Aspire Home Loans
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Now more than ever, it is critical to find the right loan officer or mortgage broker to help you with your home loan financing.  Aspire Home Loans is committed to helping you find the right mortgage product for your needs. We understand that every borrower is different, and we offer a variety of products to meet your individual requirements.  We also act as your "personal shopper" for the best interest rates and terms on any given day. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices saving you time, energy and effort.

 

 
HUD is making BIG changes!
The Department of Housing and Urban Development (HUD) is making big changes to their guidelines to lessen their risk of insuring properties under FHA financing:
 
1.  The Upfront Mortgage Insurance Premium will be increased from 1.75% to 2.25%.  The UFMIP can still be financed into the loan amount,
 
2.  Borrowers with credit scores under 580 will be required to make a minimum 10% down payment,
 
3.  Seller credit for closing costs will be reduced from a maximum of 6% to 3%.
 
4.  The anti-flipping rule will be temporaily waived under the following conditions:
  • All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction. 
  • When the sales price of the property is 20% or more over and above the seller's acquisition cost, the waiver will apply only if the lender:

          Justifies the increase in value by obtaining documentation which verifies the seller has completed sufficient legitimate renovation, repair, and rehab work to substantiate the increase in value; or, in cases where no such work is performed, the appraiser provides appropriate commentary regarding the increase in value since the prior title transfer; AND

          Obtains a property inspection and provides it to the purchaser prior to closing.  The lender may charge the borrower for this inspection.

  • When the sales price of the property is 50% or more over and above the seller's acquisition cost, the waiver will apply only if a second appraisal is obtained.

The full text of this temporary waiver is available at:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf


Aspire Home Loans

Ph: 760-639-1192
Fax: 760-639-1195