Conventional

Conventional Loans

Overview

Carrington has a variety of conventional conforming and high balance (loan amounts up to $1.2 million) products that can meet the needs of your qualifying customers. Perfect for home purchase, rate/term refinance or cash out refinance.

Conventional Products

  • 30 yr
  • 20 yr
  • 15 yr

High Balance Products

  • 30 yr
  • 15 yr

Matrices & Guidelines

Overview

All Fannie Mae DU Refi Plus mortgage loans must have application dates on or before December 31, 2018.

DU Refi Plus whole loans must be purchased by Fannie Mae on or before September 30, 2019, or must be delivered into Mortgage Backed Security (MBS) pools with issue dates on or before September 30, 2019.


Fannie Mae’s Home Affordable Refinance Program is designed to assist homeowners in financing their mortgages even if they owe more than the home’s current value. The purpose of refinancing is to place responsible borrowers in a better position by reducing their monthly payment, reducing their interest rate, reducing the amortization term or moving them from a variable product to a fixed-rate mortgage.

Eligible loans are conforming and high balance loans receiving a current version DU Approve/Eligible

Loans eligible for refinance must have been purchased by Fannie Mae with a Note Date prior to June 1, 2009.

DU Refi Plus mortgage loans must have application dates on or before September 30, 2017.

Use the following link to determine if Fannie Mae owns the loan. https://www.knowyouroptions.com/loanlookup

Products

    • 30 yr
    • 20 yr
    • 15 yr
    • 10 yr

Matrices & Guidelines

Overview

All Freddie Mac Relief Refinance – Open Access mortgage loans must have application dates on or before December 31, 2018. All Open Access mortgage loans must have settlement dates on or before September 30, 2019.
The Freddie Mac Relief Refinance MortgageSM – Open Access helps borrowers refinance and is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values. This program is available to existing borrowers who have a conventional mortgage by Freddie Mac with a note date on or before May 31, 2009 that are seasoned for at least 3 months. Refer to Freddie Mac’s Loan Lookup Tool. The loan must be a first lien owned by Freddie Mac, in whole or in part, or secured by Freddie Mac.

Products

  • 30 year fixed
  • 20 year fixed
  • 15 year fixed

Matrices & Guidelines

Overview

Freddie Mac Super Conforming is a program for borrowers that offers higher maximum loan limits.

Products

  • 30 year fixed
  • 15 year fixed

Matrices & Guidelines

Overview

Industry-leading LPMI products for both refinance and purchase loans. A great alternative to PMI for borrowers who may require lower down payments and higher LTV than a standard conventional conforming loan products. Maximum loan amounts up to $1 million.

Products

  • 30 year fixed

Matrices & Guidelines

Overview

Conventional conforming refinance program for Texas only. Rate/Term and Cash-Out available.

Products

  • 30 year fixed
  • 20 year fixed
  • 15 year fixed

Matrices & Guidelines

TURN TIMES

Conventional Loans
Purchase Review

48 Hours

Government Loans
Purchase Review

48 Hours

Carrington Advantage Series
Purchase Review

48 Hours

Underwriting

48 Hours

Conditions Review

48 Hours

Closed Loan Purchase Review

48 Hours