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Quicken Loans (Rocket Mortgage) FHA Loans Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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Quicken Loans, now operating under the name of Rocket Mortgage, is a mortgage loan provider headquartered in Detroit, Michigan. The company was founded in 1985 under the name of Rock Financial and offers a variety loans to potential homeowners, including loans insured by the Federal Housing Administration, known as FHA loans.
 
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Call: (833) 923-3055

How is Quicken Loans rated?

Breakdown

5.0/5
Geographic Availability
5.0/5
Customer Experience
5.0/5
Lender Reputation

Overall Rating: 4.9 / 5 (Excellent)

Quicken Loans gets high marks from us for a strong reputation, wide range of loan terms and an easy-to-use, streamlined web experience. The company’s long-standing reputation will help homeowners feel at ease in this potentially stressful process, and the company has plenty of informational content to help homeowners understand how FHA loans work and how it could help them if their FICO score is lower than needed for a traditional loan.

Quicken Loans Loan Specifics

Types of FHA Loans Offered

FHA Fixed-Rate 15-Year
FHA Fixed-Rate 25-Year
FHA Fixed-Rate 30 Year
FHA Fixed Rate 15 Year
FHA Fixed-Rate 30 Year
FHA Adjustable Rate Mortgage (ARM)
FHA Jumbo Fixed Rate
FHA Hybrid
FHA Bridge/Relocation Loan
FHA Home Improvement 203(k)
FHA Self Employed

Key FHA Loan Facts

Minimum FICO Score
580
Non-Traditional Credit History Considered
No

Loan Specifics - 5 / 5

Like many mortgage loan providers that offer FHA loans, Quicken Loans requires a minimum credit score of 580 and a minimum down payment of 3.5% to qualify for a loan insured by the Federal Housing Administration. The company offers FHA loans in fixed-rate 15, 25 or 30 year terms, giving the homeowner the flexibility to choose the one best for their budget.

Additional Qualification Requirements

Minimum Down Payment 3.5%

Quicken Loans Customer Experience

Customer Experience - 5 / 5

Quicken Loans’ website is easy to use and intuitive, allowing you to easily use its online tools to decide the best loan for you. Although the company does not have a mortgage calculator specific to FHA loans, it does offer calculators that allow you the affordability of your mortgage and how much your mortgage payments could cost.

Online Features

Online Application
Yes
FHA Mortgage Calculator
No
Online Quote
Yes
Social Security Number Required for Quote
No

Quicken Loans Lender Reputation

Lender Reputation - 5 / 5

Quicken Loans’ parent company Rocket Mortgage is accredited by the Better Business Bureau, holding an A+ rating and having closed 860 complaints in the last three years. Rocket Mortgage holds a 4.0 out of 5 rating on Trustpilot, with the majority of reviews rating the company “excellent.”

Key Reputational Facts

Year Founded
1985
BBB Rating
A+
Trust Pilot Rating
4.0 out of 10
Date Collected
2022-02-08

Complaints & Actions

Nationwide Mortgage Licensing System ID
3030
CFPB Total Mortgage Complaints
0

Company Profile

Full Name
Quicken Loans (Rocket Mortgage) FHA Loans
Company Website
https://www.quickenloans.com
Headquarters
1050 Woodward Ave, Detroit, MI, 48226

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