the complaints, but most of them if I were to tally them up surrounded properties not coming in at list value on  appraisal, which on one hand you could say had nothing to do with Quicken, but some people claim that the appraisal company they use is owned by the same people so blame them for the low appraisals.  Know that you do have to pay an upfront fee, it seems to vary state to state, mine was $500 and was indeed credited towards closing costs.  If you back out of the deal or your appraisal comes in low, they WILL keep your money as they say it pays for your credit report and appraisal fee.  I felt I was treated well, but it was NOT the quickest loan process I've ever gone through (2 purchases, 3 refinances and 3 HELOCs since 1988), in fact I think it was the slowest, which was ironic for the name.  I wouldn't stear anyone away from them based on my experience but ymmv. 


Starting Score: EQ 630 TU 632
Current Score: 660 EQ 663 TU
Goal Score: 660 to purchase new vehicle


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Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Re: Quicken Loans and FHA

My mid EQ is 668. I had a BK 9.2 years ago. A couple of my credit cards are kinda high but I have enough cash to mostly pay them off. I've not had a single finance issue in any way since the BK. I just don't see where I can have a problem but I hear they are slow as well. I haven't even sesearched another lending instituation yet. I'm buying a townhome that originally sold for $229,000 new in 2005 for $52,000. I make $47,000 a year. I have a substantial 401K. I have down payment and closing coast but I've heard wicked things about Quicken being slow. How slow can they be?

Yep, this house is a short sale but the owner in good with the HOA and there are no second leans on the property. Still I sweat bullets.

How do I look?

Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Re: Quicken Loans and FHA

Thanks booner. Quicken/search...Doh!

Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Re: Quicken Loans and FHA

Thanks BG. I'm wondering about the appraisel too but I think I will be OK there. This price is just about the lowest in the aera and the house in in very good shape. Did it take you long to refinance? Was your rate OK?

Regular Contributor
wanttomove
Posts: 181
Registered: ‎03-25-2011

Re: Quicken Loans and FHA

I purchased my home in July using Quicken. Honestly they weren't my first choice. I feel like their fees are just alittle higher than everyone elses. Also, their GFE amount was alittle different from their HUD-1 amounts which I wasn't too thrilled with, but I don't know if that's just a Quicken thing or if it happens in other places as well.

The thing is, their customer service is excellent. Their website allows you to see where you stand and what they need. If your LO or processor isn't there there is someone else who can still help you because they put notes in the system that everyone internally can see. They are also open on Saturdays too. And their turnaround times are quick.

As far as the credit score, at the time when I applied and was preapproved, any score below 640 requred a 5% downpayment. That may have changed but I would check with them on that.

 

Good Luck!

 

New Contributor
BGinVA
Posts: 131
Registered: ‎10-03-2011

Re: Quicken Loans and FHA

Sounds like you should be okay on the appraisal, we didn't have any problem with ours either and infact still ended up with about $20K equity after refinancing with the new closing cost rolled in and all.  When I say slow, it wasn't extraordinarily slow, but the only mortgage I've ever had that came close to being that slow was my first FHA in 1988, back when everything was either hand delivered, or shipped overnight, and that process took just about 6 weeks back then.  With Quicken I was able to upload within minutes everything they asked for (which wasn't an overly burdensome amount of requests), we applied November 18th and closed December 31st, so it was about 6 weeks again.  When we bought this same house, we closed within 2 weeks of walking into the brokers office, and none of my refinances or HELOCs have taken more than 3-4 weeks in the past.  But I may have just been really lucky in the past, it may be that lots of people are refinancing now because the rates are good and also that they are looking at things more closely since the mortgage industry crash. 


Starting Score: EQ 630 TU 632
Current Score: 660 EQ 663 TU
Goal Score: 660 to purchase new vehicle


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Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Re: Quicken Loans and FHA

Thank you wanttomove. I lost this thread and have been looking for it for 2 weeks. Wow.

Quicken keeps calling me asking if I've heard anything on my short sale so it seems they are ancxious to move forward. At 50 days since the offer, I'm just starting to hear things from the sellers bank.

Regular Contributor
StrateUp
Posts: 233
Registered: ‎02-02-2012

Re: Quicken Loans and FHA

Thanks BG. As I just told wanttomove, I lost this thread and just found it.

I live in Las Vegas and have been hoping to close and move before it gets too hot outside. I'm pre-aproved and they keep calling me wanting to know if I've heard anything on my short sale offer.


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