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Barclay Butler Financial Mortgage
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Barclay Butler Financial Mortgage

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in Home Loans from Barclay Butler Financial Inc
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Highlights
Loan Amount $40,000 - $1,500,000
Loan Term (Years) 7 - 30 years
Credit Score Range Starting at 500
No Origination Fee N/A

Barclay Butler Financial Mortgage Review

Barclay Butler Financial Mortgage are offered by Barclay Butler Financial, a nonbank financial services provider founded in 1999 and based in East Dundee, IL. Barclay Butler Financial Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

  • 3 different mortgage programs offered. Barclay Butler Financial Mortgage offers FHA, VA, jumbo, conforming, and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Standard interest rates types. Barclay Butler Financial Mortgage offers option ARM mortgages, adjustable-rate mortgages, and fixed-rate mortgages.
  • Only primary residences considered. Barclay Butler Financial Mortgage does not offer financing for vacation homes or investment properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • High maximum LTV ratio. Barclay Butler Financial Mortgage has a maximum loan to value ratio of 90%, which is higher than average. Most lenders want you to have at least 20% equity.
  • Cosigner applications accepted. Applying for Barclay Butler Financial Mortgage with a cosigner can improve your chances of approval and help you qualify for lower interest rates.
  • Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 500 are considered.

Barclay Butler Financial Mortgage Pros & Cons

Pros Cons
  • Considers applicants with fair credit.
  • Available in all 50 states.
  • Charges an origination fee.
  • Charges prepayment fees.

Barclay Butler Financial Mortgage FAQ

How much can you borrow via Barclay Butler Financial Inc?

Barclay Butler Financial Mortgage allows borrowers to apply for loan amounts of up to $1,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Barclay Butler Financial Mortgage?

Barclay Butler Financial Mortgage offers mortgages with terms ranging from 7 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Barclay Butler Financial Inc offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, Barclay Butler Financial Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Barclay Butler Financial Mortgage offers the following mortgage types:

  • FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($548,250 as of 2021).
  • VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Barclay Butler Financial Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Barclay Butler Financial Mortgage allows the following property usage types: 

  • Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Barclay Butler Financial Mortgage is (847) 551-1766.

What is the support contact email?

The support contact email for this business credit card is bbutler@barclaybutlerfinancial.com.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

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About Barclay Butler Financial Mortgage

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Credit Score Range 500 -
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Intended Use Investment
Joint Loan Applications Accepted
  • Cosigner
Maximum LTV 90%
Minimum Age 18
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Income
  • Government Issued Photo ID
  • Social Security Number
Loan Amount $40,000 - $1,500,000
Loan Term 7 - 30 years
Interest Rate Types Offered
  • Fixed-Rate Mortgage
  • Adjustable-Rate Mortgage (ARM)
  • Option ARM
Mortgage Programs
  • FHA
  • VA
  • Jumbo

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