Qualification is minimal, and though the program is set to terminate at the end of each year, it’s renewed for the next. These loans enable holders of conventional mortgages to refinance their loans, even if they owe more on the house than the house is worth. They’re also restricted by county, but still available in 97% of counties nationwide. But they’re limited to low- to moderate-income borrowers, and generally at lower loan amounts. Similar to VA loans, these also offer 100% financing on owner-occupied homes. However, they generally require higher down payments and better credit profiles. But Jumbo mortgages are available for larger loan amounts. The mortgage types above are available for loan amounts of up to $484,350 for single-family properties, or up to $729,525 in designated high cost areas. They’re also generally at least a little bit more flexible on credit than conventional mortgages. The major benefit of VA loans is that they offer 100% financing. Va mortgages are available for eligible veterans and active duty military personnel, for the purchase or refinance of a primary residence only. They are available only for owner-occupied primary residences, for purchase or refinance, and typically require a down payment of at least 3.5%. These are government insured mortgages that are available to borrowers with less than perfect credit. In most cases, the minimum down payment will be 5%. Properties can be purchased or refinanced as a primary residence, vacation home, or even investment property. These are loans available to all borrowers for either purchase or refinance, but they generally require better credit than the other loan types. Quicken Loans is a full-service mortgage lender offering the following loan programs: Conventional mortgages The company has been BBB accredited since 1986. Quicken Loans has a Better Business Bureau (BBB) rating of “A”. In fact, Quicken Loans and Rocket Mortgage seem to be gradually merging into the same organization under two different names.
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Rocket Mortgage is perhaps the better known of the two, because of the substantial TV advertising used to promote it. In 2016, Quicken Loans launched its Rocket Mortgage division, which also functions as an entirely online mortgage lending platform. But rather than offering retail locations, where you can complete applications face-to-face with company personnel, the whole process takes place online. About Quicken Loansįounded in 1985, and based in Detroit, Michigan, Quicken Loans has grown to become the largest retail mortgage lender in the US, as well as the largest online mortgage lender.Īs a mortgage lender, Quicken Loans offers all types of mortgages. Because of that, they’ve managed to speed the entire application process, and even reduce much of the paperwork requirements.
Their entire operation is built around it. But Quicken Loans is already all about online mortgage lending. Mortgage lenders have been gradually moving toward an online application process.
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