Barclay Butler Financial Inc.

November 17, 2024

Looking to build a home but do not have 20% to put down. There are other options.

Most if not all construction loans require 20% down. There are look alike construction loans That follow conventional, FHA, USDA & VA guidelines. This means you could build a home with zero money down if you are a veteran or qualify for a USDA loan. Conventional construction loans will allow 5% down payment. FHA construction loans will allow 3.5% down […]

Blog 0 38 sec read

October 16, 2024

Investment property mortgages with no credit score needed.

Are you wanting to buy, refinance or cash-out on an investment property but your credit is bad or you have no credit. There is an option for you. We don’t care about bankruptcies, foreclosures, lates on a mortgage etc. You can use this mortgage on single family homes, townhomes, condos, apartment buildings, and commercial properties. If you have 50% to […]

2-4 unit building 0 32 sec read

September 8, 2024

5% down conventional mortgage, on a 2 – 4 unit building. Min. credit score 620.

You can now buy a multi unit home with 5% down with a conventional mortgage. Min. credit score is 620. FHA used to be the only way to buy a multi unit property with very little money down 3.5%. That has now changed Fannie Mae will allow only 5% down payment on a 2 – 4 unit property. The biggest […]

2-4 unit building 0 1 min read

April 27, 2024

Why use a non occupying co-borrower or a co-buyer to buy a home.

A non occupying co-borrower is a person that is on the mortgage but does not live in the house. He or she can be a family member or friend who will co-sign with you on your mortgage so you can buy the home. A non occupying co-borrower is not used to improve the qualifying credit score on a mortgage. An […]

203- K mortgage 0 34 sec read

March 14, 2023

FHA has lowered the monthly mortgage ins. premiums, time to refinance or purchase.

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 […]

203- K mortgage 0 1 min read

March 14, 2023

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. If you are buying a home the 3% down payment can be all given to you as a gift from a family member, and if you have the seller pay your closing costs you can now buy a home with a […]

3 percent down payment 0 1 min read

March 14, 2023

Can you get a home loan after you did a loan modification or mortgage modification.

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 […]

Barclay Butler Financial Inc. 0 2 min read

March 14, 2023

FHA mortgage should I use Fannie Mae or Freddie Mac.

People do not realize that 95% of all lenders use Fannie Mae to get loans approved. The reason for this is because it is more difficult for a lender to get approved to do Freddie Mac loans. If a customer gets turned down for an FHA loan there is a very good chance the lender was trying to go to […]

Blog 0 2 min read

March 14, 2023

How long after starting a new job can I get a home loan?

It depends on if you had a job gap (time off between jobs) and how long the job gap was. You could have a job gap for many reasons, laid off, fired, maternity or left for a new job. If your job gap was over 6 months than you will have to wait until you have 6 months on your […]

203- K mortgage 0 50 sec read

March 14, 2023

What you should know about student loans before you buy a home or refinance.

Student loans can affect the loan process in multiple ways. They could limit you on how much you can buy or they could prevent you from buying a home all together. We will look at how student loans affect FHA, VA, USDA & conventional loans. Student loans are looked at differently depending on what type of loan you are […]

203- K mortgage 0 1 min read

Looking to build a home but do not have 20% to put down. There are other options.

Investment property mortgages with no credit score needed.

5% down conventional mortgage, on a 2 – 4 unit building. Min. credit score 620.

Why use a non occupying co-borrower or a co-buyer to buy a home.

FHA has lowered the monthly mortgage ins. premiums, time to refinance or purchase.

3% down conventional mortgage, min. credit score 620.

Can you get a home loan after you did a loan modification or mortgage modification.

FHA mortgage should I use Fannie Mae or Freddie Mac.

How long after starting a new job can I get a home loan?

What you should know about student loans before you buy a home or refinance.

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