Carrington Flexible Advantage℠

About The Carrington Flexible Advantage℠ & Carrington Flexible Advantage℠ Plus Programs

Carrington is now offering Non-QM, (Non-Prime, Near Prime) loan products for purchase, refinance and cash-out refinance with loan amounts up to $3 million, up to 90% LTV and NO MI! Fixed and ARM options available. Borrowers with recent credit events (late payments, Foreclosures, Bankruptcy)  and credit scores down to 500 may qualify. Alternative document programs / Bank statements accepted to verify income in place of IRS Tax documents.  Includes Texas Home Equity (separate matrix below).

Carrington Investor Advantage

About The Carrington Investor Advantage Program

Carrington is now offering an Investment loan product for purchase, refinance and cash-out refinance with loan amounts up to $2 million, up to 80% LTV and NO Prepayment or MI! 5/1 and 10/1 LIBOR ARM options available. Borrowers with credit events (late payments, Foreclosures, Bankruptcy) and credit scores down to 620 may qualify. No employment or income documentation required. The borrower only needs to have positive cash flow for the subject property expressed as a Debt Coverage Ratio (DCR) greater than 1.00.

FHA

About FHA Products

The FHA program has been in place since the 1930s to help stimulate the housing market by making loans accessible and affordable. Traditionally, FHA loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone can get an FHA loan – they are not just for first-time home buyers.

FHA Streamline Refinance

About FHA Streamline Products

FHA Streamline Refinance is a home financing solution for borrowers with an FHA Loan. This program offers lower total lender fees and reduced documentation compared to standard FHA loans.

FHA 203H

About FHA 203(h) Products

The FHA 203(h) Mortgage Insurance for Disaster Victims program is available on purchase and refinance transactions for individuals impacted by the recent disasters designated as Presidentially-Declared Major Disaster Areas (PDMDA):

• Purchase Transactions are currently available to qualifying renters/tenants and homeowners in PDMDA’s and may have the ability to purchase a new home with zero-dollar down payment. For purchases, the property isn’t required to be located in the same area as the previous residence.
• Refinance Transactions are available to current qualifying homeowners in PDMDA’s and may have the ability to refinance the repairs, refurbishing or rebuilding of their home up to 100% LTV.
• To qualify, 203(h) loans must be initiated within a year of the PDMDA Declaration Date. See Product Matrix for program guidelines.

FHA 203K Standard

About FHA 203K Standard Products

Combine repairs and home financing into one loan. The FHA 203k Standard program allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to 50% of the “subject-to” appraised value. The 203k Standard program requires a HUD approved Consultant on all transactions.

FHA 203K Limited

About FHA 203K Limited Products

Combine repairs and home financing into one loan. The FHA 203k Limited allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.

FHA REO 203(b) Repair Escrow

About FHA REO Repair Escrow “203(b)” Products

FHA REO Repair Escrow program is intended to allow uncomplicated rehabilitation to a HUD owned home. This program is only available for HUD owned homes.

USDA

About USDA Products

USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas (USDA loans are not offered in the state of OH).

USDA Streamlined Assist

About USDA Streamlined Assist

USDA loans are primarily used to help low-income individuals or households refinance homes in rural areas (Currently not available in Ohio).

VA

About VA Products

These loans are made by a lender, such as a mortgage company, savings and loan, or bank and are insured by the US Department of Veteran’s Affairs. VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms.

VA IRRRL

About VA IRRRL Products

The Interest Rate Reduction Refinancing Loan (IRRRL) offers current VA mortgage holders an excellent opportunity to take advantage of low interest rates.

To learn more about the Value Point 4 (VP4) from CoreLogic, which may be required, contact Randy Reugger at (949) 214-1621 or rreugger@corelogic.com.

Conventional

About Conventional Conforming Products

Carrington has a variety of conventional conforming and high balance (loan amounts up to $1.2 million) products that can meet the needs of your qualifying customers.  Perfect for home purchase, rate/term refinance or cash out refinance.

Freddie Mac Super Conforming

About Freddie Mac Super Conforming Product

Freddie Mac Super Conforming is a program for borrowers that offers higher maximum loan limits.

Lender Paid Mortgage Insurance

About LPMI, Lender Paid Mortgage Insurance Products

Industry leading LPMI products for both refinance and purchase loans.    A great alternative to PMI for borrowers who may require lower down payments and higher LTV than a standard conventional conforming loan products.  Maximum loan amounts up to $1 million.

Texas Home Equity

About Texas Home Equity Products

Conventional conforming refinance program for Texas only.  Rate/Term and Cash-Out available.

HomeReady

About FNMA HomeReady Product

FNMA’s HomeReady is a program for borrowers that offers financing up to 97% LTV, low down payment, flexible sources of funds, and an affordable and cancellable monthly MI option. Borrowers do not need to be first time home buyers to qualify for the program.

HomePossible/Advantage

About FNMA HomePossible/Advantage Product

FHLMC’s HomePossible and HomePossible Advantage are programs for borrowers that offer financing up to 97% LTV, and flexible sources of down payments and income. Good for first time home buyers, move-up borrowers, retirees, and families in underserved areas.