has anyone ever used quicken loans for an fha loan?

Asked by Aaron, Los Angeles, CA Tue Aug 5, 2008

what was your experience?

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Jonathon Mye…, , Los Angeles, CA
Sat Feb 1, 2014
I have had clients who closed with Quicken loans before it was not too bad, we closed a couple of complications but they had low credit scores so that is to be expected with a borrower with poor credit. You don't always have a ton of options if you have scores in the high 500's to low 600's so internet lenders come in handy. I would say I did get a loan closed on a referral from The Lenders Network last week who referred me the client and had them approved with a couple of lenders within days, including a national lender with a local branch in LA. I would start with them they seems to know what they are doing, they will get your clients to the right lenders to make the close happen.

1 vote
Jacqueline W…, Agent, Irvine, CA
Tue Aug 5, 2008
One of my clients is using Quicken Loans and has been very happy with the service. I was a little skeptical at first.....for most of the reasons noted below....but we are now in escrow on an investment property and I have found them to be very professional and responsive to my timelines. fyi....my Client is a lawyer, so you can be sure he compared terms and conditions and rates before making a final decision....he is very thorough:-)
1 vote
Mortgage Guy, , Bellevue, WA
Tue Aug 5, 2008
I have no experience with Quiken loans on FHA, but I would think twice before trusting your FHA financing to someone whose expertise you do not know.

Of course, you always want to be careful with whom you choose as a Mortgage Consultant, but especially when you are dealing wth FHA, you want to be sure that the Mortgage Consultant you use actually knows what he or she is doing. Although FHA guidelines should be the same everywhere, underwriters still go by their gut feelings on many borderline issues especially if you are on the edge of the maximum debt to income ratios or some other requirements.

An amateur loan officer or careless processor can easily botch your loan file and if it gets denied, then the denial and the reasons for the denial go on your record. This means that even if you change to another lender, your FHA case number must be transferred from the previous lender along with that record. This doesn't necesarily mean that your loan will be impossible to approve elsewhere, but it can make it much harder and cause more stress at the very least and it may prevent your loan from being approved on time for closing at worst case.

Do you have a realtor that can refer you to a trusted Mortgage Consultant who can do FHA loans? Do you know anyone else who has obtained an FHA loan and who can refer you to someone? I would try those options first.
1 vote
M.D.J, , Los Angeles, CA
Tue Aug 5, 2008
I know they run lots of commercials so if you want to work with someone with a much smaller advertising budget (cost to respond to your question "Free" ) and personal attention then feel free to contact me.
1 vote
Other/Just L…, , Fleming Fitch Grant, Holly Hill, FL
Tue Aug 5, 2008
The problem with Quicken Loans (and most other internet-based lenders) is that you're speaking to a telemarketer, not a licensed mortgage broker or a supervised mortgage banker. So right off the bat you're dealing with someone with limited experience and probably bare-bones training.

Another fault are the way rates are advertised and offered to borrowers. Fees can be very high... initially you'll receive a Good Faith Estimate that is light on details but sounds great on rate. Items like escrow impoundment, title work, and transactional taxes are often omitted until your application is in.

A third fault is you will work with a daisy chain of low level staffers. One will take your application and quote the lender's lowest rate. A second will "process" your loan and request documents from you. A third may call to "counsel" you about a change in rate/fees from the initial offer once the lender has your documents.

None have the authority, knowledge, or responsibility that comes with being a mortgage banker or licensed mortgage broker.

Lastly, no reputable lender or bank charges up front fees just to obtain a credit determination. An up front application fee is the surest sign of one thing: The lender turns down so many applications that they must collect a fee to cover the costs of operating the call center.

Try your bank first. Also ask your Realtor for a recommendation. Realtors have just as much interest in working with a reliable low cost lender as you since the Realtor earns nothing until the purchase closes. Good Realtors secure their incomes by working with proven professionals for the ancilliary services (like a lender) needed to close. Trust your bank and your Realtor. Ignore desparate lenders offering the moon via radio, TV, and internet.
1 vote
Well, I don't think you are talking about Quicken. I have had no up front fees, I deal with a gentleman who I can tell knows what he's doing with FHA questions I ask, and it has been quick and painless to full approval. I have been approved for an FHA loan with a 4.25% rate.
Flag Wed Aug 6, 2014
Smithkathie3, Home Buyer, Austin, TX
Fri Nov 6, 2015
Recently I was involved in a scam with a company pretending to be a loan company that went in search of a lender that would lend money to people with bad credit. To make a really long story short I was naive and ended up wiring a total of $13000.00 to Nigeria,Ghana,Malaysia and Singapore.The worst part of this whole thing is that I did my research like I was supposed to, the company was listed in the phone book in MA, and I also checked them out!!! Everything checked out fine and when the money never came in the company said that they were going to refund my money and when the money never came in I tried to call the company and the recording now says Thank you Goodbye and hangs up on you. I was Lucky to get in Contact with Dennis Hopkins Finance Home that offered me a loan of $500.000. i will refer anyone in need of financial Help to http://www.dennishopkinsfinancehome.com/ or dennishopkins_financehome@live.com. Tel: USA +12404374240 Tel:UK +44750954609 Skype Id:roger.n.william I had a wonderful experience with them. Dennis Hopkins Finance Home is a legitimate Money Lender
0 votes
Rajmehta015, Home Buyer, Los Angeles, CA
Thu Nov 5, 2015
Hi I am interested in becoming a loan officer in bay area, ca... I was looking for a mentor. if anyone has advise. thanks, Raj
0 votes
Lauren, Home Seller, Deland, FL
Fri Sep 11, 2015
I'm way behind on this question, but I closed on an FHA loan with Quicken. From offer to close, it took 2 weeks exactly. They were impressive to say the least. Easy peasy.
0 votes
Would you mind sharing some details? ie...was your credit good? How much documentation did you have to give? If its too personal...I understand but I just contacted them this weekend and am waiting to hear back.
Flag Mon Feb 1, 2016
Yona Bello, , Studio City, CA
Thu Aug 7, 2008

Call Nancy Everett at 818.755-1000 who does FHA loans all day long and can answer your questions directly. Why risk you loan with someone you'll never meet and is probably not the person that will working on the loan?
Web Reference:  http://www.YonaBello.com
0 votes
Debt Free Da…, , 85260
Tue Aug 5, 2008
I've never used them for fha, I usually go through first horizon or taylor bean & whitaker.
Web Reference:  http://GetPrequalified.com
0 votes
Sj209, Both Buyer And Seller, California
Tue Aug 5, 2008
Nope. I refuse to pay them hundreds of dollars up-front. Other lenders are much preferred in my opinion. It can be hard to contact your Quicken rep. They don't always return calls or emails. And they keep pestering you long after you tell them you have chosen another lender.
0 votes
I didn't pay any fees up front...not a penny. Hasn't happened with me...always quick to respond to my messages, AND I did start shopping for another lender when I thought I might have to do an FHA 203k Streamline, since Quicken doesn't do rehab loans, and they never pestered me. Turns out I went right back to them when I found a more suitable house that didn't require rehab.
Flag Wed Aug 6, 2014
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