Report: #1228484

Complaint Review: Quicken Loans

  • Submitted: Tue, May 12, 2015
  • Updated: Tue, May 12, 2015
  • Reported By: Nsavio — Hammond Indiana USA
  • Quicken Loans


Quicken Loans Complete Lies Detroit Michigan

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Hello my name is Nicholas, I am a first time homebuyer and i went and called Quicken Loans, big mistake. I was happy at first I had gotten my pre-approval letter and thought everything is good with no hassles whatsoever. Everything was good until I put an offer in and then was put into underwriting. I was asked for document after document some of the same ones over an over. I was put with a solutions consultant from what my undersatnding is the last step before they decide to go on with the loan or withdraw it.

I  was contacted by the solutions consultant stating that they could not do a 30 yr loan with me it would have have to be a 15 yr loan and more money down. This puzzled me, anyways I said lets go ahead with the loan and see if we could make it work. I then decided to look into this myself the numbers that is and I proceeded to call the solutions specialist back and tell her I would have the funds gifted me on a 30 yr loan since she said I did not have enough assets.

I was then told I could not do a 30 yr loan unless I put down 10 to 20 percent of a downpayment to which I asked an FHA only requires 3.5 percent down. I was told again I didn't have enough assets but we could do  a 15 yr loan down with a little bit more down and use the assets I did have in the bank for reserves. Strike 2 reserves are not required in FHA Loans. I called a local lender which is what I should have done and explained to them what was going on they told me they have to clean up Quicken Loans mistakes alot.

I decided to go with a local lender. I wish I had read this report before I decided to go with Quicken Loans. My caution to everyone out there do not use Quicken Loans use a local lender. They ask for the same documents over and over agin and will give you empty promises over and over again. The problem is your loan isn't worked on by one underwriter, you might have to deal with a whole team in which info keeps getting passed along over and over gain.

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