Category Archives: Barclay Butler Financial Inc.

No Doc / No Ratio Investment Property loan are back.

Do you own or want to own an investment property but, you keep getting turned down because your income is not sufficient or you own too many investment properties. These new loans do not verify your income. As long as you can put down 20% or you have 25% equity in your property you can…
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FHA Loans down to a 500 credit score with 10% down.

Almost all lenders require a 620 credit score to get an FHA mortgage. Most lenders use an automated system to get the customers loan approval (Total Score Card) which runs through DU (Desktop Underwriter) or LP (Loan Prospector). We can get you a mortgage with a 500 credit score if you have 10% to put…
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No income verification loans are back for investors.

If you are an investor you know the challenges of showing income on your tax return when you own investment properties. With this new product the underwriter will only look at the income the property is producing for rent. This program can be used for purchases and refinances. This product can be used for a…
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New FHA changes, could affect you.

FHA has completely re written their new handbook called the 4000.1. The new FHA guidelines will affect everyone, which will make it harder to get an FHA loan in most situations. Here are some of the more important changes: Student Loans. Old Rule- FHA would allow the student loan payment to be excluded if the…
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3% down conventional mortgage, min. credit score 620.

You can now put down 3% when buying a home if you have at least a 620 credit score. Before the housing collapse we were allowed to put down nothing, now we are back to putting down only 3%. If you are buying a home the 3% down payment can be all given to you…
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3.5% down payment with a 580 credit score.

FHA allows you to buy a home with only 3.5% and a 580 credit score. Most lenders require 620-640 credit score, but there are lenders that will go down to a 580 credit score.


When you have a 580 credit score your debt to income ratios are limited, compared to a 620 credit score. Your maximum debt to income ratio is 50% with 2 compensating factors. It you have 1 compensating factor you cannot go above at 47%. If you have no compensating factors you will not be able to go above a 43% debt to income ratio. There a 5 compensating factors the FHA allows. They are 3 months of your mortgage payment, enough residual income, no other debts besides your new mortgage, rent is same as your new mortgage payment & you have other income that we are not using to qualify you. If your debt to income ratio goes above a 43% with a score below 620 you will have to do a manual underwrite. Barclay Butler Financial does these loans. # 580creditscore, #3.5%down.

Why you should use a real estate professional, to buy or sell a home.

Real estate professionals know more about the houses and the surrounding area. You will save time and money when you use a real estate professional.


Here are the benefits when buying a home:

Has the most information in one place about what is on the market, including homes listed by other professionals. You won’t waste time looking at unsuitable homes. Can help you find the home best suited to your needs size, style, features, location, accessibility to schools, transportation, shopping, etc. Can supply information on real estate values, taxes, utility costs, municipal services and facilities. Can suggest simple changes that could make a prospective home more suitable for you and improve its utility and value. Has no emotional ties to a home, can be objective about it and can point out its advantages and disadvantages. Acts as an agent between you and the seller to present offers and counter-offers until an agreement is reached. Is bound by a code of ethics!

Here are the benefits when selling a home:

Is knowledgeable of the market and gives you the quickest
exposure to the maximum number of buyers. Qualifies prospects as to their affordable price range and housing needs. Knows current real estate values and can help you set a realistic, competitive price. This skilled professional knows how to market your home effectively. Is familiar with the local home-loan market and can help you determine whether seller-assisted financing may expedite your sale. Can figure the net proceeds from your sale, taking into account items such as your outstanding loan balance, closing costs, and possible owner financing. Can tap an even larger market through referrals and marketing techniques. Frees you from the problems associated with showing your home. The real estate professional handles phone inquiries, appointments, showings, and negotiations of the contract. Maintains objectivity in presenting offers and counter-offers. Can familiarize you with the closing procedures by explaining them all in advance.Is bound by a code of ethics!

Remember before buying a home to get pre-approved. Contact Barclay Butler Financial Inc.