Barclay Butler Financial Inc.

October 29, 2014

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 you can buy a home with 46.9% (mortgage only payment) / 56.9% (All other debts including the mortgage payment) […]

203- K mortgage 0 49 sec read

October 16, 2014

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 […]

Bad Credit 0 38 sec read

October 11, 2014

Why using a credit repair company before getting a mortgage is a bad idea.

Credit repair is helpful if there is a lot of incorrect information on your credit report. If you have hired a company to dispute all of your bad credit, it most likely will delay or stop you from getting a mortgage. Most credit repair companies will dispute everything on your credit report that is derogatory. When a trade line on […]

Automated underwriting 0 1 min read

October 8, 2014

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 7/1 ARM. Rates start at […]

Bad Credit 0 28 sec read

October 6, 2014

What is the fastest way to rebuild your credit or increase your credit score.

The fastest way to rebuild your credit score or increase it after a BK, foreclosure, deed in lieu of or a short sale is to get a credit card most likely it will have to be a secured credit card. If you happen to be a person without any credit this will work also. A credit card is considered revolving […]

Bad Credit 0 1 min read

October 3, 2014

How do collections and charge-offs affect you getting approved for a FHA mortgage.

It used to be that collections and charge-offs did not affect you getting an FHA mortgage, but with the new regulations, they can stop your approval in its tracks. Medical collections & charge-offs are still exempt to the new rules, they will not affect you except for your credit score going down. Now with the new rules any customer who […]

Bad Credit 0 58 sec read

September 26, 2014

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 score is below 660. You […]

Bad Credit 0 1 min read

September 24, 2014

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 least a 620-660 credit score […]

Automated underwriting 0 44 sec read

September 22, 2014

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 a 640 credit score and […]

Automated underwriting 0 1 min read

September 20, 2014

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 with as little as 10% […]

Bad Credit 0 42 sec read