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Quicken Loans has become the nation’s largest mortgage lender even though it doesn’t operate any branch offices. When you apply for a mortgage from Quicken Loans, you can work out the details over the phone, or complete the entire process online through the company’s Rocket Mortgage division.
Quicken Loans overview
Minimum credit score
620 for conventional and (generally) for VA loans
580 for FHA loans
760 for jumbo loans on purchases, 700 for refinances
Conventional fixed-rate mortgages
Adjustable-rate (ARM) products
VA and FHA loans
Quicken Loan fees include origination fees, rate-lock fees and closing costs. These expenses vary by loan type and taxes. According to Quicken Loan’s website, closing costs average between 2 to 6 percent of the purchase price.
Closing costs include things like title fees, recording fees, appraisal fees, credit report fees, pest inspection, attorney’s fees, taxes and survey fees.
Minimum borrower requirements
Quicken Loan generally follows the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.
Borrowers must also have a debt-to-income ratio (DTI) of no more than 50 percent as well as 2 to 6 percent of the purchase price in cash reserves to cover the closing costs.
For FHA, VA and USDA loans, those requirements are set by the government. You can find them here:
FHA loan requirements
VA loan requirements