Carrington Prime Advantage and Investor Advantage Program Enhancements
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.
**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.