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.
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
Please contact CorrespondentRM@carringtonms.com with any questions.
Carrington thanks you for your business.