FHA Mortgage Insurance

Take Advantage of a Government-Insured Loan That Is Always a Safe Bet in an Ever-Changing World FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) insures the loan, so Ruoff Home Mortgage can offer you a better deal. It is because of that insurance that FHA loans can offer attractive interest rates and with less stringent and more flexible qualification requirements. FHA loans may be used to purchase or refinance a new or existing 1-4 unit family home or condominium unit.

Highlights of the FHA Loan

Down payment of just 3.5%. That money can come from a family member, employer or charitable organization as a gift. Other loan programs do not typically allow this. Low credit score requirement and flexible qualifying guidelines. No income limit on borrowers. 15 or 30-year term with competitive rates.  Non-occupant co-borrowers can be used to help qualify.

FHA Eligibility Criteria

Must occupy the property as your primary residence. Maximum loan amount limits that vary by region/city. A borrower is limited to one FHA loan at a time.  Must meet the minimum credit score requirement. Must have sufficient income to qualify.

The FHA 203(k) Program

Interested in purchasing a foreclosed property, but don't have the extra cash needed for necessary repairs? The FHA 203(k) loan product is the perfect solution. The FHA 203(k) is a special loan product for borrowers who need extra cash to make repairs to their homes. The chief advantage of this type of loan is that the loan amount is not based on the current appraised value of the home, but on the projected value after the repairs are completed. A "streamlined" 203(k) allows you to finance up to $35,000 in nonstructural repairs, such as painting and replacing cabinets or fixtures. The 203(k) loan can be used to repair a home you're planning to purchase or to make upgrades to your current home.

For more information on FHA mortgage insurance and other FHA loan programs:

visit the HUD web site:  Let FHA Loans Help You or call the HUD Counseling and Referral Line at 1-800-217-6970.

FHA FAQ

If are looking for answers to specific questions regarding the FHA loan program, we encourage you to visit the FHA Resource Center at:

http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ

VA Guaranteed Home Loans

By Proudly Serving Your Country, You've Earned the Benefit of a VA Loan VA loans provide fixed, competitive rates with 15 or 30-year terms. Qualification is easier, even if you have had some credit blemishes in your past. Unlike other loans, you can refinance up to 100% of the value of your home or purchase with no down payment, and there's never a monthly insurance (PMI) charge with VA loan.

Are you a veteran, member of the military, or a surviving spouse of a veteran? Do you want fast approval and minimal red tape? Are you Interested in a fixed-rate mortgage? A yes answer to all three of the above questions suggests that a VA Loan might very well be the right loan for you.  Contact a Ruoff Home Mortgage advisor today and discuss the advantages of this exclusive loan product.

VA Loan Highlights

Purchase with no money down. Refinance up to 100% of your primary home's value. The Seller can pay 100% of the closing costs on a purchase. VA Streamline Refinance with a reduced funding fee and flexible documentation requirements - available  for veterans currently in VA loans.  No monthly PMI (Private Mortgage Insurance). VA loans are governed by the U.S. Department of Veterans Affairs.

Eligibility Criteria for VA Loans

Must occupy the property as your primary residence. Must be eligible for a new mortgage with VA. Must meet minimum credit score requirement.  Must have sufficient income to qualify.

For answers to more of your questions, please visit the U.S. Department of Veteran Affairs FAQ at:

https://iris.custhelp.com/app/answers/list

USDA

A Great Way to Buy a Home in a Small Community or Rural Area

Are you ready to own a home but are not sure you will qualify due to lack of a down-payment? Rural Development may be able to help you!  USDA Rural Development has partnered with Ruoff Home mortgage to help extend 100% financing opportunities to individuals and families.

Highlights of the USDA Rural Development Authority Loan

No Down payment is required.   Flexible credit score and qualifying guidelines.  No maximum purchase price limit. Closing costs can come from any source including gifts.  Repairs and improvements can be included in the loan. 30-year term with competitive rates. No monthly mortgage insurance - you may qualify for a larger loan.

USDA Eligibility Criteria

Must occupy the property as your primary residence. Do not own another home within 50 miles.  Have an adjusted household income that is within Rural Development guidelines based on the number of persons who will occupy the home. Purchase a residential property that is located in a Rural Development eligible area. The Rural Development guaranteed loan program has assisted thousands of customers just like you.  Tell your  Ruoff Home Mortgage Advisor you want the USDA Rural Development Guaranteed Housing Loan.  Assistance  options, such as gift funds, grants, seller concessions are allowed and you do not have to be a first-time homebuyer.

IHCDA Products

IHCDA Next Home - Conventional:

• 3% down payment assistance from the state of Indiana (forgiven after 2 years)
  
• 680 minimum credit score
  
• reduced mortgage insurance
  
• primary residence owner-occupied purchase transactions only
  
• Seller can pay up to 3% costs
  

IHCDA Next Home - FHA:

• 4% down payment assistance from the state of Indiana (forgiven after 2 years)
  
• 660 minimum credit score
• primary residence owner-occupied purchase transactions only
  
• Seller can pay up to 6% costs

IHCDA MCC (Mortgage Credit Certificate):Tax credit program provided by the State of Indiana

• Available for first-time homebuyers only
  
• Earn up to $2,000 in tax credits each year you reside in the home
  
• Tax credit is based on mortgage size
  
• IHCDA charges .5% of the loan amount, borrower pays upfront
  
• Can be combined with Next Home Program
  

IHCDA My Home:

• 3% down payment (can be gifted)
  
• 680 minimum credit score
• Seller can pay up to 3% costs
  
• Primary residence owner-occupied purchase transactions only
• Can be combined with MCC Program

Income Limits for the Above Programs:Income based on all members of the household, not just those on the mortgage.

County	Family of 1-2 people	Family of 3+ People
Allen	$59,400	$68,310
Kosciusko	$60,000	$69,000
Noble	$59,400	$68,310
Whitley	$59,400	$68,310