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| CREDIT PARAMETERS | FHA FULL DOC | FLEXIBLE ADVANTAGE | FLEXIBLE ADVANTAGE PLUS | PRIME ADVANTAGE |
| FICO | 500+ | 550+ | 620+ | 660+ |
| MORTAGE/RENTAL HISTORY | 0x30 | 0x60 up to 0x120 | 1x30 | 0x30 |
| BK/FC SEASONING | BK 24 months, FC 36 months | 0-24 months | 36 months | 48 months |
| MAX DTI | Per AUS up to 57% (Manual to 50%) | 43% Standard (Expanded to 50%) | 50% Standard | 43% Standard (Expanded to 50%) |
| MORTGAGE INSURANCE PREMIUMS | 1.75% UFMIP; 80-105bps, MMI | None | None | None |
| RESIDUAL INCOME | N/A | $1,500 +$150/Dependent | $2,500 +$150/Dependent | $2,500 +$150/Dependent |
| RESERVES | 0-3 Months (Per AUS) | 3 Months | 6 Months | 6, 9, or 12 Months based on loan size |
| LTVS UP TO | 96.5% PUR/RT 80% Cash-out |
80% PUR/RT 70% Cash-out |
80% PUR/RT 75% Cash-out |
90% PUR/RT 80% Cash-out |
| MAX LOAN AMOUNT | Conforming limits by county 1-unit high-balance limit: $765,600 |
$1,500,000 | $2,000,000 | $2,500,000 |
| CASH-OUT MAX | Per AUS | $250,000 | $500,000 | $500,000 |
| OTHER PARAMETERS | FHA FULL DOC | FLEXIBLE ADVANTAGE | FLEXIBLE ADVANTAGE PLUS | PRIME ADVANTAGE |
| ARM PRODUCTS | Fixed only | 5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
5/1, 7/1, 10/1 5/1, 7/1, 10/1 Interest-only |
| INELIGIBLE STATES | MA, ND (CMS licensing) | 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 |
Not available in all states. SEE GUIDELINES for Details. |
| QM FEES | Limited to QM, 3% limit | Limited to Sect. 32 32, 5% limit | Limited to Sect. 32 32, 5% limit | Limited to Sect. 32 32, 5% limit |
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