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New 40-Year Fixed Non-QM Programs

June 20, 2023


Effective Monday, June 19, 2023, Carrington Mortgage Services, LLC (CLS) will introduce the following changes for the Non-QM Loan Programs:

  • Add new 40-Year Fixed Rate options for Full Doc, 12 / 24-Month Bank Statements, and Texas Home Equity loans for the Prime Advantage, Flexible Advantage Plus, and Flexible Advantage programs
  • Add new 40-Year Fixed Rate option for the Investor Advantage program

The new 40-Year Fixed options are well-suited for borrowers looking for more affordable monthly payments and offers the following advantages:

  • With a longer amortization period, the principal and interest payment is typically lower than a 30-year amortization for the same loan amount
  • Since the loan is qualified at the standard qualifying principal and interest payment, borrowers may be able to increase their purchasing power or lower their debt ratio to qualify

The 40-year option is not available at this time for Adjustable Rate programs, Interest Only, and alternative documentation types such as 1-year Alt Doc, 1099, and P&L programs.  Those may be introduced at a later date.

Contact your Account Executive or Relationship Manager with 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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