Carrington Mortgage Services, LLC (CMS) is pleased to announce the Carrington Flexible Advantage and Investor Advantage guidelines have been updated to add Illinois and Texas as approved states for the CMS Interest-only ARM program.
As a reminder, the CMS Interest-only product has the following features:
Restrictions: Interest Only is not permitted in Massachusetts; North Dakota and West Virginia or for Texas Home Equity (50(a)(6)) or Texas Conversion (refinance of Texas 50(a)(6) loan to a Rate/Term loan) transactions.
As always, please refer to the CMS Underwriting Guidelines and Matrices for qualification parameters.
Please contact CorrespondentRM@carringtonms.com with any questions.
Carrington thanks you for your business.
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