Carrington Flexible Advantage Refinance

What are the Carrington Flexible Advantage^SM Refinance Loans?

Carrington Flexible Advantage is our home loan product that is an ideal solution for consumers with lower credit scores, high debt-to-income ratios, who are self-employed or need help documenting their income, or who have had a recent credit event – such as foreclosure, bankruptcy, short sale, missed credit card or late mortgage payments – and may not be eligible for conventional or government loan products.

Highlights of the Carrington Flexible Advantage* loan for purchase or refinancing include:

Features*:

• Purchase, Refinance and Cash Out Loan Programs available
• Credit scores down to 550
• Loan amounts up to $1.5 million and cash-out up to $250,000
• Recent credit events such as bankruptcy, short sale, foreclosure 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 allows you to payoff higher interest rate loans, consolidate debt, pay for home improvements or college, and possibly lower overall monthly payments
• Fixed and Adjustable Rate Programs available
• No mortgage insurance required

Carrington Flexible Advantage Plus^SM

If you have less than perfect credit and have a history of late payments but are current right now, our Plus program offers may be right for you.

Features*:

• Bankruptcy and foreclosures acceptable (must be 36 months out)
• Loan amounts up to $2 million and cash-out up to $500,000
• No mortgage insurance required
• Credit scores down to 620
• Primary residences, townhouses and condos are OK
• W2s and bank statements acceptable for self-employed borrowers

Carrington Prime Advantage 

Carrington Prime Advantage is a home financing solution for those who have high credit scores but miss qualifying for a conventional, government, or Jumbo loan, and may have credit events over 4 years old. Offering competitive pricing and allowing for the use of alternative income documentation, Prime Advantage offers loans up to $3.5 million.

Features*:

• Credit scores from 660
• Purchase, refinance and cashout loans available
• Single-family homes, town houses and condos are allowed
• Loan amounts up to $3.5 million and cash-out up to $750,000
• Bank statements are acceptable to verify income in place of IRS tax documents for self-employed borrowers
• First-time homebuyers welcome
• Recent credit events such as bankruptcy, short sale, foreclosure and history of late payments are acceptable
• Fixed, Adjustable Rate, and Interest-Only Programs available
• No mortgage insurance

*Carrington's Flexible Advantage and Advantage Plus product requirements vary depending on the consumer's credit grade, Loan-To-Value, Debt-To-Income, and FICO scores and may require reserves from 3 to 6 months. Ask your Loan Officer for additional details and requirements. NOTE: Not available in MA and ND. No cash-out available in TX.

How Do I Get a Carrington Flexible Advantage Loan?

Once you have decided a Carrington Flexible Advantage refinance loan will fit you best, contact us and speak with a Carrington loan officer.