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Carrington Prime Advantage℠

The Carrington Prime Advantage℠

660 Minimum FICO with bank statement and W2 income documentation

Expand your pipeline with highly competitive pricing for borrowers who fall just outside qualifying for conventional or jumbo loans, buyers desiring loan amounts up to $3.5 million, or those who are four years out from a housing default or major credit event. Some borrowers can also qualify for cash-out being used toward reserve requirements.

Products Features

  • FICOs 660+
  • Max LTV 90%
  • Expanded DTI up to 50%
  • Loan amounts up to $3.5M
  • Cash-out up to $750K
  • 12 & 24-month bank statements

Terms Available

  • 30yr Fixed
  • 5/1, 7/1, 10/1 ARM & IO ARM

Carrington Flexible Advantage℠ Plus

Carrington Flexible Advantage℠ Plus

620 Minimum FICO – Alt doc allowed

This is a great program to energize your pipeline with self-employed borrowers you may have previously had to turn away. With Flexible Advantage Plus, bank statements can be used in place of IRS tax documents to verify income. This program also offers financing solutions for borrowers with recent credit events (late payments, Foreclosures, Bankruptcy). Credit scores down to 620 may qualify.

Products Features

  • FICOs 620+
  • Max LTV 80%
  • Expanded DTI up to 50%
  • Loan amounts up to $2M
  • Cash-out up to $500K
  • 12 & 24-month bank statements

Terms Available

  • 30yr Fixed
  • 5/1, 7/1, 10/1 ARM & IO ARM

Carrington Flexible Advantage℠

Carrington Flexible Advantage℠

550 Minimum FICO – Alt doc allowed

If you have borrowers with recent credit events (late payments, Foreclosures, Bankruptcy) and or credit scores down to 550, Flexible Advantage is the Non-QM loan program you’ve been looking for. Alternative documentation/bank statements can be used to verify income in place of IRS Tax documents. Available on purchases, refinance, and cash-out refinance loans.

Products Features

  • FICOs 550+
  • Max LTV 80%
  • Expanded DTI up to 50%
  • Loan amounts up to $1.5M
  • Cash-out up to $250K
  • 12 & 24-month bank statements

Terms Available

  • 30yr Fixed
  • 5/1, 7/1, 10/1 ARM & IO ARM

Carrington Investor Advantage

The Carrington Investor Advantage Program

Qualifiy using property cash flow

Carrington’s new Investor Advantage Program, which doesn’t require personal income for qualifying, could be the competitive edge you need to reach new clients. First-time investors are allowed, and there’s no cap on the number of investment properties the borrower can own (max five with CMS). Only three years of seasoning is required on foreclosure, short sale, bankruptcy, or deed-in-lieu.

No employment or income documentation required. The borrower only needs to have a Debt Coverage Ratio (DCR) greater than or equal to .75.

Products Features

  • Income qualification using property cash flow
  • Loan amounts to $2M
  • No DTI restrictions
  • Up to 82.5% LTV
  • Cash-out up to $750K

Terms Available

  • 30yr Fixed
  • 5/1, 7/1, 10/1 ARM & IO ARM

FHA

FHA Loans

We are manual underwriting experts

FHA loans have helped credit challenged, first time buyers and lower-income families since the 1930s. But really, anyone can get an FHA loan. If you have a borrower with thin tradelines, non-traditional credit references may be eligible instead, making FHA a great option for those borrowers.

Products Features

  • FICOs 500+
  • Max LTV 96.5%
  • Loan amounts vary on location
  • Cash-out up to 80% LTV
  • Some may qualify for $100 Down Program
  • Non-traditional credit references allowed

Terms Available

  • 30, 25, 20, 15, and 10yr Fixed

FHA Streamline Refinance

About FHA Streamline Refinance

No Minimum FICO – No income documentation

FHA Streamline Refinance offers current FHA loan holders easy refinancing with minimal documentation and no appraisal. This program also offers lower total lender fees and reduced documentation compared to standard FHA loans.

Program Features

  • No income documentation
  • No appraisal required
  • No minimum FICO

Terms Available

  • 30, 25, 20, 15, and 10yr Fixed
  • 30yr Fixed High Balance

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 disasters designated as Presidentially-Declared Major Disaster Areas (PDMDA). Currently available to qualifying renters/tenants and homeowners in PDMDA’s, some of which may qualify to purchase a new home with zero down payment. Refinance Transactions are available to current qualifying homeowners in PDMDA’s and may have the ability to refinance repairs, refurbishing, or rebuilding of their home up to 100% LTV.

Program Features

  • Home may be repaired, rebuilt, or purchased
  • Purchase or refinance
  • 500 minimum FICO
  • Up to 100% LTV

Terms Available

  • 30, 25, 20, and 15yr Fixed
  • 15-30yr Fixed High Balance

FHA REO 203(b) Repair Escrow

FHA REO Repair Escrow 203(b) Products

500 Minimum FICO – Full income documentation

FHA REO Repair Escrow program helps borrowers buy a home currently owned by HUD and pay for minor necessary repairs through a less complicated loan process. Note, this program is only available for HUD-owned properties.

Programs Features

  • Min FICO 500+
  • Max LTV 96.5%
  • DTI may exceed 43% with compensating factors
  • Loan amounts vary on location
  • Properties up to 4 units are eligible
  • $11,000 max total repair cost

Terms Available

  • 30 & 15yr Fixed
  • 30 & 15yr Fixed High Balance

USDA

USDA Loans

550 Minimum FICO – 100% Financing Available

USDA loans are used primarily to help low-income individuals or households purchase homes in rural areas. Deliver on your client’s dream of a property in a less-populated area with no money down and possibly no out-of-pocket expenses.

Programs Features

  • Min FICO 550
  • Max LTV 100%, Zero down payment, zero out of pocket costs
  • Loan amounts are determined by qualifying ratios and county maximum income limits
  • Seller can pay closing costs and prepaids
  • No cash reserve requirements

USDA Streamlined Assist

USDA Streamlined Assist

No Minimum FICO – No DTI calculations

With Carrington’s USDA Streamlined Assist loan, borrowers can refinance an existing USDA loan with a simplified process requiring no appraisal, credit reports, property inspections, or DTI calculations. Typically, USDA loans are used to help low-income individuals or households finance homes in rural areas.

Programs Features

  • Max loan amount determined by county limits
  • No minimum FICO if no lates in the past 12 months
  • No appraisal or property inspection
  • No cash-out

Terms Available

  • 30-year Fixed

VA

VA Loans

Especially for qualified veterans, service members and their spouses

As one of the country’s largest VA mortgage loan servicers, Carrington Mortgage Services, LLC continues to serve those who served in our nation’s armed forces by offering incredibly favorable lending terms to our nation’s veterans. We deliver quality customer service, competitive rates, and numerous loan options to fit your clients’ financing needs.

Programs Features

  • Min FICO 500
  • Max LTV 100%, Zero down payment, zero out of pocket costs
  • Loan amounts vary by geographic location

Terms Available

  • 30-year Fixed
  • 30-year Fixed High Balance

VA IRRRL

VA IRRRL Products

No Minimum FICO – No income documentation

Lowering rates and payments of existing VA loans is easy with Carrington. As one of the country’s largest VA mortgage loan servicers, we continue to “serve the underserved” by offering incredibly favorable lending terms to our nation’s veterans. The VA IRRRL is perfect for existing VA borrowers who may have some late mortgage payments and could benefit from better loan terms.

Programs Features

  • No minimum FICO in most cases
  • Refinance of existing VA loan
  • No income documentation
  • No appraisal required

Terms Available

  • 15 & 30-year Fixed
  • 15 & 30yr Fixed High Balance

Conventional

Conventional Conforming Loans

620 Minimum FICO – Full income documentation

Carrington has various conventional conforming and high balance products to meet your traditional qualifying customers’ needs. Perfect for home purchase, rate/term refinance, or cash-out refinance borrowers with standard income and few credit issues.

Programs Features

  • Min FICO 620+
  • Max 95% LTV
  • Purchase, refinance, and cash-out refi’s

Terms Available

  • 15, 20, and 30-year Fixed
  • 15 & 30yr Fixed High Balance

Freddie Mac Super Conforming

About Freddie Mac Super Conforming Product

620 Minimum FICO – Full income documentation

Our Freddie Mac Super Conforming loans are designed for borrowers seeking larger loan amounts for home purchase, refinance, or cash-out refinance and who have traditionally documented income with few credit issues.

Programs Features

  • Purchase, refinance, and cash-out refi’s
  • Loan amounts up to $1,581,750
  • 620 minimum FICO
  • Max 95% LTV

Terms Available

  • 15, 20, and 30-year Fixed

Lender Paid Mortgage Insurance

About LPMI, Lender Paid Mortgage Insurance Products

620 Minimum FICO – Full income documentation

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

Product Features

  • Loan amounts up to $1M
  • Purchases and rate/term refi’s
  • 620 minimum FICO
  • Max 95% LTV

Terms Available

  • 30-year Fixed

Texas Home Equity

About Texas Home Equity Products

Conventional conforming refinance program for Texas borrowers. Rate/Term and cash-out refinance loan options available. Perfect for Texas homeowners who’ve built equity and want to take advantage of better rates and terms or who want cash-out to make improvements.

Product Features

  • Rate/term and cash-out refinancing
  • Max 95% LTV on rate/term refi’s
  • Max loan amount of $548,250
  • 620 minimum FICO

Terms Available

  • 15, 20, and 30-year Fixed

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 homebuyers to qualify for the program.

Product Features

  • Purchase, rate/term, and cash-out refinancing
  • Max loan of $1,054,500 on 4-unit properties
  • 620 minimum FICO
  • Max 97% LTV

Terms Available

  • 15, 20, and 30-year Fixed

HomePossible

About FHLMC HomePossible

Carrington can help you expand your pipeline with an FHLMC program designed to assist borrowers in underserved markets in purchasing a home for the first time or refinancing their current home to take advantage of better rates and or terms.

Available Products

  • No reserves required on 1-unit properties
  • Purchase and rate/term refinancing
  • 620 minimum FICO
  • Max 97% LTV

Terms Available

  • 15, 20, and 30-year Fixed