New Carrington Prime Advantage Product
Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 5, 2019, CMS will introduce the new Carrington Prime Advantage program with Fixed, ARM and Interest-only ARM options. Carrington Prime Advantage allows alternative income documentation along with competitive pricing and loan amounts up to $2,500,000 and is designed for higher-credit-quality, non-agency borrowers who fall between the Carrington Flexible Advantage Plus (CFA+) program and conventional or jumbo loans.
Prime Advantage has the following features:
- Improved Pricing: Pricing is 125-150 basis points more favorable than CFA+
- Higher LTVs: 75% – 90% LTV available depending upon loan amounts (see matrix for details)
- Maximum Cash-out: $1,000,000
- Debt Ratio: Standard 43% and expanded up to 50% (see guidelines for details)
- Occupancy: Primary residence and second homes
- Amortization Types: Fixed, ARM and Interest-only ARM options
- Loan Purpose: Purchase, Rate/Term Refinances and Cash-Out Refinances
- Terms Available: 30 Year Fixed, 5/1 ARM, 7/1 ARM, 10/1 ARM, 5/1 ARM-IO, 7/1 ARM-IO, and 10/1 ARM-IO
- Doc Types: Full Doc, 1-Year Alt Doc, 12 or 24 Month Bank Statements (Business or Personal) and Asset Depletion
- Rural Properties Eligible: 80% Max LTV
Not available in all states. Refer to the Carrington Prime Advantage Program underwriting matrix and guidelines for additional information.