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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 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 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 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)

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 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 DocAlt Doc
620 Min FICO620 Min FICO
80% Max LTV80% 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)

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 DocAlt Doc
550 Min FICO600 MiN FICO
80% Max LTV80% 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
  • 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

Tools

Certain investment property loans do not require state specific licensing*

  • Alabama
  • Arkansas
  • Colorado
  • Connecticut
  • Washington DC
  • Florida
  • Georgia
  • Hawaii
  • Illinois**
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • Missouri
  • Montana
  • Nebraska
  • New Jersey
  • New Mexico
  • North Dakota**
  • 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. ** Broker office must be licensed in state, 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

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, LLC 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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