Announcement 20-0014: Carrington Prime Advantage Occupancy Enhancements

April 19, 2021

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday, April 19, 2021, CMS will re-introduce Second Homes and introduce Investment Properties as available occupancy types for the Carrington Prime Advantage loan program.

General Highlights

Refer to the Carrington Prime Advantage Matrix and Guidelines for detailed requirements.

  • Max LTV Second Homes: Up to 80% LTV for Purchase & Rate/Term and 70% LTV for Cash-Out available depending upon loan amounts
  • Max LTV Investment Properties: Up to 80% LTV (70% LTV for 3-4 Units) available depending upon loan amounts. For 2-4 Units = Reduce Program Maximum LTV by 5%
  • Residual Income: Not required for Investment Properties. $2,500 plus an additional $150 per dependent required for Primary Residence and Second Homes.
  • Occupancy: Primary Residence (1-2 Units), Second Homes (1 Unit Only) and Investment Properties (1-4 Units)
  • First Time Investors: Max 65% LTV

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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An Equal Housing Opportunity Lender. Copyright 2007 - 2022 . Carrington Mortgage Services, LLC headquartered at 1500 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)

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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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