Carrington Wholesale Lending

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Agency Conforming

About Agency Conforming Products

Agency Conforming loans, in the US, are loans that conform to the guidelines of the Government Sponsored Entities known as Fannie Mae and Freddie Mac.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14.

Available Products

  • 30yr Fixed
  • 20yr Fixed
  • 15yr Fixed
  • 5/1 LIBOR ARM
  • 7/1 LIBOR ARM
  • 10/1 LIBOR ARM
  • FNMA Lender Paid Mortgage Insurance (LPMI)

Cooperative (Co-op)

About Cooperative Products

A cooperative (co-op) is a building of two or more dwelling units that is owned by a corporation made up of residents in the building.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

The right to occupy a unit is obtained by buying shares of stock in the corporation and signing an occupany agreement known as a “proprietary lease.”

Available Co-op Products

  • 30yr Fixed
  • 15yr Fixed
  • 5/1 LIBOR ARM
  • 7/1 LIBOR ARM

Down Payment Assistance (DPA)

About Down Payment Assistance (DPA) Programs

Carrington Mortgage Services, LLC (“CMS”) permits certain Down Payment Assistance programs that assist borrowers who meet specific criteria, such as first-time homebuyers, borrowers with lower incomes, and those attending homeowner counseling, among others.

Approved DPA Programs

Please see the Down Payment Assistance (“DPA”) Approved List for for Carrington’s approved programs.

DU High Balance

About High Balance Products

High Balance loans were introduced as a temporary fix by the government mortgage agencies in response to the illiquidity of the Jumbo loan market. Under this temporary program, Fannie Mae and Freddie Mac will buy loans above their standard Conforming limits, based on the housing costs by county.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • 5/1 LIBOR ARM
  • 7/1 LIBOR ARM

DU Refi Plus and High Balance

About Refi Plus Products

Fannie Mae’s DU Refi Plus is a product that allows the flexibility to provide borrowers with a significantly less-stringent streamlined refinance process. DU Refi Plus High Balance is designed to meet the needs of those areas of the country with higher loan limits.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • 5/1 LIBOR ARM
  • 7/1 LIBOR ARM (not available for High Balance)

DU HomePath and High Balance

About HomePath Products

HomePath products allow a borrower to purchase a Fannie Mae-owned property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed. HomePath High Balance is designed to meet the needs of those areas of the country with higher loan limits.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 30yr Fixed
  • 15yr Fixed (Not available for High Balance)
  • 5/1 LIBOR ARM
  • 7/1 LIBOR ARM (Not available for High Balance)

FHA (Standard & High Balance)

About FHA Products

The FHA program has been in place since the 1930s to help stimulate the housing market by making loans accessible and affordable. Traditionally, FHA loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone can get an FHA loan – they are not just for first-time home buyers.

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • 5/1 Treasury ARM
  • 30yr Fixed High Balance
  • 5/1 Treasury ARM High Balance

FHA Streamline Refinance (Standard & High Balance)

About FHA Streamline Products

FHA Streamline Refinance is a home financing solution for borrowers with an FHA Loan. This program offers lower total lender fees and reduced documentation compared to standard FHA loans.

Available Products

  • 30yr Fixed
  • 25yr Fixed
  • 20yr Fixed
  • 15yr Fixed
  • 10yr Fixed
  • 5/1 Treasury ARM
  • 30yr Fixed High Balance
  • 5/1 Treasury ARM High Balance

Documents

FHA 203K Streamline

About FHA 203K Streamline Products

Combine repairs and home financing into one loan. The FHA 203k Streamline allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to $35,000. $5,000 minimum repair costs required.

Available Products

  • 30yr Fixed

Documents

Freddie Mac Relief Refinance

About Freddie Mac Relief Refinance

Freddie Mac Relief Refinance – Open Access is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining home values.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 15yr Fixed
  • 20yr Fixed
  • 30yr Fixed

Jumbo

About Jumbo Products

Super Jumbo loans are alternatives to Agency High Balance products but also extend beyond those limits up to loans of $2,000,000.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • Adjustable rate options available

LPMI

About LPMI Products

LPMI is provided through our automated DU Underwriting process which means a quicker process for your borrowers.

Carrington is no longer accepting registrations for this product.

For applications already registered:
Last Day to Lock: 4/30/14
No Extension of Locks past 5/31/14
Last Day to Close: 5/31/14

Available Products

  • 30yr Fixed

USDA

About USDA Products

USDA loans are primarily used to help low-income individuals or households purchase homes in rural areas.

Available Products

  • 30yr Fixed

VA (Standard & High Balance)

About VA Products

These loans are made by a lender, such as a mortgage company, savings and loan, or bank and are insured by the US Department of Veteran’s Affairs. VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms.

Available Products

  • 30yr Fixed
  • 5/1 Treasury ARM
  • 30yr Fixed High Balance
  • 5/1 Treasury ARM High Balance

VA (IRRRL)

About VA IRRRL Products

The Interest Rate Reduction Refinancing Loan (IRRRL) offers current VA mortgage holders an excellent opportunity to take advantage of low interest rates.

To learn more about the Value Point 4 (VP4) from CoreLogic, which may be required, contact Scott White at (949) 214-1625 or scwhite@corelogic.com

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • 5/1 Treasury ARM
  • 30yr Fixed High Balance
  • 15yr Fixed High Balance
  • 5/1 Treasury ARM High Balance
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