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Featured Author on Yahoo Voices, “To Pay Discount Points or Not to Pay Discount Points”

Anthony VanDyke

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Quicken Loans Complaints

Quicken Loans has had 935 BBB Complaints in the last 3 years. View Quicken Loans BBB Complaints Here.

They have had 603 consumer affairs complaints. View Consumer Affairs Complaints Here.

 

I am Local, Experienced, and Faster than Quicken Loans. Please give me a call to Compare Rates and Fees.

Nine times out of Ten I have a lower rate that Quicken Loans.
100% of the time my closing costs are lower than quicken loans.

No upfront fees! Quicken loans charges a Upfront $400 to $500 Application fee just to get started.

No Bait and Switch

 

Call me or Apply Now to get Started.

 

One Such Quicken Loans Complaint is:

Pamela of San Antonio, TX on Sept. 18, 2012

During the initial online chat, they asked for a credit card twelve times to process the application fee, which is allegedly returned at closing. Everything went quickly for about a week, then nothing. I got approved, did appraisal and appraised $35,000 lower than my current mortgage company. Once the appraisal came in lower, stopped communicating altogether. Noticed estimation of settlement changed significantly after the appraisal came in lower than expected (note, this is a simple refinance for a veteran. No money coming out, strictly a wash that reduces interest), I called and emailed broker continuously to get answers on changes to settlement. No response.

I waited two weeks, no response after multiple contacts. Finally, they sent an email to all parties asking for application to be cancelled due to non-communication. I got a response, “But you are approved” via email. No phone call. That was over a week ago, still no phone call. I’ll close on Friday with Chase – it took 16 days total. No application fee, no out of pocket, etc. Do not recommend this company, especially for veterans who don’t deserve to be treated this way.

Check out the cull complaint here http://www.consumeraffairs.com/finance/quicken_loans_mortgage.html

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Requirements for FHA Gift funds for FHA loan down payment

One of the best things about FHA is they allow the down payment to be gifted from qualifying individuals. What this means is that if you do not have a lot of cash saved up for a down payment but your family is willing to help you buy a house they can gift you money that you can use towards the down payment of a FHA loan purchase.

What are the FHA down payment requirements? FHA requires 3.5% of the purchase price as a down payment

Who can gift money to the borrower? Good question. Not anyone can gift money for a borrower to use as a down payment. The gift donor must have a family relationship with the borrower.

What are the proper procedures and documentation required?

If the gift funds…

Are in the borrower’s account

Then the lender must….

Obtain a copy of the withdrawal documents showing the funds were from the donor’s account. and the borrower’s deposit slip and bank statement showing the deposit .

If the gift funds…

Are to be provided at closing, and are in the form of a certified check from the donor’s account.

Then the lender must….

Obtain the bank statement showing the withdrawal from the donor’s account, and a copy of the certified check.

If the gift funds…

Are to be provided at closing, and are in the form of a cashier’s check, money order, official check or other type of bank check.

Then the lender must….

Have the donor provide a withdrawal documents or cancelled check for the amount of the gift, showing that the funds came from the donor’s personal account.

If the gift funds…

Are to be provided at closing, and are in the form of an electronic wire transfer to the closing agent.

Then the lender must….

Have the donor provide documentation of the wire transfer.

Our advice; have funds wired to the title company directly from the donor and avoid all the hassle of gathering unnecessary papers.

P.S. Did you know that the donor can borrow money to give you as a down payment?

It is true. The Donor can borrow money from acceptable sources and give that money to you for your down payment. That source of the loan cannot be from the realtor, loan officer, seller, or any other party to the transaction, and of course everything must be well documented.

However, it is important to note that the fha loan borrower cannot be obligated in any way to repay the loan or repay the donor. A gift for a FHA loan down payment must be a gift.

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