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.