Quicken’s 1% down loans are only available for purchase mortgages. No refinances are permitted. Second, the program can only be used on a single-family home or condo, not a second home, investment property or co-op.
Additionally, borrowers must have a FICO score of 680 or above, must earn less than the median income for their county, and must carry a debt-to-income ratio of 45% or less.
Also, as part of the program, Quicken Loans makes a free online course on homeownership available to all eligible borrowers. First-time buyers are required to take the online course to be eligible for the program.