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 |
Full Doc | Alt Doc |
---|---|
660 Min FICO | 660 Min FICO |
90% Max LTV | 90% Max LTV |
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.
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.
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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.
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