Loan Basics
This is the minimum credit score most conventional loans require.
620
At Ruoff Mortgage, what is our average number of days from loan application to 'clear to close'?
15 days
This government-backed loan program is available exclusively to military service members and veterans.
VA Loan
The standard down payment required for a conventional loan to avoid PMI.
20% down
Many buyers believe they need a 20% down payment, but this popular loan program allows them to buy a home with as little as 3% down.
What is a Conventional Loan
This type of loan is backed by the federal government and is popular among first-time homebuyers.
FHA loan
Ruoff provides this platform to keep realtors informed with real-time loan status updates on their clients' files.
Ruoff Agent App
This loan program offers 100% financing, requiring no down payment, for eligible rural and suburban homebuyers.
USDA loan
This is the minimum down payment required for an FHA loan.
3.5%
Buyers should avoid making large cash deposits into their bank accounts before closing because lenders require this for all funds.
paper trail or source funds
This document shows a borrower’s estimated loan terms, projected payments, and closing costs.
Loan Estimate
Instead of a traditional pre-qualification, Ruoff offers this type of full underwriting approval, giving buyers a competitive edge.
Step Ahead Program
This government-backed loan program is popular among first-time homebuyers because of its low down payment requirement of just 3.5%.
FHA
VA loans have this advantage over conventional loans regarding down payments.
no down payment required
Many assume they need perfect credit to qualify for a mortgage, but this government-backed loan program allows for lower credit scores.
What is an FHA Loan
The term for the ratio of a borrower’s monthly debt payments compared to their gross monthly income.
debt to income
At Ruoff Mortgage, we help clients quickly improve their credit scores to qualify for better loan terms using this specialized service."
Rescore
The 203(k) loan program is offered by this government entity to finance home renovations.
FHA
This loan option allows homebuyers to put down as little as 3% on a conventional mortgage.
What is Home Ready or Home Possible
Some buyers believe they should always go with the lowest interest rate, but this cost—often paid upfront—can make a lower rate more expensive in the long run.
What are discount points
This type of approval gives buyers an edge over pre-qualification by verifying income, assets, and credit upfront.
pre-approval
Unlike many lenders, Ruoff loan officers are available during these days to assist clients and realtors when they need it most.
Weekends
This type of loan allows homeowners to borrow against their home’s equity, often in the form of a line of credit.
HELOC Home Equity Line of Credit
This Michigan-based program provides down payment assistance to eligible homebuyers, making homeownership more affordable.
What is MSHDA
This is the final step of the homebuying process where buyers sign all necessary documents and officially take ownership of the home.
What is Closing