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Mortgagee/Loss Payee Clause
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| CREDIT PARAMETERS | Prime Advantage* | Flexible Advantage Plus* | Flexible Advantage* | Investor Advantage* |
| FICO | 660+ | 620+ | 550+ | 620+ |
| MORTGAGE RENTAL HISTORY | 1x30x12 | 1x30x12 | 0x60 up to 0x120 | 1x30x12 |
| 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 |
| MONTHLY INSURANCE | None | None | None | None |
| RESIDUAL INCOME | $2,500 + $150/dependent | $2,500 + $150/dependent | $1,500 + $150/Dependent | Not Required |
| RESERVES | 6, 9, or 12 months based 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 | $2 million | $1.5 million | $3 million |
| REFI CASH-OUT MAX | $1M | $500K | $500K | $1M |
| OTHER PARAMETERS | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
| ARM PRODUCTS | 5/6, 7/6 5/6, 7/6 interest-only | 5/6, 7/6 5/6, 7/6 interest-only | 5/6, 7/6 5/6, 7/6 interest-only | 5/6, 7/6 5/6, 7/6 interest-only |
| INELIGIBLE STATES | Not available in MA and NH** | FA: 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 |
Government Agency Approvals
FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00
902324-00-00
Mortgagee/Loss Payee Clause
Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408
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Loan Limits LookupMortgage LettersThis information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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: