Ruoff Home Mortgage came from humble beginnings in the city of Fort Wayne, Indiana, and currently operates with additional physical locations in Florida, Kentucky, Ohio, and Michigan.
The lender provides its clients with a wide range of residential mortgage options including conventional home loans, government-backed financing via Fannie Mae, Freddie Mac, and Ginnie Mae, Federal Housing Administration (FHA) and Veterans Health Administration (VHA) loans, jumbo loans, and special financing offerings for either new home construction or the renovation of existing residential properties.
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History of Ruoff Mortgage
Ruoff Home Mortgage was founded in 1984 by David Ruoff and was initially known as the Dave Ruoff Mortgage Co.
After he had spent several decades working in the industry for a variety of firms, Ruoff decided to strike out on his own with what he believed was a more community-oriented approach to the residential home financing business.
More than 30 years later, the company has reached considerable heights, but despite a few name changes (first to Ruoff Mortgage Company, Inc. and then Ruoff Home Mortgage), it remains a family-owned enterprise, as it is now in the hands of David’s son-in-law, president, and CEO Mark Music.
Ruoff was ranked one of the top 100 mortgage lenders by both The Scotsman Guide (at no. 68) and Mortgage Executive Magazine (no. 65).
Those wishing to deal with Ruoff mortgage brokers in person can do so at 28 offices in Indiana, Florida, Kentucky, Ohio, and Michigan.
Homebuyers conducting their business online can do so in nearly all U.S. states except New York, Alaska, and Hawaii.
Its online division was previously known as Expedite Home Loans but has operated under the Ruoff Home Mortgage umbrella since 2017.
Because Ruoff offers a broad spectrum of conventional, jumbo, and government-backed home loans, they are thus open to a wide range of prospective homebuyers, although those seeking FHA, VA or other government-supported residential property mortgages must meet various criteria as required by federal or state law.
Out of 443 reviews on Zillow, Ruoff averages a 5-star rating, though there is a modicum of negative feedback regarding certain specific agents working for the lender (rather than of the lender’s processes as a whole).
Current Ruoff Home Mortgage Rates
Ruoff Home Mortgage Loan Specifics
Prospective homebuyers, whether purchasing for the first time or buying their fourth residence, have many loan options to choose from if they work with Ruoff, so they are not particularly suited to one type of buyer rather than another.
That being said, the lender’s low credit score and down payment requirements for certain products mean that first-time buyers, or perhaps those who have less cash immediately on hand, may find Ruoff products advantageous.
Fixed-Rate Mortgages
These home loans feature interest rates that are set at the time of the mortgage’s signing and do not change over the term of the financing agreement, regardless of what may be happening with rates at large or with particular lenders.
Homebuyers seeking the stability that comes with a fixed rate, and, as such, a static monthly payment, may find this type of loan more optimal than others. Ruoff Home Mortgage offers fixed-rate mortgages with terms of 15, 20 and 30-years.
Adjustable-Rate Mortgages
ARMs feature interest rates that change periodically based on conditions in the overall mortgage market, as well as lenders’ specific standards.
Some of these mortgages’ rates change every year after the first year of the loan, while others have a fixed rate for a certain point (5, 7, or 10 years) and then adjust annually after that.
ARMs are inherently unpredictable but can work out well for buyers who don’t plan to live in a particular home for long.
Jumbo Loans
Mortgages that fall under this category are sums of money larger than the limits established by the Federal Housing Finance Agency, and as such can’t be backed by Freddie Mac or another government program. Ruoff offers jumbo financing for amounts up to $3 million, in either fixed-rate or ARM form.
Federal Housing Administration (FHA) Loans
Backed by the Federal Housing Administration, these loans can be particularly beneficial for first-time homebuyers, due to their low down payment and credit score thresholds: as low as 3.5 percent with a FICO score of 600 at Ruoff Home Mortgage.
Additionally, the seller may pay up to 6 percent of the costs. There are numerous requirements regarding which properties can be purchased with FHA loans: For example, they must be primary residences, and appraisers approved by the FHA must conduct inspections of such properties.
Veterans Affairs (VA) loans
Ruoff Home Mortgage offers loans guaranteed by the Department of Veterans Affairs for eligible servicemembers and veterans of the U.S. armed forces, as well as their spouses, children and other beneficiaries.
Those entitled to this financing, who must prove it with a valid Certificate of Eligibility from the VA, would do well to take advantage of the opportunity: A down payment may not be required, and both credit-score thresholds and interest rates are also favorable.
United States Department of Agriculture loans
The Department of Agriculture guarantees loans offered by lenders including Ruoff for prospective homebuyers looking to develop property outside of urban areas, for either residential or commercial farming use.
Eligible and ineligible regions for USDA loans can be viewed at the agency’s website, and the financing allows individual or family buyers to borrow up to 102 percent of a property’s appraised value.
“Doctors Only” program loans
This exclusive Ruoff program allows doctors or those completing studies to become doctors to finance homes at loan-to-value ratios up to 100 percent, with no mortgage insurance requirement.
These loans are ARMs with initial fixed terms of 3, 5, 7, or 10-years before the interest begins to fluctuate annually.
Indiana Housing & Community Development Authority loans:
These special programs for Indiana homebuyers either offer federal tax credits of up to $2,000 each year after you close the deal on a mortgage with a participating lender (like Ruoff), or help facilitate obtaining FHA-backed and conventional loans without any of the typical purchase-price limits.
Ruoff Home Mortgage Loan Offerings
| Loan Type | Description |
|---|---|
| Ruoff Home Mortgage Loan Options | Ruoff Offers a Range of Loan Options Suitable for Various Homebuyers |
| Fixed-Rate Mortgages | Stable Monthly Payments With Interest Rates Fixed for 15, 20, or 30 Years |
| Adjustable-Rate Mortgages (ARMs) | Interest Rates Change Based on Market Conditions and Loan Terms |
| Jumbo Loans | For Amounts Exceeding Federal Limits, up to $3 Million, Available in Fixed or Arm Forms |
| Federal Housing Administration (FHA) Loans | Ideal for First-Time Buyers With Low Down Payment (As Low as 3.5%) And Credit Score Thresholds |
| Veterans Affairs (VA) Loans | No Down Payment Required for Eligible Servicemembers and Veterans |
| USDA Loans | For Property Development in Rural Areas, Offering Up to 102% Of Appraised Value |
| “Doctors Only” Program Loans | 100% Financing for Doctors, With Initial Fixed Terms Before Yearly Rate Adjustments |
| Indiana Housing & Community Development Authority Loans | Special Programs With Tax Credits and Support for FHA and Conventional Loans |
Ruoff Home Mortgage Customer Experience
You can apply for home financing with Ruoff Home Mortgage on the lender’s website without needing to supply extremely sensitive personal info like your Social Security number upfront, though you can’t obtain a free quote without beginning the application process as is the case with some mortgage companies.
Ruoff’s site does offer a number of easily accessible resources for prospective homebuyers, including a loan calculator, instructional videos, and a variety of checklists and fact sheets to review before starting your loan application and while going through the rest of the process.
There are also external links to MLS databases and the Federal Trade Commission’s free credit reporting services.
Ruoff states on its website that the length of time between application and closing can be as brief as 15 days, yet this is not offered as a guarantee.
Based on information from Zillow and Yelp, customers generally have a positive outlook on the lender overall, although some borrowers report difficulties experienced with individual loan officers.
Also, in cases where the lender sold its originated mortgages to other companies, some reviews claim their new lender has been less than satisfactory.
Ruoff Home Mortgage Lender Reputation
As a mortgage originator that began in David Ruoff’s Fort Wayne office back in 1984, Ruoff Home Mortgage (NMLS ID: 141868) doesn’t have the nationwide profile of lenders with decades in the marketplace or companies that rose to prominence recently and swiftly.
However, its authentically family-run operations, the number of positive reviews associated with mortgages it has offered, and its strong rankings in industry publications all offer evidence of respectable standing in the market.
Also, while Ruoff Home Mortgage did see six complaints lodged with the BBB over the course of the past three years (and one in the past 12 months), all of these have been answered and resolved, and the lender has no enforcement actions pending (or in its recent past) with the Consumer Financial Protection Bureau.
Ruoff Home Mortgage Loan Qualifications
Each person whose name appears on an application for a Ruoff mortgage must supply several pieces of information:
- a driver’s license or other state-issued ID,
- tax returns and W-2s for the last two years,
- pay stubs for the most recent 30 days,
- bank statements for two consecutive months,
- and the contact info for a homeowner’s insurance agent who can coordinate with the lender on various closing-related matters.
Credit score requirements are as follows:
| Loan type | Minimum credit score |
|---|---|
| Conventional | 620 |
| FHA | 600 (620 preferred) |
| VA | 620 |
| USDA | 640 |
Ruoff Home Mortgage Phone Number & Additional Details(Each loan category also has its own specific requirements that must be met by all borrowers, as detailed above.)
Homepage URL: www.ruoff.com
Company Phone: 266-999-6200 or 1-800-627-8633
Headquarters Address: 1700 Magnavox Way, Suite 220, Fort Wayne, Indiana 46804
How We Review Mortgage Lenders:
Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.
By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.
For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.
Ruoff Mortgage Review
Product Name: Ruoff
Product Description: Ruoff is a residential mortgage provider that focuses on offering a top-tier mortgage experience for its customers. Built on the pillars of transparency, respect, and unwavering ethical standards, they also cultivate a rewarding and fulfilling environment for their employees.
GTIN-8: https://www.ruoff.com/
Summary of Ruoff Mortgage - Best-in-Class Residential Mortgage
Dedicated to revolutionizing the residential mortgage sector, Ruoff isn’t just another mortgage company. They’re rooted in the belief that every customer deserves a seamless, transparent mortgage process. This commitment to transparency and respect is evident not just in their dealings with customers, but also in the way they nurture their workplace culture. For Ruoff, it’s about more than just mortgages; it’s about establishing trust and fostering an environment where ethical standards are paramount.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Customer-Centric Approach: Puts the customers’ needs at the forefront, ensuring a seamless mortgage experience.
- Ethical Standards: Grounded in strong moral principles, ensuring transparent and honest transactions.
- Employee-Focused Culture: Provides a rewarding environment for employees, promoting both personal and professional growth.
- Transparent Dealings: Both customers and employees can expect clear and open communication throughout the process.
Cons
- Niche Focus: As a residential mortgage specialist, they may not cater to those looking for diverse financial services.
- New Entrants: In a competitive market, there are always new entrants offering innovative solutions which Ruoff would need to stay ahead of.
- Economic Dependence: The residential mortgage market can be influenced by broader economic factors, potentially affecting the company’s performance.
I am a veteran and trying to get a VA loan have a good income and turned in the required paperwork to get a loan to the Terre Haute office. However, I have not received any responses and have lost out on four homes because I didn’t get preapproved in time. I’m beginning to believe this is due to my race I thought it would be good to go thru a local company but I guess not.