Quicken Loans Home Mortgage Reviews (Sep. 2020) | Home Purchase Mortgages

Quicken Loans Home Mortgage Reviews (Sep. 2020) | Home Purchase Mortgages

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Home Purchase Mortgages from Quicken Loans
· NMLS ID #3030

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Home Purchase Mortgages from Quicken Loans
· NMLS ID #3030

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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount Up to $3,000,000
Loan Term (Years) 8 – 30 years
Number of Reviews 6

Quicken Loans Home Mortgage Review

Quicken Loans Home Mortgage is offered by Quicken Loans (NMLS #3030),

a direct lender

founded in 1985 and based in Detroit, MI.

Quicken Loans Home Mortgage is available in
46 states (and Washington, DC).

Quicken Loans Home Mortgage FAQ

How much can you borrow via Quicken Loans Home Mortgage?

Quicken Loans Home Mortgage allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Quicken Loans Home Mortgage?

Quicken Loans Home Mortgage offers mortgages with terms ranging from 8 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Does Quicken Loans Home Mortgage charge a mortgage origination fee?

Yes, Quicken Loans Home Mortgage may charge a loan origination fee of 0.5% to 3.6% of the loan amount.

What mortgage programs does Quicken Loans Home Mortgage offer?

Quicken Loans Home Mortgage offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • HARP: A mortgage refinance program for home loans owned or backed by Fannie Mae or Freddie Mac. No minimum credit score or value appraisal required.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home’s value for American military members, veterans, and their spouses.

What property usage types does Quicken Loans Home Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Quicken Loans Home Mortgage allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Availability

  Available in 46 states and Washington, D.C.

  • Alabama
  • Alaska
  • Arkansas
  • California
  • Colorado
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) 0.5% – 3.6%
Credit Score Range 620 – 850











Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Minimum Down Payment 0% – 10%
Property Type
  • Multi-Family Home
  • Single Family Home
  • Townhome
House Flipping  
Investment  
Primary Residence  
Loan Amount Up to $3,000,000
Loan Term 8 – 30 years

Read about:   Ought to an On-line is utilized by you Mortgage Lender? Benefits And Disadvantages Of On Line Mortgages

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