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Announcement 20-0075: Updated Carrington Advantage Product Guidelines

December 17, 2020

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Wednesday December 16, 2020; CMS will implement the following Carrington Advantage (Prime Advantage, Flexible Advantage Plus, Flexible Advantage and Investor Advantage) product underwriting updates (highlighted in blue).  Please note this is an abbreviated summary of the guideline changes. For additional program information, please review the full guidelines available on

Underwriting Guidelines
Program Old Requirements Updated Requirements
All Programs Cash out proceeds not permitted to meet reserve requirements. Cash out proceeds permitted for reserves with ≥ 700 FICO.
Prime Advantage Max LTV = 80% for FICOs 700-719 (Full Doc and Alt Doc) Max LTV = 85% for FICOs 700-719 (Full Doc and Alt Doc)
Investor Advantage Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 36 mos Foreclosure, Short Sale/DIL, Bankruptcy Seasoning = 48 mos

Refer to the Carrington Advantage Program Matrices for additional information.


Please contact with any questions.
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Equal Housing Opportunity An Equal Housing Opportunity Lender. Copyright 2007 - 2024 . 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:

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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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