Aspire Home Loans
Purchasing your dream home has become more convenient than ever! When you’re prepared to begin, feel free to reach out to us or fill out the mortgage questionnaire provided below. Individuals can now apply for loans that align better with their loan needs! Whether it’s residential, construction, investment or HELOC loans you’re interested in, we’ve got you covered. Aspire Credit Union has teamed up with Fairway Lending Mortgage Corporation, LLC to offer our members and clients a wider range of loan options in addition to our in-house loans. Explore our latest in-house rates or inquire with our team on secondary market pricing.
Loan Options
ASPIRE IN-HOUSE LOAN
- 10% down with no mortgage insurance
- Balloon payment
- Local servicing
- Manufactured home financing available
- Condo financing available
- Investment property financing available
- Requires membership
CONVENTIONAL
- 5% down; 3% down for First Time Home Buyers
- Requires mortgage insurance
- Loan Limits
- Condo financing available
CONSTRUCTION
- 20% down (can include land equity)
- 12-month interest only construction period
- No limit on number of draw requests
- General contractor NOT required*
- Requires membership
HELOC
- Home improvement projects
- Debt consolidation (including higher interest rate credit cards)
- Tuition or other ongoing expenses over time
- Home repairs, such as windows, new roof, energy efficient projects
- Requires membership
FHA
- 3.5% down
- Loan limits
- Flexible credit requirements
- Mortgage insurance required for the life of the loan
- Strict property requirements
VA
- 0% down
- No private mortgage Insurance
- Strict property requirements must be move in ready
- Lowest rates
USDA
- 0% down
- Loan limits
- Max 10 acres with no outbuildings
- Income limits
NDHFA
North Dakota Housing Finance Agency
- State Investor
- Down payment assistance
- Income limits
- Purchase price limits
- Minimum $500 down payment
- Includes mortgage insurance
- Requires membership
*Not all individuals will qualify. Subject to credit approval, analysis, and underwriting. Aspire Credit Union membership may be required.
Mortgage Team
FREQUENTLY ASKED QUESTIONS
What is the difference between an In-House loan and a secondary market loan?
Aspire’s in-house balloon loan is a product serviced by our local employees. Our policy considers Fannie Mae guidelines and tailors them to best fit our borrowers’ and institutions’ needs. Our unique product allows a borrower to put in 10% and avoid the additional expense of mortgage insurance. Secondary market loans often offer the stability of fixed interest rates and lower down payments however depending on the loan type (FHA or Conventional), the borrower may see the additional expense of mortgage insurance for the life of the loan. These loan types also do not offer any local customer service contact should you have questions or concerns regarding your loan.
How does Aspire's Partnership with Fairway Lending affect my loan process?
What makes Aspire's Construction loans more appealing and unique from our competitors?
Aspire’s construction loan product aims to make the process as easy and accessible to anyone dreaming of building their dream home! What makes our construction loan program so attractive; no limit on the number of advances during the construction period, no requirement of a down payment at the time of opening the line of credit, quick turn time on draw requests, ability for the DIYer’s to manage a portion of their project and be reimbursed for qualifying expenses.
