Announcement 19-0085: New Carrington Flexible Advantage Plus 85% Expanded Cash-Out LTV Enhancement


Effective November 14, 2019, Carrington Mortgage Services, LLC (CMS) is pleased to introduce a new 85% Expanded Cash-Out LTV option for the Carrington Flexible Advantage Plus program.

The 85% Expanded Cash-Out LTV option is perfect for borrowers looking to pull out cash, consolidate debt, pay for college tuition, home improvements, etc.  CMS is excited to offer a product that allows credit worthy borrowers the ability to access higher loan to values with a 620 minimum FICO; especially when many other lenders have recently pulled back to 80% LTV.

Eligibility Requirements for LTVs 80.01-85% and FICOs 620-679

  • Applies to Carrington Flexible Advantage Plus only
  • Full Documentation
  • Detached Single Family Residence and Detached PUD Only (No Condos)
  • Maximum 45% DTI
  • Minimum Loan Amount = $100,000
  • Maximum Loan Amount = $600,000
  • Maximum Cash-in-Hand to borrower = $50,000

Note: All payoffs, which are excluded from the Cash-in-Hand limit must be reflected on the Closing Disclosure and paid off through closing.

  • Residual Income = $3000 plus $150 per dependent

Please note: If any expanded LTV eligibility requirement listed above is not met, then the maximum cash-out LTV available is 80% and the standard Carrington Flexible Advantage Plus matrix requirements apply. FICO scores 680 and above remain unchanged with a maximum cash out LTV of 85%.


Please contact with any questions.

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