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Carrington Mortgage Services, LLC
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Non-QM Loans

The Carrington Advantage Series
Prime Advantage
Flexible Advantage Plus
Flexible Advantage
Investor Advantage (DSCR)
Closed End Second Mortgage

LEADING IN NON-QM LENDING

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:
  • We write the guidelines and as the end investor, we have the final say
  • Exceptions granted with acceptable compensating factors
  • FICOs 550 and up
  • Our bank statement programs start at 620 FICO
  • No bankruptcy seasoning required
  • Mix and match income documentation, let us show you how
  • Our specialized Non-QM credit, Operations, Support, and Setup Teams only work on Non-QM loans to deliver accuracy and speed
  • 40-year loan option available
  • ITIN borrowers (non-US citizens who live and pay taxes in the US)

Non-QM Comparison

Credit Parameters Prime Advantage Flexible Advantage Plus Flexible Advantage Investor Advantage
Minimum FICO 660 640 550 620
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 based on loan size 6, 12 months 3, 6 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 $2 million $1.5 million $3 million
Cash-Out Maximum $1 million $500k $500k $1 million

Other Parameters Prime Advantage Flexible Advantage Plus Flexible Advantage Investor Advantage
Product Type 15, 30 & 40 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only
15, 30 & 40 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only
15, 30 & 40 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only
15, 30 & 40 year fixed
5/1, 10/1 ARM
5/1, 10/1 interest only
Ineligible States MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA
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

CARRINGTON PRIME ADVANTAGESM

660 Min FICO - For borrowers who just miss qualifying for Agency or Jumbo financing.

Ideal for:

  • Loans that don’t fit government and conventional guidelines
  • Self-employed and alternative documentation borrowers including
    • 1099, P&L, 12 or 24-month bank statements (personal or business), asset depletion, W2 or full-doc
  • Good credit borrowers
  • ITIN borrowers (non-US citizens who live and pay taxes in the US)

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

Details

Full DocAlt Doc
660 Min FICO660 Min FICO
90% Max LTV90% Max LTV
  • Loan amounts to $3.5M
  • Cash-out limits to $1M
  • 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 ARM options
  • 40-year loan option available
  • ITIN borrowers  (non-US citizens who live and pay taxes in the US)

Documents

Tools

CARRINGTON FLEXIBLE ADVANTAGESM PLUS

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

 

Ideal for:

  • Borrowers who are on the road to repairing their credit
  • 620 FICO borrowers who need cash-out up to 75% (see matrix for details)
  • Self-employed or Alt doc (bank statement or W2)
  • ITIN borrowers (non-US citizens who live and pay taxes in the US)
Eligible Property Types Include: SFR, PUD, Townhome, Condominium, 2-4 Unit, Modular, Hobby Farms, and Mixed-Use Properties

Details

Full Doc Alt Doc
620 Min FICO 620 Min FICO
80% Max LTV 80% Max LTV
  • Loan amounts up to $2M
  • Cash-out up to $500K
  • Up to 80% cash-out (full doc & 620+ FICO)
  • Up to 50% 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 ARM options
  • 40-year loan option available
  • ITIN borrowers  (non-US citizens who live and pay taxes in the US)

Documents

Tools

CARRINGTON FLEXIBLE ADVANTAGESM

For borrowers who have recent housing events and FICO down to 550

Ideal for:

  • Minimum 550 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 Conversion
  • ITIN borrowers (non-US citizens who live and pay taxes in the US)
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.

Details

Full Doc Alt Doc
550 Min FICO 620 MiN FICO
80% Max LTV 80% Max LTV
  • Loan amounts up to $1.5M
  • Cash-out up to $500K
  • Up to 50% DTI
  • Up to 0x120 mortgage lates
  • Seasoning: 1 day from ch. 13,11 or 7 Bankruptcy
  • Seasoning: 1 day from foreclosure or short sale
  • Fixed-rate, ARM, & IO ARM options
  • 40-year loan option available
  • ITIN borrowers  (non-US citizens who live and pay taxes in the US)

Documents

Tools

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 $1M)
  • No residual income required
  • ITIN borrowers (non-US citizens who live and pay taxes in the US)
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

Details

  • 620 Min FICO
  • 85% MAX LTV
  • No income documentation required
  • No employment verification
  • Minimum 3 months reserves
  • Up to $3M
  • Up to $1M cash-out
  • Minimum DSCR .75
  • Fixed-rate, ARM, & IO ARM options
  • 40-year loan option available
  • ITIN borrowers  (non-US citizens who live and pay taxes in the US)

Documents

Tools

Certain investment property loans do not require state specific licensing*

  • Alabama
  • Arkansas
  • Colorado
  • Connecticut
  • Washington DC
  • Florida
  • Georgia
  • Hawaii
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • Missouri
  • Montana
  • Nebraska
  • New Jersey
  • New Mexico
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • West Virginia
  • Wisconsin
  • Wyoming
*This product is available to mortgage brokers who are approved and in good standing with Carrington and have a NMLS ID.

CLOSED END SECOND MORTGAGE

640+ Minimum FICO

Our closed-end, fixed-rate second mortgage program is built for self-employed borrowers and real estate investors who can qualify using 12 months of bank statements, as well as wage earners who can provide traditional income documentation.

PROGRAM FEATURES

  • Self-employed borrowers document income with 12 months of bank statements
  • Wage earners provide paystub, W2s, verbal VOE, and W2 transcripts
  • 640 minimum credit score to 85% CLTV with 50% DTI maximum
  • $350,000 max loan amount
  • Primary home, second home and investment property eligible
  • SFR, 2-4 units, townhomes, PUDs and condos
  • Fixed-rate terms of 5, 10, 15, 20, 25 and 30 years
  • Interest-only payment option available
  • Borrower paid compensation only

Terms:

  • 5, 10, 15, 20, 25 and 30 years
  • Interest only

Documents

Tools

CAREERSINVESTORSABOUT USCORRESPONDENT

Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines.  Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

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

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