Introducing a new Near-Prime Product

May 2, 2018

Overview
Effective May 3, 2018 Carrington Mortgage Services, LLC (CMS) will introduce a new Near-Prime Product to broaden our commitment to serving the underserved borrower!
The Near-Prime product is well suited for borrowers who may have credit challenges but need pricing that is closer to prime rates. The program features Fixed and Adjustable Rate loan programs with FICO scores down to 620.
General Highlights

  • Recent Mortgage / Rental Lates up to 1 x 30 x 12
  • Foreclosure, Short Sale, Deed in Lieu and Bankruptcy with 36-month seasoning
  • Max Debt Ratios from 50% up to 55%
  • First Time Home Buyers allowed
  • Non-warrantable Condo Permitted (max 80% LTV)
  • Fully Documented Loans, 24 Months Bank Statements, 12 Month Bank Statements, and 1-Year Alternative Documentation
  • No Mortgage Insurance required
  • No Prepayment Penalties

Near-Prime Program Terms

  • Purchase, Rate/Term and Cash-Out Transactions (up to $500,000 cash-out)
  • 30 Year Fixed, 5/1 and 7/1 LIBOR ARMs
  • Maximum Loan Amount to $1.5MM
  • Cash-Out available to $500K
  • Primary Residence and Second Homes
  • Max LTV/CLTV: Up to 95%*
  • Min FICO: 620
  • Not Available in AK; MA; WV

*Refer to the CMS Near-Prime Matrix for LTV requirements.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

Industry Links

Loan Limits LookupMortgage Letters
This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
CAREERSINVESTORSABOUT USCORRESPONDENT
An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram