# I called Quicken Loan



## FarmboyBill (Aug 19, 2005)

Figured to get some answers to some questions, get a feel for their dealings, ect. Calling them is like steping in quicksand. They were out of the box and 1/2 way to closing before I finally reinged them in. AND, of course, it had to be a woman. That slowed down things ALOT, her having to repeat nearly everything cause she talked so fast.
She finally took some info and said she would call Mon with my pre approval notice, and to hook me up with a realitor. I got to get 2 months notices from my bank, and the regester letter from SSI.
She ended with, Have you any friends or neighbors who are looking for a loan service, or something like that. I said, not that I knew of, tho my boy, same name is looking. She said, I hope you can tell anyone who you may find looking for a loan service, how quick and friendly we at QL are. I said, Ill likely be more able to appraise how quick and friendly you are by the time our business is concluded.
She said, well, yes, but, Would you say that ive been friendly, and that we got a lot done today? I said, what did we get done today? She said, Well, we got your credit history validated, and it is in good shape. I said, I guess. She said, well, she would call back monday, ect, ect, ect.

I finally, I think, got her to realize that I wasn't doing anything till I got my hay and some machinery sold. AND, that would be in the wintertime., so as
Chuck said, The whirlwind begins.
I told her that, at $60,000, most houses didn't live up to the banks expectations. She said, well, the roof had to be in good shape, the sinks and faucets had to all be in there, and a couple other things. Minor. I later E mailed her to ask her to send me a specific list of no nos. Havnt got a response. I owe the bank around $1000 or some more, and she said she couldn't do anything till that was paid off.


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## summerdaze (Jun 11, 2009)

Bill, I wouldn't deal with them. I called them last year, and they did a credit check, said I was good, and just come in and sign some papers, etc. Then I started reading reviews online, and they were HORRIBLE! The biggest complaint was changing terms right before closing and claiming that you had to cough up more money for this and that. Usually pretty substantial amounts too! A bank can't do that, but these guys can get away with it. 

Spend some time reading about them and what others have to say. There's WAY too many bad reviews from all over the country and way too many complaints about similar grievances.


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## FarmboyBill (Aug 19, 2005)

Tell me where to look for these reviews. I saw a review that said they were near the top lender in the country with WF being above them, IF I remember right.


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## tambo (Mar 28, 2003)

Bill my coworker lost her home after she refinanced with QL. Be careful.


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## tambo (Mar 28, 2003)

summerdaze said:


> Bill, I wouldn't deal with them. I called them last year, and they did a credit check, said I was good, and just come in and sign some papers, etc. Then I started reading reviews online, and they were HORRIBLE! The biggest complaint was *changing terms right before closing and claiming that you had to cough up more money for this and that.* Usually pretty substantial amounts too! A bank can't do that, but these guys can get away with it.
> 
> Spend some time reading about them and what others have to say. There's WAY too many bad reviews from all over the country and way too many complaints about similar grievances.


This is what happened to my coworker. If you don't pay what they tell you to they raise your payment.


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## FarmboyBill (Aug 19, 2005)

I had asked her why there had to be a paper trail on the selling of my hay, how and to who. She just replied that there has to be a paper trail of any assets upon closeing, or they cant be used. DOES THAT SOUND RIGHT TO YOU?

She also sent another E mail saying there had to be no major damage, no leaks, and all fixtures had to be in place, that appearantly have to do with water.

im going to E mail her back asking about the condition of the roof. When she replys back, Ill E mail her again asking why am I telling her about the things that she should be telling me about the policy on house conditions.


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## Terri (May 10, 2002)

If you cannot show her that you own hay, then she cannot count the hay as something that you own. A picture of the asset (hay) does not count because it might be somebody else's hay. 

I have no idea how you are supposed to prove the hay is yours: if it is important you might ask her what the bank will accept. A receipt when you sell it might be enough.

Then again you might qualify without proving that you own hay, so it might not matter.


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## po boy (Jul 12, 2010)

FarmboyBill said:


> I had asked her why there had to be a paper trail on the selling of my hay, how and to who. She just replied that there has to be a paper trail of any assets upon closeing, or they cant be used. DOES THAT SOUND RIGHT TO YOU?
> 
> She also sent another E mail saying there had to be no major damage, no leaks, and all fixtures had to be in place, that apparently have to do with water.
> 
> im going to E mail her back asking about the condition of the roof. When she replys back, Ill E mail her again asking why am I telling her about the things that she should be telling me about the policy on house conditions.


 Yes.

Apparently you are using income/funds from the sale of hay for part of the down payment. The same thing applies to selling any asset when you are getting a mortgage. As an example, if you were selling an automobile, you would need to have a bill of sale and a deposit slip showing the money going into your account. In addition, if you sell/sold an asset for more than the normal value, you will need an appraisal on that asset.
If you don't need an asset or income to qualify for a loan DON'T LIST IT!


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## FarmboyBill (Aug 19, 2005)

I still don't get it. IF I sell the hay, and have cash in hand at closing for the down payment, whats the diff?deal?


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## po boy (Jul 12, 2010)

FarmboyBill said:


> I still don't get it. IF I sell the hay, and have cash in hand at closing for the down payment, whats the diff?deal?


You must verify any source of funds for a loan closing..........................
Any deposit in your checking account that is out of the ordinary on the statements used for your verificattion of source of funds must be documented...............................................................................

Understand that the lender will look at two or three months of bank statements for those unusual deposits. It's haying season, apply for a loan 90 days after you sell the hay and make sure the deposits for hay are not on those bank statements.


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## copperkid3 (Mar 18, 2005)

Learn to live within your means Bill
and you won't be bothered by all 
these 'unnecessary' questions....


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## FarmboyBill (Aug 19, 2005)

Im looking towards buying a place kid. No way I can manage my MEANS about that.


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## FarmboyBill (Aug 19, 2005)

For $60Gs, I need $2,300 down, at round $450 a month.


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## coolrunnin (Aug 28, 2010)

Keep a bill of sale on the hay, problem solved.

What happened to the locked in local bank they would be much better I would think.


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## FarmboyBill (Aug 19, 2005)

As said, Banks don't like the looks of houses that are on places that sell for $60 therebouts.


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## coolrunnin (Aug 28, 2010)

Quicken is a mortgage company same rules apply.


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## FarmboyBill (Aug 19, 2005)

That's what I figure. That's hy im trying to pull out of her ALL the rules and regs beforehand. IF it is the same, Id as much rather stay with the banks, but, in the end, If the houses don't make it, it dosent really matter.


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## Allen W (Aug 2, 2008)

FarmboyBill said:


> Calling them is like steping in quicksand.


If that's the way you feel just talking to them are you sure you want to deal with some one like that? Is your pencil sharp enough to figure the total loan cost by the time they get done adding fees to the loan? 

In all honesty they are not the first lender of choice for most people in solid financial condition.


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## FarmboyBill (Aug 19, 2005)

yeah, I just got a E mail that said, (The roof must be in good condition, or the house is not lendable, or something like that.
I replied
That's what Im trying to pry out of you, ALL the conditions that make a house not lendable.


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## po boy (Jul 12, 2010)

Bill,

The roof cannot be leaking and must have some economic life left.
No holes in walls, floors or broken windows.
and on and on............

My assumption is you are looking at an FHA read the minimum property standards here. Have fun.


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## FarmboyBill (Aug 19, 2005)

I know that the roof cannot have 3 layers of shingles on it regardless of how good the top layer is, according to banks.

Po, your kinda like her, she goes on and on but nothing in specific.


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## po boy (Jul 12, 2010)

FarmboyBill said:


> I know that the roof cannot have 3 layers of shingles on it regardless of how good the top layer is, according to banks.
> 
> Po, your kinda like her, she goes on and on but nothing in specific.


 Bill, 

It is what it is. Specifics are in the link. It depends on the individual property and what the appraiser says.


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## wr (Aug 10, 2003)

FarmboyBill said:


> yeah, I just got a E mail that said, (The roof must be in good condition, or the house is not lendable, or something like that.
> I replied
> That's what Im trying to pry out of you, ALL the conditions that make a house not lendable.


In order for a house to be 'lendable' it needs to have a solid resale value, in case you default on your payments and it has to be solid enough that the lender can expect it to still be standing for the duration of the mortgage. From a lender's standpoint, it's expected that if a house needs significant work, someone who just paid a fairly steep down payment probably won't have the funds to make repairs. 

I don't know about the US but up here, water wells and septic systems must be in good working order, a house must be structurally sound, roof and windows in good repair and appraisal must be equal to, or greater than lending amount.


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## FarmboyBill (Aug 19, 2005)

Mls 1409675


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## po boy (Jul 12, 2010)

wr said:


> In order for a house to be 'lendable' it needs to have a solid resale value, in case you default on your payments and it has to be solid enough that the lender can expect it to still be standing for the duration of the mortgage. From a lender's standpoint, it's expected that if a house needs significant work, someone who just paid a fairly steep down payment probably won't have the funds to make repairs.
> 
> I don't know about the US but up here, water wells and septic systems must be in good working order, a house must be structurally sound, roof and windows in good repair and* appraisal must be equal to, or less than lending amount*.


 Equal to or greater than the sales price.


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## RichNC (Aug 22, 2014)

FarmboyBill said:


> Mls 1409675


No one, is going to loan your money on that house, bank or this Quicken thing.


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## wr (Aug 10, 2003)

po boy said:


> Equal to or greater than the sales price.


Thanks, that was a typo and needed correction.


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## wr (Aug 10, 2003)

FarmboyBill said:


> Mls 1409675


 I did a quick check of property for sale in the area this place is located and it looks to me like what you're able or willing to pay is considerably below standard market value in the area. Am I misinformed?


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## FarmboyBill (Aug 19, 2005)

nope, your right


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## po boy (Jul 12, 2010)

Bill,

That's a HUD foreclosure. Find a lender that's familiar with them.


Offer $50,000 and get a FHA 203K for the mony to repair the gutters and whatever else is neded. There is or was a program for only $100 down on HUD foreclosures

What's with the ceilings???????????????////


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## FarmboyBill (Aug 19, 2005)

Can you dig into that program po?
What did you see in the ceilings? The pics are too small for me to get a generalized view of possible problems.
I didn't like going across the Royal Gorge Bridge to get to the grarge


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## FarmboyBill (Aug 19, 2005)

Im e mailing my realitor to see if shes been inside the house and to get her views. of it if she has.


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## po boy (Jul 12, 2010)

FarmboyBill said:


> Can you dig into that program po?
> What did you see in the ceilings? The pics are too small for me to get a generalized view of possible problems.
> I didn't like going across the Royal Gorge Bridge to get to the grarge


 The ceilings appear to be OSB. 

I'll try to look into the loan program.


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## FarmboyBill (Aug 19, 2005)

Er, Whats OSB??


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## po boy (Jul 12, 2010)

OSB ...............


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## FarmboyBill (Aug 19, 2005)

O U mean like particle board?


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## Guest (Sep 23, 2014)

According to that real estate site, this place is a HUD property..it's insurable, but with a $2800 escrow repair cost...HUD homes have a minimum $1000 NON-REFUNDABLE earnest money requirement...and then another $100 or more to have the winterizing contract company turn on the power/water , etc. for a buyer's inspection...

Talk with a real estate agent who deals with HUD properties...there are some which require only a $100 non-refundable earnest $..This MIGHT be a good property for you if you have the cash to pay the earnest $, and the repair costs, and the down payment and the monthly mortgage...HUD mortgage loans are processed very quickly..like 4 weeks...

I'd never personally deal with a fly-by-night mortgage company..if a bank won't give you a loan, you probably cannot afford one..


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## mrs whodunit (Feb 3, 2012)

FarmboyBill said:


> As said, Banks don't like the looks of houses that are on places that sell for $60 therebouts.


Never found that to be true for our area.

Credit Unions are a good place to check out for a loans too.


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## wr (Aug 10, 2003)

mrs whodunit said:


> Never found that to be true for our area.
> 
> Credit Unions are a good place to check out for a loans too.



It may be because the properties are so far below maker value that they are in obvious disrepair. 

The quick search I did indicates that comparable properties are 3 or so times as much as Bill wants to pay.


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## mrs whodunit (Feb 3, 2012)

wr said:


> It may be because the properties are so far below maker value that they are in obvious disrepair.
> 
> The quick search I did indicates that comparable properties are 3 or so times as much as Bill wants to pay.


In the pictures for the place it looks habitable..... didn't notice any obvious disrepair. 

Wouldn't the developed land be at least worth the asking price?


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## FarmboyBill (Aug 19, 2005)

Lesley, I can get a loan rather easily. The problem is, they will only loan into the 6$60s, and all the places ive found so far, the appraiser didn't like.

Mrswho. Land here is only worth round $2000 median.


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## wr (Aug 10, 2003)

mrs whodunit said:


> In the pictures for the place it looks habitable..... didn't notice any obvious disrepair.
> 
> Wouldn't the developed land be at least worth the asking price?


I get the impression that maybe this is the first of Bill's house shopping adventures you've read or you would have a better idea of the disrepair I'm talking about. 

This house does 'seem' in fairly decent condition but there are very few pictures available but I would also question the OSB covering the roof and part of the kitchen. It's possible that it is repairs from water damage, which would lead me to think the appraiser is going to be concerned about wiring problems, toxic molds and if only the damage was repaired or if the underlying problem itself was corrected. 

Leaking roofs, wiring damage and mold are not issues that mortgage companies will accept, or at least not up here. 

Certainly there are good deal to be found but a lender is going to be leery of crude repairs.


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## FarmboyBill (Aug 19, 2005)

That's what ive found out too wr


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## mrs whodunit (Feb 3, 2012)

wr said:


> I get the impression that maybe this is the first of Bill's house shopping adventures you've read or you would have a better idea of the disrepair I'm talking about.



You are right. I haven't seen any other threads of his house shopping. Or at least not that I recall.


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## Guest (Sep 24, 2014)

HUD homes have already been inspected...that's where that $2800+ repair escrow came from..the estimate of what it will cost to repair whatever would keep the home from being insured..since that's not a great deal of $, one can infer that the home is in pretty good shape structurally..

Again, Bill...talk with a realtor who knows HUD homes...they work with banks who know HUD mortgages...HUD is a whole different ballgame as far as lending institutions are concerned..


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## FarmboyBill (Aug 19, 2005)

Realtor said she had never seen the house. I will be up there Thurs/Fri, and she will show it one of those days. She had me call US Mortgage/Tulsa. Ill be getting them 2 months bank statements, and something from SSI. Thurs.
Said she thought the Bridge, was more of a deck, but didn't know


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## RichNC (Aug 22, 2014)

FarmboyBill said:


> Realtor said she had never seen the house. I will be up there Thurs/Fri, and she will show it one of those days. She had me call US Mortgage/Tulsa. Ill be getting them 2 months bank statements, and something from SSI. Thurs.
> Said she thought the Bridge, was more of a deck, but didn't know


Looking at the pictures again to me it looks like maybe a person in a wheelchair might have lived their or someone who had trouble walking on uneven ground. If you actually get this place, if you don't like it tear it up and use the wood for something else.


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## FarmboyBill (Aug 19, 2005)

yup, but what worries me, is if it is some kind of a bridge, than alotta water must run through there, from the house to the garage. I looked at a place like that once. They had a bridge from the house portch to a concrete slab big enough to park a car.


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## Echoesechos (Jan 22, 2010)

It looks like a handicapped ramp. They need to be at a certain rise and if hand made maybe they designed it to for them. The ground doesn't look like water is the reason.


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## Dutchie (Mar 14, 2003)

FarmboyBill said:


> Tell me where to look for these reviews. I saw a review that said they were near the top lender in the country with WF being above them, IF I remember right.


Being below WF is not a good thing.


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## Dutchie (Mar 14, 2003)

po boy said:


> You must verify any source of funds for a loan closing..........................
> Any deposit in your checking account that is out of the ordinary on the statements used for your verificattion of source of funds must be documented...............................................................................
> 
> Understand that the lender will look at two or three months of bank statements for those unusual deposits. It's haying season, apply for a loan 90 days after you sell the hay and make sure the deposits for hay are not on those bank statements.


Bad advise. Do NOT apply for any loans. Not even to buy a candybar.


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## Dutchie (Mar 14, 2003)

RichNC said:


> No one, is going to loan your money on that house, bank or this Quicken thing.


What on earth makes you say that. I looked at the Agent page of the MLS listing and looked at the pictures. While the house is outdated it is in pretty good shape. It is also insurable which is wouldn't be if there was severe damage and/or deferred maintenance..

I would start offering them $50K but that is just me.


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## Dutchie (Mar 14, 2003)

FarmboyBill said:


> As said, Banks don't like the looks of houses that are on places that sell for $60 therebouts.


A credit union will


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## Dutchie (Mar 14, 2003)

Bill, by any chance are you a Veteran? If so, go through a VA Lender. Contact me and I can give you some lenders' contact info. Frequently they will loan below $60K.


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## FarmboyBill (Aug 19, 2005)

Nope Dutchie, Wasn't in country long enough.


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