Recent Posts by Barclay Butler

Conventional loan or FHA loan which is better for me?

Alot of people ask me which loan should I get. My answer is it depends on your situation. Both FHA & conventional loans are good loans.   Here are the main reasons to use either Conv. or FHA loan. FHA- If you have lower income and want to put down only 3.5%. If your credit…
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VA home loans down to a 500 credit score.

A VA home loan is either for a veteran or a soldier currently enlisted. These loans allow for no down payment & no monthly mortgage insurance. These are fantastic loans if you are a veteran. A lot of veterans qualify for a VA loan and do not realize it. Most mortgage companies state you must have at…
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Mortgage company overlays helping or hurting home sales.

Most of the mortgage companies have overlays on their products. An overlay is an additional requirement added on top of a FHA, VA, or conventional mortgage guidelines. One example is FHA allows down to a 580 credit score if you want to put down 3.5% down payment. 95% of the lenders state you must have…
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Sub Prime mortgages are making a comeback in Florida.

Subprime mortgages are for people who cannot get an FHA, VA, or Conventional mortgage.Usually their credit scores are less than 550, or they recently had a foreclosure, short sale, deed in lieu of or a bankruptcy. Subprime mortgages do not care what your credit score is. Now a person can get a sub prime mortgage…
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Jumbo Stated income loans are BACK.

It has been many years but stated income loans are BACK. A stated income loan is for a self-employed person who does not show all of their income on a tax return. If you are buying or refinancing a home in Illinois with a jumbo mortgage on it and are self employed this is the…
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