As a leader in Non-QM lending, Carrington Wholesale is here to support you and your borrowers and real estate investors.
Here are just a few ways we do that:
Credit Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
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Mortgage/Rental History | 0x30 | 1x30 | 0x60 up to 0x120 | 1x30 |
BK/FC Seasoning | 48 months | 36 months | 0-24 months | 48 months |
Max DTI | 43% standard (expanded to 50%) | 50% standard | 43% standard (expanded to 50%) | DSCR ≥ 0.75 |
Residual Income | $2,500 + $150/dependent | $2,500 + $150/dependent | $1,500 + $150/dependent | None |
Reserves | 6, 9, or 12 months basedd on loan size | 6 months | 3 months | 3 months |
LTVs Up to | 90% purchase/rate-term 80% cash-out | 80% purchase/rate-term 75% cash-out | 80% purchase/rate-term 70% cash-out | 85% purchase/rate-term 75% cash-out |
Max Loan Amount | $3.5 million | $3 million | $1.5 million | $2 million |
Cash-Out Maximum | $750k | $500k | $250k | $750k |
Other Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
---|---|---|---|---|
Product Type | 15 & 30 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15 & 30 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15 & 30 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15 & 30 year fixed 5/1, 10/1 ARM 5/1, 10/1 interest only |
Ineligible States | MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, ND No interest-only in WV |
QM Fees | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit |
Eligible Property Types Include; SFR, PUD, Townhome, Condominium, 2 Unit, Modular and Mixed-Use Properties.
Full Doc | Alt Doc |
---|---|
660 Min FICO | 660 Min FICO |
90% Max LTV | 90% Max LTV |
Eligible Property Types Include: SFR, PUD, Townhome, Condominium, 2-4 Unit, Modular, Hobby Farms, and Mixed-Use Properties
Full Doc | Alt Doc |
---|---|
620 Min FICO | 620 Min FICO |
80% Max LTV | 80% Max LTV |
Eligible Property Types Include: One Unit Single Family Residences (Attached and Detached), PUDs (Attached and Detached), Condos (Low and High Rise), Site Condo, Townhouse, 2-4 Unit Properties, Modular Homes, Hobby Farms, and Mixed-Use Properties.
Full Doc | Alt Doc |
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550 Min FICO | 620 MiN FICO |
80% Max LTV | 80% Max LTV |
Eligible Property Types: One Unit Single Family Residences (Attached and Detached), PUDs (Attached and Detached), Condos (Low and High Rise), Site Condo, Townhouse, 2-4 Unit Properties, Modular Homes
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*This product is available to mortgage brokers who are approved and in good standing with Carrington and have a NMLS ID.
The content of this website is intended for licensed third party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.
Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00