Overview
Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline enhancements for the Non-QM loan programs (Prime Advantage, Flexible Advantage Plus and Investor Advantage). These changes are effective September 13, 2021.
Prime Advantage Program
The Prime Advantage program has the following enhancements:
- Increased Maximum Loan Amount to $3,500,000
- Increased Maximum Cash-Out from $500,000 to $750,000
- Escrow Waivers are now permitted when the Borrower’s FICO > 700 and < 80% LTV
- Increased Loan Amount tier from $2,000,001–$2,500,000 to $2,000,001–$3,000,000
- Added new loan amount tier from $3,000,001–$3,500,000 with LTVs shown in the table below:
| Program Maximum LTVs | Primary Residence & Second Homes | |||||
| Full Doc | Alt Doc | |||||
| Loan Amount | Reserves | FICO | Purchase & R/T | Cash Out | Purchase & R/T | Cash Out |
| $3,000,001 up to $3,500,000 |
12 Months | 720+ | 75% | 65% | 75% | 65% |
| 700 | 70% | 60% | 70% | 60% | ||
Investor Advantage
The Investor Advantage program has the following enhancements:
- Increased Maximum Loan Amount to $2,000,000
- Increased Maximum Cash-Out from $500,000 to $750,000
Flexible Advantage Plus Program
The Flexible Advantage Plus program has the following enhancement:
- Escrow Waivers are now permitted when the Borrower’s FICO > 700 and < 80% LTV
Contacts
Please contact CorrespondentRM@carringtonms.com with any questions.
Carrington thanks you for your business.
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. 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: