Thoughts on quicken loans?

[907grown]

Hello, I think I am about ready.... CO PAID, Collections PAID, now, my credit just needs months to years to fully recover... Wasn't able to get many baddies off, so the baddies are paid but showing... So, my scores are 644, 635, and 606. Clearly I have a mid score of at least 620, unfortunately though, not 640. I have called a number of lenders, they are telling to be eligible to get a loan through them, I need a 640 score. Called quicken loans today, they told me a 620 is what I would need.  I am super excited about the possibilility of getting into a house by summer, but I am a little apprehensive about getting a loan nationally and not locally. This is my first home..... Any thoughts, experiences with quicken loans or any other national lender?

[StartingOver10]

The question you should be asking is not the difference between a national or a local lender, but what is the actual loan procedure.

I'm a Realtor (for 30+years) and have had various clients of mine use Quicken Loans. There are good things and bad things with any lender, but Quicken's process is not very good for someone with a file like your file. Yes, they will take the app + your app fee. They will do that knowing they can't close the loan. Not that you can't get approved at another lender, but Quicken does not do well with anyone that has issues on their credit. They also don't do well for self employed borrowers. Or 1099 borrowers. Or anyone that has any item in their file that needs to be addressed outside a limited set of circumstances.

The reason is this: their mortgage application model has "application takers" rather than actual loan officers. They don't have the ability to analyze a file like a good loan officer. As a consequence the loan application may be incorrectly taken which would directly negatively affect your approval.  

For someone with your credit criteria, you need a good loan officer. There are a couple right on the mortgage board here that are excellent and loan nationally. You want someone that can underwrite and fund the loan directly (correspondent lender or mortgage banker).

[baller4life]

@StartingOver10 what lenders are known to be good with 1099 borrowers?

[Timbrooks08]

I used regions bank. Went to the bank took two years of p&l and two years of tax returns and sat down and talked to a loan officer

[StartingOver10]

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@baller4life wrote:

@StartingOver10 what lenders are known to be good with 1099 borrowers?

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In my experience the best lenders for 1099 borrowers are correspondent lenders and regional lenders. In other words, they underwrite and fund their own loans (and then sell them to large servicers like BOA or Wells Fargo). In general I prefer correspondent lenders (mortgage bankers) because they have many lenders they work with and regional lenders have only one funding source (like Regions mentioned above). Sometimes you can find a good LO at a big box bank, but it is rare IME.

Make sure you get a good LO that knows how to read tax returns. The experience of the LO is critical.  

PM me for specific referral to a couple of excellent lenders. Let me know where you are geographically (city/state) in your PM.

[baller4life]

Thx so much StartingOver10. I will definitely be sending you a pm!