Most mortgage companies have overlays on their products. An overlay is an additional requirement added on top of a FHA, VA, USDA 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 about […]
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 15% or you have 25% equity in your property you can get one of these loans. […]
This allows you to consolidate your bills up to 80% LTV. Only need 20% equity in your house. This mortgage requires a minimum credit score of a 500. This mortgage will allow you to pay off your current mortgage if you have one and all of your other debts. You can payoff auto, motorcycle, boat, RV, student & personal loans. […]
Whether you are buying a home to live in, or rent out we have loans that will allow you to buy the home and rehab the home at the same time with no more money down. If you are buying a home to live in we offer rehab loans with as little as 3% down payment. This will allow you […]
Most lenders require a 620 credit score for FHA financing because they rely only on automated approval systems such as DU (Desktop Underwriter) or LP (Loan Prospector). At Barclay Butler Financial Inc., we can help borrowers with lower credit scores: 500–579 credit score → Eligible with 10% down 580+ credit score → Eligible with 3.5% down ✅ We offer Automated […]
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 single rental property or 100’s […]
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 loan payments were deferred for […]
You could save hundreds of dollars by refinancing without lowering your current rate. How can this be? FHA just lowered the monthly mortgage insurance premium from .85% to .55% per year if you are over 95% LTV. This is almost 1/2 of what it used to be. Example: if you have an FHA mortgage with .85% premium and you mortgage […]
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 as a gift from a […]
You can get a mortgage after you have done a loan modification. Loan modifications were quite popular starting in 2009 through 2013. You are not seeing nearly as many since the beginning of 2014. Depending on what you did to your loan when you modified it depends on how long you have to wait if at all, after the loan […]
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