Announcement 19-0085: New Carrington Flexible Advantage Plus 85% Expanded Cash-Out LTV Enhancement

November 14, 2019

Overview

Effective November 14, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to introduce a new 85% Expanded Cash-Out LTV option for the Carrington Flexible Advantage Plus program.

The 85% Expanded Cash-Out LTV option is perfect for borrowers looking to pull out cash, consolidate debt, pay for college tuition, home improvements, etc.  CMS is excited to offer a product that allows credit worthy borrowers the ability to access higher loan to values with a 620 minimum FICO; especially when many other lenders have recently pulled back to 80% LTV.

Eligibility Requirements for LTVs 80.01-85% and FICOs 620-679

  • Applies to Carrington Flexible Advantage Plus only
  • Full Documentation
  • Detached Single Family Residence and Detached PUD Only (No Condos)
  • Maximum 45% DTI
  • Minimum Loan Amount = $100,000
  • Maximum Loan Amount = $600,000
  • Maximum Cash-in-Hand to borrower = $50,000

Note: All payoffs, which are excluded from the Cash-in-Hand limit must be reflected on the Closing Disclosure and paid off through closing.

  • Residual Income = $3000 plus $150 per dependent

Please note: If any expanded LTV eligibility requirement listed above is not met, then the maximum cash-out LTV available is 80% and the standard Carrington Flexible Advantage Plus matrix requirements apply. FICO scores 680 and above remain unchanged with a maximum cash out LTV of 85%.

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.

Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

Mortgagee/Loss Payee Clause

Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This 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.
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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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