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 […]
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 […]
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. ✅ Basic FHA Guideline Minimum credit score: 580 Minimum down payment: 3.5% ✅ Debt-to-Income (DTI) Ratios with Automated Underwriting (AUS) Housing (mortgage only): 46.9% Total debts […]
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 […]
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