Types of Loans

Loans

Ruhl Mortgage has many different types of loans to fit your needs, from a home purchase or investment financing to refinancing. Your loan officer will introduce you to different types of mortgage products that best fit your financial situation and the home you plan to buy.

FHA Loans

FHA loans (Federal Housing Administration loans) offer relaxed underwriting standards, a lower down payment requirement, and less stringent restrictions so more people can buy homes. We are proud to be an FHA Direct Endorsement Lender for over 55 years.

  • Friends or family can assist with your down payment.
  • Underwriting is less strict and more understanding of past credit problems because of government guarantee.
  • We are a FHA Direct Endorsement Lender and can do everything including loan approvals in our office.

Fixed Rate Loans

Fixed rate loans, our most popular mortgage option, lock in an interest rate and payment for the entire term of the loan. Your rate and payment never increase, even if market conditions change, helping to give you peace-of-mind. Make future plans with confidence that your mortgage cannot rise beyond your budget.

  • Affordable, competitive interest rates keep borrowing costs low.
  • Locked interest rate for the entire mortgage term - predictable and budget friendly.
  • Great for first time buyers - straightforward loan terms and paperwork.

Adjustable Rate Mortgages

Adjustable rate mortgages (ARMs) offer low initial interest rates and affordable monthly payments in exchange for possible future rate adjustments. Rate locks can be as long as 10 years, giving buyers stability along with lower monthly payments. More variable than a fixed loan, an adjustable rate mortgage can still be an option for many.

  • Lower monthly mortgage payment because of low initial rate.
  • Frees up cash and may allow purchase of larger home.
  • Perfect for buyers who plan to move, relocate, or expect income to rise.

Veteran Financing

Are you a veteran looking to finance your new home? We have loan options structured specifically for veterans. Additionally, we are a VA Automatic Lender, which means that we have the capability to save you time by approving your loan right away.

  • VA Loans are open to all veterans who have served a minimum number of active duty days. Talk to your loan officer for more details.
  • VA loan amounts are contingent upon the VA limits in effect at the time of application and upon the veteran's unused entitlement amount.
  • Depending on the down payment, the funding fee ranges between 2% and 3% of the loan amount.
  • Under certain circumstances, you may use your VA entitlement more than once. In many instances a veteran can obtain 100% financing.

Jumbo Loans

It may be a vacation home on a lake or a new house in a sought-after area - some home purchases require maximum borrowing power. Jumbo loans give you all you need to enjoy big real estate opportunities.

  • Higher mortgage loan amounts available to take advantage of dream properties.
  • Choose from fixed rate or adjustable rate mortgage options to keep payment within your budget.

Investment Property Loans

Real estate continues to be a prudent investment with exciting opportunities. If you have found the right investment property to purchase, we may be able to finance it with competitively-priced investment property loans.

  • Mortgage programs for non-owner occupied properties, including 1-4 family, apartments and other revenue-generating buildings.
  • Borrowing power when the right property comes along.

Reverse Mortgages

Reverse mortgages can be a very useful tool in any well-balanced retirement plan. By converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to use for any purpose - whether it is medical expenses, daily living expenses, home maintenance or any other expense. If you plan to live in your home into the foreseeable future then this product may be right for you.

Your Ruhl Mortgage loan officer can find the right home loan for you and your specific needs. Contact them directly or call us at 563-441-1862.

Information provided should not be considered as a commitment to lend.  Offer subject to property and credit approval.  Program and other restrictions may apply.  Please contact your Loan Consultant for further details.  1701 52nd Avenue, Moline, IL 61265.  Illinois Residential Mortgage License. ©2015 Ruhl Mortgage. NMLS#935629.



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