Skip to Main ContentNon-QM Loans
Non-QM Loans
The Carrington Advantage Series
Prime Advantage
Flexible Advantage Plus
Flexible Advantage
Investor Advantage (DSCR)
Leading in Non-QM Lending
As a leader in Non-QM lending, Carrington 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 600 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 | 620 | 550 | 620 |
| Mortgage/Rental History | 1x30 | 1x30 | 0x60 up to 0x120 | 1x30 |
| BK/FC Seasoning | 48 months | 36 months | 0-24 months | 36 months |
| Max DTI | 43% standard (expanded to 50%) | 50% standard | 43% standard (expanded to 50%) | DSCR < 1.0 and No DSCR available |
| 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 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 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 Doc | Alt Doc |
|---|---|
| 660 Min FICO | 660 Min FICO |
| 90% Max LTV | 90% Max LTV |
- Loan amounts to $3.5M
- Cash-out limits to $1M
- Up to 50% DTI
- Mortgage history 1x30x12
- 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)
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 70% (see matrix for details)
- 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
- 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 75% 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)
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 | 600 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)
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
- DSCR >1.0 and >.75 options
- No DSCR available
- 4-and 5-year prepayment options
- 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
- Carrington Investor Advantage Program Matrix
- Non-QM Underwriting Guidelines (login required)
- Loan Submission Form
- Cover Letter (required)
Tools
- Debt Service Coverage Ratio (DSCR) Calculator
- Bank Statement Calculator
- P&L and 1099 Calculator
- Self-Employed Income Calculator
- Asset Conversion Calculator
Certain investment property loans do not require state specific licensing
|
|
1 Broker office must be licensed in state, loan officer need not be.
2 Broker must have Michigan Exempt Registration.
3 Property must close vested in an LLC or with NY Real Estate Broker’s license, can close as an individual.
4 Broker company will need to be registered with Secretary of State (Loan Broker Registration), but LO does not need to be licensed.
5 Broker office must hold the North Dakota Money Broker License, loan officer need not be.
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
- Closed End Second Mortage Program Matrix
- Second Mortgage Underwriting Guidelines (login required)
- Loan Submission Form
- Cover Letter (required)
An Equal Housing Opportunity Lender. Copyright 2007 -
2025
. 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: