I am sure you all know that DPA (Down Payment Assistance) programs ( Ameridream & Nehemiah) were canceled as of 10/01/2008.  This helped many home buyers get into a home with no money out of their pocket. Approx 40% of all FHA PURCHASE loans used DPA.  The DPA  could cover either down payment and or closing costs.

Barclay Butler Financial Inc. has just been approved to offer 100% Financing again.

Barclay Butler Financial is working with a federal government fund, which allows a buyer to purchase either a condo, single family home or a town-home with NO MONEY DOWN.

The program works with a first mortgage at 92% LTV and a second mortgage at 8% LTV, combined equals 100% LTV. There is no up front MIP with this loan (Not FHA)

Here are some of the requirements:

1.  Must have a 620 credit score.

2.  Must earn less than or equal to $100,000 (Chicagoland Area) or 140% of the HUD median income.   (This is for an Individual or Family Income)

3.  Maximum purchase price in 417,000 (Chicagoland Area)

This program is GREAT because of the high income limitation.

I know alot of you reading this are from all over, this program is only good in ILLINOIS & MISSOURI.

Please call or email me with any questions you may have.