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Carrington Non-QM Programs
As a leader in Non-QM lending, Carrington is here to support you and your borrowers and real estate investors.
PRIME ADVANTAGESM
660 Min FICO - For borrowers who just miss qualifying for Agency or Jumbo financing.
LEARN MOREINVESTOR ADVANTAGESM (DSCR)
For property investors who want to skip the income qualifying process.
LEARN MOREFLEXIBLE ADVANTAGE PLUSSM
For borrowers who have recently re-established credit scores 620 and above.
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LEADING IN NON-QM LENDING
- 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 600 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
- 40-year loan option available
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Non-QM Program Comparison
| Credit Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Minimum FICO | 660 | 620 | 550 | 620 |
| Mortgage/Rental History | 1x30 | 1x30 | 0x60 up to 0x120 | 1x30 |
| BK/FC Seasoning | 48 months | 36 months | 0-24 months | 36 months |
| Max DTI | 43% standard (expanded to 50%) | 50% standard | 43% standard (expanded to 50%) | DSCR < 1.0 and No DSCR available |
| Residual Income | $2,500 + $150/dependent | $2,500 + $150/dependent | $1,500 + $150/dependent | None |
| Reserves | 6, 9, or 12 months based on loan size | 6, 12 months | 3, 6 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 | $2 million | $1.5 million | $3 million |
| Cash-Out Maximum | $1 million | $500k | $500k | $1 million |
| Other Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Product Type | 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6, 30 year interest only |
30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6, 30 year interest only |
30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6, 30 year interest only |
30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6, 30 & 40 year interest only |
| Ineligible States | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | 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 |
An Equal Housing Opportunity Lender. Copyright 2007 -
2025. 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: