Category Archives: Blog

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.

Support Deputy Maness/Family

This is a post that is not related to the mortgage business but I felt like I needed to spread the word. This happened about 3 miles from my house.   My name is Lauren, and as many of you may know I am the step-daughter of Deputy Maness; the male officer was shot and…
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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.


You can buy a home 1 yr. after your Ch. 7 bankruptcy is discharged.

If you had to declare bankruptcy because your income was reduced by at least 20% you can qualify for the FHA Back to Work program. Which allows you to buy a home 1 yr. after your Ch. 7 bankruptcy was discharged.



The income reduction had to be at least for 6 months. You will also have to get counseled 30 days prior to applying for a mortgage. Your credit has to be good since the bankruptcy. You cannot have any lates on housing history or installment loans (auto loans etc..). The min credit score needed for this program is 580 if you want to put down only 3.5%, if you have more to put down you could go as low as 550. This program is only for people who  had a reduction in income. Barclay Butler Financial Inc. is currently doing these loans, they are manually underwritten. Please contact me with any questions.

1 day out of a foreclosure and you could buy a home!

Yes it is true you can buy a home 1 day after your foreclosure. Your home has to have been already foreclosed, it cannot be in the process of being foreclosed. If you have a 660 credit score and 20% down you can buy a new home. You can get either a 5/1 or a…
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