Confirm your home financing options ahead of schedule
What to Expect
Understanding your home finance options puts you in the driver's seat when you are negotiating your home purchase. Getting a no obligation Ruoff Step Ahead pre-approval letter tells all parties involved that you are a qualified borrower. Because your Ruoff Step Ahead pre-approval letter confirms that your documentation has been reviewed by a Ruoff Home Mortgage underwriter, sellers and agents will both know the transaction will close on time! Get in touch with a Ruoff Home Loan Adviser or simply click on the link above and apply online today. It is fast and easy and you will soon know why Ruoff is a great name to know when you need a mortgage.
Loans That End in "A"
Whether you are looking to make your first purchase or refinance, you may be able to enjoy the benefits of a FHA, VA, or USDA loan.
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:
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.
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.
Conventional to $453,100
Fannie or Freddie? Not all Conventional Mortgage Lenders are the same, and Ruoff offers both!
Ruoff Home Mortgage currently offers FNMA and FHMLC mortgages.(FANNIE and FREDDIE)
There is usually a difference in pricing and underwriting guidelines between the two GSE's.
What makes an loan a "conventional mortgage"?
Fannie Mae and Freddie Mac determine the guidelines for conventional mortgage loans. These lending GSE's establish terms and conditions including:
Credit Score Minimum Requirements
Maximum loan amounts and Loan to values are subject to change.
Is there a maximum loan amount for conventional mortgage loans?
Yes, in almost all states, conventional mortgages have a maximum loan amount of $453,100. In high cost-areas of the nation, such as Alaska and Hawaii, the maximum loan amount is increased to $625,000. If the loan amount is above these maximums, the mortgage is no longer a conventional loan. Loans greater than the conventional loan maximum are commonly referred to as jumbo loans.
How much of a down payment is required?
Currently In Indiana 5%* of the sales price providing the appraised value is equal to or greater than the sales price.
Can any of the down payment be a gift?
Current guidelines in Indiana and most states allow for all of the down payment to be a gift from a family member when buying a one unit, owner occupied, primary residence.
How are Conventional mortgages different from area FHA loans?
PMI versus MIP- there is a difference. Both FHA and Conventional loans have its place. Newly Originated FHA MIP is for the life of the loan. Conventional PMI drops off at a later date. Also, down payment and credit criteria vary between the two programs. FHA allows lower credit criteria- shorter time after to qualify after a Foreclosure or short sale.
Ruoff Home Mortgage uses a rotational appraisal roster where available. AMC's are only used when we have no appraiser to cover an area.
It is possible to have no Monthly PMI for the life of the loan. Pricing vary based on credit scores. We have an Indiana Matrix with multiple PMI companies. We will always educate and research PMI for you. We work hard to provide you with the resources to save you money. Call us for more information at 260-497-0800
Ratios - What are DTI?
DTI is the ratio of total debt divided by Gross income - Example 1200 debt / 3000 Income=40%.
More About Conventional Loans - Conventional Mortgages for All States (including the Fort Wayne Area)
A Conventional mortgage is what the majority of buyers choose for Home Financing. Conventional Mortgages (also called a conforming loan) are limited to a maximum mortgage of $453,100. Conventional Mortgages are a mortgage loan that is in not in excess of Fannie Mae guideline. The current conforming loan limit is $453,100, making an Indiana mortgage with an amount over $453,100 an Indiana jumbo loan.
A Conventional loan is a considered a conforming loan. The majority of mortgage loans by lenders are conforming loans. Jumbo loans are a small percentage of area mortgages that are completed each year. Although most mortgage loans that are done in the USA are conforming, there are high-cost areas that demand jumbo loans such as California, Florida, Hawaii and other high cost states.
So, where is the best place to get an Conventional mortgage? Ruoff Home Mortgage has competitive offerings on conforming loans for all states, including Indiana. Call us today at 260-497-0800 to save money or apply online by clicking the link below.
The HomeReady Mortgage backed by Fannie Mae is built to help our low to moderate income borrowers reach the dream of homeownership.
Home Ready by Fannie Mae
Today’s homebuyers have diverse needs when it comes to lending options. And now with Fannie Mae’s HomeReady(TM) program, creditworthy, low- to moderate-income borrowers have more flexibility with financing and eligibility guidelines.
With low down payments, allowable gift funds and no minimum contribution required from the borrower, the HomeReady program helps buyers purchase affordable homes and realize the dream of home ownership.
Find out if you qualify.
As little as 3% down payment
Gift funds allowed for down payment, no minimum contribution from the borrower
Reduced mortgage insurance
Aggressive rates for a wide range of credit scores
Non-occupying co-borrowers (co-signers) allowed
One borrower must take homebuyer education
Income limits enforced. All borrowers on the loan must have a combined income of less than 100% of the area median income. Based on property location.
In a hurry?
Apply Online Today and Determine Your Financing with Fast Professional Service.