Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Thursday, December 5, 2019, CMS will introduce the new Carrington Prime Advantage program with Fixed, ARM and Interest-only ARM options. Carrington Prime Advantage allows alternative income documentation along with competitive pricing and loan amounts up to $2,500,000 and is designed for higher-credit-quality, non-agency borrowers who fall between the Carrington Flexible Advantage Plus (CFA+) program and conventional or jumbo loans.
Prime Advantage has the following features:
- Improved Pricing: Pricing is 125-150 basis points more favorable than CFA+
- Higher LTVs: 75% – 90% LTV available depending upon loan amounts (see matrix for details)
- Maximum Cash-out: $1,000,000
- Debt Ratio: Standard 43% and expanded up to 50% (see guidelines for details)
- Occupancy: Primary residence and second homes
- Amortization Types: Fixed, ARM and Interest-only ARM options
- Loan Purpose: Purchase, Rate/Term Refinances and Cash-Out Refinances
- Terms Available: 30 Year Fixed, 5/1 ARM, 7/1 ARM, 10/1 ARM, 5/1 ARM-IO, 7/1 ARM-IO, and 10/1 ARM-IO
- Doc Types: Full Doc, 1-Year Alt Doc, 12 or 24 Month Bank Statements (Business or Personal) and Asset Depletion
- Rural Properties Eligible: 80% Max LTV
Not available in all states. Refer to the Carrington Prime Advantage Program underwriting matrix and guidelines for additional information.
Please contact CorrespondentRM@carringtonms.com with any questions. Carrington thanks you for your business.