Announcement 20-0014: Carrington Prime Advantage Occupancy Enhancements

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce effective Monday, April 19, 2021, CMS will re-introduce Second Homes and introduce Investment Properties as available occupancy types for the Carrington Prime Advantage loan program.

General Highlights

Refer to the Carrington Prime Advantage Matrix and Guidelines for detailed requirements.

  • Max LTV Second Homes: Up to 80% LTV for Purchase & Rate/Term and 70% LTV for Cash-Out available depending upon loan amounts
  • Max LTV Investment Properties: Up to 80% LTV (70% LTV for 3-4 Units) available depending upon loan amounts. For 2-4 Units = Reduce Program Maximum LTV by 5%
  • Residual Income: Not required for Investment Properties. $2,500 plus an additional $150 per dependent required for Primary Residence and Second Homes.
  • Occupancy: Primary Residence (1-2 Units), Second Homes (1 Unit Only) and Investment Properties (1-4 Units)
  • First Time Investors: Max 65% LTV

Contacts

Please contact CorrespondentRM@carringtonms.com with any questions.

Carrington thanks you for your business.