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 consult 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. 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 View Rates

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