Barclay Butler Financial Inc.

November 1, 2015

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 loan payments were deferred for […]

Bad Credit 0 3 min read

February 15, 2015

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 […]

3 percent down payment 0 56 sec read

January 4, 2015

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 as a gift from a […]

3 percent down payment 0 2 min read

December 8, 2014

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

November 15, 2014

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

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 21, 2014

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 put in critical condition on […]

Blog 0 2 min read

October 20, 2014

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. […]

Barclay Butler Financial Inc. 0 1 min 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 14, 2014

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 […]

Blog 0 43 sec read