Quicken Loans
Quicken Loans offers home loans for qualified veterans, service members, and spouses in addition to several other mortgage types. Quicken Loans is known for its online loan application process in addition to pre-approval letters and other documentation in the home buying process. It works with community banks, credit unions, and brokers to provide mortgages while handling the entire loan process.
The Good
- Clear Eligibility Requirements
- Calculator
- Customer Service
Clear Eligibility Requirements
To obtain a VA loan from Quicken Loans, you need a Certificate of Eligibility from the Department of Veterans Affairs. The company recommends that you have a credit score of at least 620 and a debt to income ratio of no more than 60 percent, but in general, borrowers can qualify for VA loans with a lower credit score and more debt compared to that of traditional loans. Plus, most do not require a down payment and often have lower interest rates.
If you already have a VA loan, you can refinance up to 120 percent of your home’s value through Quicken Loans.
Calculator
Quicken Loans’ VA Loan Calculator allows prospective borrowers to compare the monthly payment and rates for different VA loan options. Simply type in the expected loan amount and your state of home purchase.
Customer Service
It’s easy to get answers and assistance from Quicken Loans experts from the start of your mortgage search via the education center, online chat, and phone communication.
The Bad
- Not Military-Exclusive
Not Military Exclusive
Quicken Loans is not a military-specific lender, meaning it provides mortgage services to civilians as well as veterans. Because of this, it may not be as well-equipped to address veteran-specific challenges or offer other specialty military loan options.
The Bottom Line
Quicken Loans is a household name and a lender trusted by borrowers financing with a variety of loan types across the United States. It’s competent in funding VA loans and can assist with other financial needs at the same time — all online.
