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Non-QM Loans

THE CARRINGTON ADVANTAGE SERIES
CARRINGTON PRIME ADVANTAGE℠
Carrington Flexible Advantage Plus℠
Carrington Flexible Advantage℠
Carrington Investor Advantage (DSCR)

The Carrington Advantage Series

Leading in Non-QM Lending

As a leader in Non-QM lending, Carrington Wholesale is here to support you and your borrowers and real estate investors. Here are just a few ways we do that:
  • We write the guidelines and as the end investor, we have the final say
  • Exceptions granted with acceptable compensating factors
  • FICOs 550 and up
  • Our bank statement programs start at 620 FICO
  • No bankruptcy seasoning required
  • Mix and match income documentation, let us show you how
  • Our specialized Non-QM credit, Operations, Support, and Setup Teams only work on Non-QM loans to deliver accuracy and speed

Non-QM Comparison

Credit Parameters Prime Advantage Flexible Advantage Plus Flexible Advantage Investor Advantage
Mortgage/Rental History 0x30 1x30 0x60 up to 0x120 1x30
BK/FC Seasoning 48 months 36 months 0-24 months 48 months
Max DTI 43% standard (expanded to 50%) 50% standard 43% standard (expanded to 50%) DSCR ≥ 0.75
Residual Income $2,500 + $150/dependent $2,500 + $150/dependent $1,500 + $150/dependent None
Reserves 6, 9, or 12 months basedd on loan size 6 months 3 months 3 months
LTVs Up to 90% purchase/rate-term 80% cash-out 80% purchase/rate-term 75% cash-out 80% purchase/rate-term 70% cash-out 85% purchase/rate-term 75% cash-out
Max Loan Amount $3.5 million $3 million $1.5 million $2 million
Cash-Out Maximum $750k $500k $250k $750k

Other Parameters Prime Advantage Flexible Advantage Plus Flexible Advantage Investor Advantage
Product Type 15 & 30 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only		 15 & 30 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only		 15 & 30 year fixed
5/1, 7/1, 10/1 ARM
5/1, 7/1, 10/1 interest only		 15 & 30 year fixed
5/1, 10/1 ARM
5/1, 10/1 interest only
Ineligible States MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA, ND (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed MA, ND
No interest-only in WV
QM Fees Limited to Sect. 32, 5% limit Limited to Sect. 32, 5% limit Limited to Sect. 32, 5% limit Limited to Sect. 32, 5% limit

CARRINGTON PRIME ADVANTAGESM

660 MIN FICO - FOR BORROWERS WHO JUST MISS QUALIFYING FOR AGENCY OR JUMBO FINANCING.

Ideal for:

  • Loans that don’t fit government and conventional guidelines
  • Self-employed and alternative documentation borrowers including
    • 1099, P&L, 12 or 24-month bank statements (personal or business), asset depletion, W2 or full-doc
  • Good credit borrowers
Eligible Property Types Include; SFR, PUD, Townhome, Condominium, 2 Unit, Modular and Mixed-Use Properties.

Details

Full Doc Alt Doc
660 Min FICO 660 Min FICO
90% Max LTV 90% Max LTV
  • Loan amounts to $3.5M
  • Cash-out limits to $750,000
  • Up to 50% DTI
  • Mortgage history 0x30x12
  • Seasoning: 48 Mo. from ch. 13,11 or 7 bankruptcy
  • Seasoning: 48 Mo. from foreclosure or short sale
  • Fixed-rate, ARM, & IO ARM options

Documents

Tools

Carrington Flexible Advantage PlusSM

620 Minimum FICO – Alt doc allowed This is a great program to energize your pipeline with self-employed borrowers you may have previously had to turn away. With Flexible Advantage Plus, bank statements can be used in place of IRS tax documents to verify income. This program also offers financing solutions for borrowers with recent credit events (late payments, Foreclosures, Bankruptcy). Credit scores down to 620 may qualify.

Products

  • 30yr Fixed
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM

Matrices & Guidelines

Tools

Carrington Flexible AdvantageSM

550 Minimum FICO – Alt doc allowed

If you have borrowers with recent credit events (late payments, Foreclosures, Bankruptcy) and or credit scores down to 550, Flexible Advantage is the Non-QM loan program you’ve been looking for. Alternative documentation/bank statements can be used to verify income in place of IRS Tax documents. Available on purchases, refinance, and cash-out refinance loans.

Products

  • 30yr Fixed
  • 5/1 ARM
  • 7/1 ARM
  • 10/1 ARM

Matrices & Guidelines

Tools

Carrington Investor Advantage

Qualify using property cash flow

Carrington’s new Investor Advantage Program, which doesn’t require personal income for qualifying, could be the competitive edge you need to reach new clients. First-time investors are allowed, and there’s no cap on the number of investment properties the borrower can own (max five with CMS). Only three years of seasoning is required on foreclosure, short sale, bankruptcy, or deed-in-lieu.

No employment or income documentation required. The borrower only needs to have a Debt Coverage Ratio (DCR) greater than or equal to .75.

Products

  • 5/1 ARM
  • 10/1 ARM
  • 30yr Fixed

Documents

Tools

NO STATE LICENSING REQUIRED IN THESE STATES*

  • Alabama
  • Colorado
  • Connecticut
  • Washington DC
  • Florida
  • Georgia
  • Hawaii
  • Indiana
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • New Jersey
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • Wisconsin
CAREERSINVESTORSabout uswholesale

An Equal Housing Opportunity Lender. Copyright 2007 - 2023 . Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: www.nmlsconsumeraccess.com.

The content of this website is intended for licensed third-party originators or brokers only and may not be duplicated or disseminated to the public. Carrington Mortgage Services is one of the leading wholesale mortgage lenders.

Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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