What is the Minimum Credit Score for Quicken Loans?

There are now many different places for a person to obtain a mortgage, and almost as many different types of mortgages. What used to be something that was only obtained through a banking institution, one can now obtain loans from a variety of financial institutions. There are also different types of loans and loan guarantees that people can qualify for, that will effect the loan you get, no matter where you go. One of the most popular mortgage lenders these days is Quicken Loans.

Quicken Loans provides a variety of different kinds of mortgages. There are loans for first-time homebuyers, those with less than perfect credit, Federal Housing Authority (FHA) backed loans, and even loans for investment properties. Their application process is simple and fast, and many people love the convenience of the online interface and the ability to get answers to their questions, anytime, anywhere. Quicken loans is full-service lending company.

The credit score needed to qualify for a mortgage through Quicken Loans will be dependent on the type of loan you are trying to get. For a traditional mortgage, you will need a good to excellent credit score, you will need to meet income requirements, have a solid financial history, collateral, and other open lines of credit in good standing. Due to the housing market crash, traditional loans have become more difficult to obtain as lenders have been tightening their requirements.

Quicken Loans also participates in the FHA loan program. This is a program for people with less than perfect credit. It allows them to qualify for a mortgage, and receive terms that are affordable and favorable. As these are government guaranteed loans, Quicken Loans only requires a minimum credit score of 580 for approval, though you will still have to meet the above stated requirements about income, credit history, etc.

Quicken Loans offers a wide variety of different types of mortgage loans to meet the needs of all potential homebuyers. Whether you are looking to invest, buy your first home, or simply move into a new home, there is a loan right for you. With good credit, you can qualify for a traditional home loan, or you can work through the FHA backed loan program to obtain a mortgage you can afford, even if your credit isn’t the greatest. This full-service line of offerings is what is propelling Quicken to being a favorite amongst those considering a home purchase. They make the lending process simple, easy and fast.