Carrington Prime Advantage and Investor Advantage Program Enhancements

March 8, 2021

Overview

Effective March 8, 2021, Carrington Mortgage Services, LLC (CMS) is pleased to announce the following enhancements for the Prime Advantage and Investor Advantage loan programs.
Pricing Improvements
**Significant pricing improvements for Prime Advantage, CFA+, and Investor Advantage programs, including new “floor” rates!
Prime Advantage Program

  • Increased Loan-to-Values (see matrix for details)
  • Cash Out now allowed up to 80% LTV (720+ FICO)
  • Improved Loan Amount Tiers – expands LTV’s and reduces Reserves depending on loan size
  • Alternative Doc Programs now eligible down to a 660 FICO
  • 2-Units – Eliminated the 70% LTV cap and replaces with a program maximum LTV reduction of only 5% (LTV’s available up to 85%)
  • Condominiums – Eliminated 75% LTV cap – Same LTV’s as SFR now

Investor Advantage Program

  • Increased LTV by 5% for the 700 FICO band
  • Improved Loan Amount Tiers – expands LTV’s depending on loan size
  • 2-4 Units - Increased the Max LTV cap to 75%

Please Note: www.carringtonwholesale.com has been updated with the expanded LTV eligibility criteria and increased loan amounts.
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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

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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.
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An Equal Housing Opportunity Lender. Copyright 2007 - 2023 . 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.

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

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