Carrington Mortgage Services has expanded its residential mortgage offerings to make access to home loans a greater possibility for the roughly 100 million U.S. consumers who have less than perfect credit. The introduction of its proprietary, non-prime loan products is the next step in Carrington’s ongoing focus to help underserved borrowers purchase or refinance a home.
Who does the Carrington non-prime loans serve?
Carrington’s new non-agency loan products is an ideal solution for consumers with lower credit scores, high debt-to-income ratios, who are self-employed or who have had a recent credit event – such as foreclosure, bankruptcy, missed credit card or late mortgage payment – and may not be eligible for conventional or government loan products.
Highlights of Carrington’s non-prime loans for purchase or refinance programs for prospective borrowers include:
- Credit scores down to 500
- Loan amounts up to $1.5 million and cash-out up to $500,000
- Recent credit events and history of late payments are acceptable
- Single-family homes, town houses and condos are allowed
- Bank statements are acceptable to verify income in place of IRS tax documents for self-employed borrowers
- Cash-out refinance program allows borrowers to refinance higher interest rate loans, pay for home improvements or college, and possibly lower their overall monthly payments.
Carrington also recently lowered its minimum FICO score requirement to 500 for FHA and VA loans to provide the widest possible range of opportunities to help underserved borrowers more easily become homeowners.
CONTACT CARRINGTON MORTGAGE
725 E. Palmetto Park Road Office A
Boca Raton, FL 33432
Carrington Mortgage Services, LLC
1600 South Douglass Road, Suites 110 & 200-A
Anaheim, CA 92806