What are the Carrington Flexible AdvantageSM 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 PlusSM
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.
We will be happy to answer any questions and walk you through the application process.
Call (888) 267-0584 or Start now