PRIME ADVANTAGE

CARRINGTON PRIME ADVANTAGESM

For borrowers who just miss qualifying for Agency or Jumbo financing.

Ideal for:

• Government and conventional loans that don’t fit government and conventional guidelines
• Self-employed and alternative documentation borrowers
• Good credit borrowers

Eligible Property Types Include: SFR, PUD, Townhome, Condominium, 2 Unit, Modular and Mixed-Use Properties

Details

Full Doc Bank Statement
660 Min FICO 660 Min FICO
90% Max LTV 90% Max LTV

• Loan amounts to $2.5M
• Cash-out limits to $1,000,000
• Up to 50% DTI
• Mortgage history 0x30x12
• Seasoning: 48 Mo. from ch. 13,11 or 7 bankruptcy
• Seasoning: 48 Mo. from foreclosure or short sale
• Fixed rate, ARM, & IO options

GUIDELINES & MATRIX

Product Matrix Texas Home Equity Matrix Underwriting Guidelines

FLEXIBLE ADVANTAGE PLUS

CARRINGTON FLEXIBLE ADVANTAGESM PLUS

For borrowers who have recently re-established credit scores above 620.

Ideal for:

• Borrowers who are on the road to repairing their credit
NEW 620 FICO borrowers who need cash-out up to 85% (see matrix for details)
• Self employed or Alt doc (bank statement or W2)

Eligible Property Types Include: SFR, PUD, Townhome, Condominium, 2-4 Unit, Modular and Mixed-Use Properties.

Details

Full Doc Bank Statement
620 Min FICO 620 Min FICO
90% Max LTV 90% Max LTV

• Loan amounts up to $3M
• Cash-out up to $750K
• Up to 85% cash-out (full doc & 620+ FICO)
• Up to 55% DTI
• 1×30 mortgage lates in the last 12 months
• Seasoning: 36 Mo. from ch. 13,11 or 7 bankruptcy
• Seasoning: 36 Mo. from foreclosure or short Sale
• Fixed rate, ARM, & IO options

GUIDELINES & MATRIX

Product Matrix Texas Home Equity Matrix Underwriting Guidelines

FLEXIBLE ADVANTAGE

CARRINGTON FLEXIBLE ADVANTAGESM

For borrowers who have recent housing events and FICO down to 500

Ideal for:

• Minimum 500 FICO
• Consumer credit challenges with consistent housing history
• Credit grades for 24 Months from housing event to no seasoning required from housing event
• Documentation-Full Doc (2-Yrs W-2/1099 or 2-Yrs Tax Returns) & Bank Statements, Asset

Eligible Property Types Include: One Unit Single Family Residences (Attached and Detached), PUDs (Attached and Detached), Condos (Low and High Rise), Site Condo, Non-Warrantable Condominiums, Townhouse, 2-4 Unit Properties, Modular Homes and Mixed-Use Properties.

Details

Full Doc Bank Statement
500 Min FICO 580 MIN FICO
90% MAX LTV 90% MAX LTV

• Loan amoints up to $2M
• Cash-out up to $750K
• Up to 55% DTI
• Up to 1×120 mortgage lates
• Seasoning: 1 day from ch. 13,11 or 7 Bankruptcy
• Seasoning: 1 day from foreclosure or short sale
• Fixed rate, ARM, & IO options

GUIDELINES & MATRIX

Product Matrix Texas Home Equity Matrix Underwriting Guidelines

INVESTOR ADVANTAGE (DSCR)

CARRINGTON INVESTOR ADVANTAGE

For property investors who want to skip the income qualifying process

Ideal for:

• First time investors
• Investors who need cash-out (up to 750k)
• No residual income required

Eligible Property Types: One Unit Single Family Residences (Attached and Detached), PUDs (Attached and Detached), Condos (Low and High Rise), Site Condo, NonWarrantable Condominiums, Townhouse, 2-4 Unit Properties, Modular Homes

Details

• 620 Min FICO
• 80% MAX LTV
• No income documentation required
• No employment verification
• No reserve requirement
• Up to $2M
• Up to $750k cash-out
• Minimum DSCR .75
• Fixed rate, ARM, & IO options

GUIDELINES & MATRIX

Product Matrix Underwriting Guidelines

Turn Times

Loan Setup
48 Hours
Initial Underwrite
72 Hours
Condition Review
48 Hours
CTC
72 Hours

Mo Donalds

Western Sales Manager

Mo.Donalds@CarringtonMS.com

(949) 517-5362

Jim Stauss

Eastern Sales Manager

James.Stauss@CarringtonMS.com

(401) 298-7024

Amy Marsh

Non-QM Business Development

Amy.Marsh@CarringtonMS.com

(949) 517-5732

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