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CREDIT PARAMETERS FHA FULL DOC FLEXIBLE ADVANTAGE* FLEXIBLE ADVANTAGE PLUS* PRIME ADVANTAGE*
FICO 500+ 550+ 620+ 660+
MORTGAGE/RENTAL  HISTORY 0x30 0x60 up to 0x12 1x30 0x30
BK/FC SEASONING BK 24 Months, FC 36 Months 0-24 Months 36 Months 38 Months
MAX DTI Per AUS up to 57% (Manual to 50%) 43% Standard (Expanded up to 50%) 50% Standard 43% Standard (Expanded to 50%)
MORTGAGE INSURANCE PREMIUMS 1.75% UFMIP; 80-105bps MMI None None None
RESIDUAL INCOME N/A $1,500 + $150/Dependent $2,500 + $150/Dependent $2,500 + $150/Dependent
RESERVES 0-3 Months (Per AUS) 3 Months 6 Months 6, 9, OR 12 Months based on loan size
LTVS UP TO 96.5% (90% BELOW 580 FICO) 80% Cash-out 80% PUR/RT
70% Cash-out		 80% PUR/RT
75% Cash-out		 90% PUR/RT
80% Cash-out
MAX LOAN AMOUNT Conforming limits by county
1-unit high-balance limit $765,600		 $1,500,000 $2,000,000 $2,500,000
CASH-OUT MAX Per AUS $250,000 $500,000 $500,000

 

OTHER PARAMETERS FHA FULL DOC FLEXIBLE ADVANTAGE* FLEXIBLE ADVANTAGE PLUS* PRIME ADVANTAGE*
ARM PRODUCTS Fixed Only 5/1, 7/1, 10/1
5/1, 7/1, 10/1 Interest-only		 5/1, 7/1, 10/1
5/1, 7/1, 10/1 Interest-only		 5/1, 7/1, 10/1
5/1, 7/1, 10/1 Interest-only
INELIGIBLE STATES MA, ND (CMS licensing) 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		 Not Available in all states, SEE GUIDELINES for Details
QM FEES Limited to QM, 3% limit Limited to Sect. 32, 5% limit Limited to Sect. 32, 5% limit Limited to Sect. 32, 5% limit

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An Equal Housing Opportunity Lender. Copyright 2007 - 2023 . 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.

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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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