Up to $970,800 for a single-unit home in higher-cost areasįHA loans are home loans backed by the Federal Housing Administration and come with less strict credit and down payment requirements than conventional loans.Up to $647,200 for a single-unit home in most areas of the U.S.Closing costs for a conventional Quicken Loans mortgage vary but could range from 2-6% of the home’s purchase price. Your debt-to-income ratio compares your after-tax income to your monthly debt payments. PMI may cost 0.5% to 1% of your loan annually, and those payments are typically broken into monthly installments and paid with your mortgage.īorrowers need a debt-to-income (DTI) ratio of less than 50% to qualify. The traditional amount to put down on a conventional loan is 20%, but as little as 3% may be accepted if you have private mortgage insurance (PMI). These loans are geared toward borrowers with decent credit because they need at least a score of 620 to qualify. It also doesn’t offer Department of Agriculture loans.Ĭonventional mortgages are basic mortgages offered by mortgage lenders that are not backed by a government agency. Quicken Loans doesn’t offer home equity loans or home equity lines of credit (HELOCs). Mortgage refinances: Quicken Loans has several refinancing products, including cash-out refinances, FHA streamline refinances, and VA streamline refinances.YOURgage loans: YOURgage is a personalized loan product that lets you choose a term of eight to 29 years.Jumbo loans: Jumbo loans let homebuyers take out loans that exceed conforming loan limits.VA loans: VA loans let qualifying veterans and active-duty service members finance up to 100% of a home purchase.FHA loans: FHA loans have low credit score and down payment requirements.Conventional loans: You could choose between fixed- and adjustable-rate mortgages.Here’s an overview of loan types available: Through Rocket Mortgage, Quicken Loans offers conventional, Federal Housing Administration loans, Veterans Affairs loans, jumbo loans, and mortgage refinances. Which loan products does Quicken Loans offer? The name change from Quicken Loans to Rocket Mortgage happened in 2021 to align the company with the rest of the “Rocket” brand, which includes Rocket Homes, Rocket Auto, and Rocket Loans.
The popularity of Rocket Mortgage’s innovative online application, preapproval, and lending process is credited with growing Quicken Loans to the lending powerhouse it became. In 2015, Quicken Loans launched Rocket Mortgage, a fully digital lending platform built from the ground up to help borrowers apply for financing and get funds quickly. Quicken Loans is based in Detroit, Michigan, was started in 1985 by Dan Gilbert, who had a goal of making the mortgage process easier. What Quicken Loans customers are saying.Which loan products does Quicken Loans offer?.