Announcement 19-0090: New Carrington Prime Advantage Product

December 4, 2019

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 5, 2019, CMS will introduce the new Carrington Prime Advantage program with Fixed, ARM and Interest-only ARM options. Carrington Prime Advantage allows alternative income documentation along with competitive pricing and loan amounts up to $2,500,000 and is designed for higher-credit-quality, non-agency borrowers who fall between the Carrington Flexible Advantage Plus (CFA+) program and conventional or jumbo loans.

Prime Advantage has the following features:

  • Improved Pricing: Pricing is 125-150 basis points more favorable than CFA+
  • Higher LTVs: 75% - 90% LTV available depending upon loan amounts (see matrix for details)
  • Maximum Cash-out: $1,000,000
  • Debt Ratio: Standard 43% and expanded up to 50% (see guidelines for details)
  • Occupancy: Primary residence and second homes
  • Amortization Types: Fixed, ARM and Interest-only ARM options
  • Loan Purpose: Purchase, Rate/Term Refinances and Cash-Out Refinances
  • Terms Available: 30 Year Fixed, 5/1 ARM, 7/1 ARM, 10/1 ARM, 5/1 ARM-IO, 7/1 ARM-IO, and 10/1 ARM-IO
  • Doc Types: Full Doc, 1-Year Alt Doc, 12 or 24 Month Bank Statements (Business or Personal) and Asset Depletion
  • Rural Properties Eligible: 80% Max LTV

Not available in all states. Refer to the Carrington Prime Advantage Program underwriting matrix and guidelines for additional information.

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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