FICO Reduced to 500 on FHA and VA Loans

Help meet the individual needs of your borrowers and grow your business with our new reduction in FICO to 500 for FHA & VA government purchase programs.***

FHA Purchase

  • 500 FICO to 90% LTV on purchase loans
  • Debt to income ratio determined by AUS with FICO>640 (1-2 unit)
  • First-time home buyers – no overlays with DU approved eligible with FICO>640

VA Purchase

  • 500 FICO – 2 valid credit scores required
  • Up to 100% LTV

In addition to our recent reduction in FICO score (down to 500) on FHA and VA Purchase Programs, below are details on our new minimum FICO scores for FHA & VA Refinance Loans.

FHA Streamline & VA IRRRL’s

  • No FICO Score requirements

Rate & Term Refinance

(FHA* Credit Qualifying)

  • 500-579 FICO to 90% LTV
  • 580 FICO or greater to 97.75% LTV

Cash-Out Refinance

  • FHA*
    • Minimum 500 FICO
    • 85% max LTV for all FICOs
  • VA*
    • Minimum 500 FICO to 100% LTV**

***Owner Occupied Only. 1-4 Units. PUD’s, FHA approved condominium projects, land contracts, manufactured homes that follow HUD requirements.
*FHA & VA: Owner-occupied. 1-4 Units. Subject to Specific County Mortgage lending limits. Subject to Debt-to-Income and Underwriting requirements.
**Subject to compensating factors and Debt-to-Income restrictions. A Veteran must have combined entitlement & equity totaling 25% of appraised value.

Labor Day Lock Desk Hours

The Lock Desk will be closed on Monday, September 4, 2017, for Labor Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, September 5, 2017.

Additionally, the Lock Desk will close early on Friday, September 1, 2017, at 10:00 A.M. PST due to the early close of the financial markets.

Locks that expire on the holiday will automatically roll to the next business day. In addition, there are some important disclosure considerations associated with the holiday:

  • Monday, September 4, 2017, cannot be included in the rescission period for refinance transactions.
  • Monday, September 4, 2017, cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan
  • When re-disclosure of the LE is required, Monday, September 4, 2017, cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, Monday, September 4, 2017, cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

FICO Reduced to 500 on FHA/VA Loans and New Pricing Improvement

Newly Extended through October 31st!

Give your business a BIG boost with our minimum credit score reduction to 500 on FHA/VA loans and our improvement on pricing that starts today!

  • Minimum 500 FICO on FHA and VA loans
  • 25 bps Special on FHA and VA High Balance < 640
  • Significant reductions in LLPAs on FHA and VA loan sizes < $150K
  • VA loans:
    • Full Doc reduced by up to 45 bps
    • VA IRRRLs reduced by up to 105 bps

Don’t miss out on this opportunity from Carrington before its gone!

Talk to one of our Account Executives today for the details. This is a limited time offer and will be subject to change at any time.

Become an Approved Broker

 

Policy Announcement – Home Possible and Home Possible Advantage Programs Now Available

Overview

Effective July 6, 2017 Carrington Mortgage Services, LLC (CMS) now offers the FHLMC Conventional Home Possible and Home Possible Advantage programs. These programs support CMS’ commitment to the underserved market and have the following key benefits:

 

Program Codes

Program Codes for the Home Possible and Home Possible Advantage programs are in the pricing engine and are:

 

Originator Connect Conference

Join us August 18th-20th in Las Vegas

Carrington will be exhibiting at the Originators Connect Conference, August 18th-20th at Planet Hollywood in Las Vegas, Nevada.

Come talk to the Go-to-Lender for Government and Conventional loans. Stop by booth #311 and learn how to Grow Your Business with Carrington.

We are the experts at Serving the Underserved borrower with loans for those with less-than-perfect credit. First-time homebuyer programs also available.

REGISTER NOW

Product Showcase – Carrington Mortgage Services

  • Saturday, Aug 19th from 1:30pm-1:50 pm in Showcase Room 1
  • Sunday, Aug 20th from 3:00pm-3:20 pm in Showcase Room 1

July 4th Lock Desk Hours

The Lock Desk will be closed on Monday and Tuesday, July 3rd & 4th, 2017 for the 4th of July Holiday. Normal lock hours will resume on Wednesday, July 5, 2017.

The Lock Desk will close at its usual time (4 pm PT) on Friday, June 30th.

Locks that expire on the holiday will automatically roll to the next business day.  In addition, there are some important disclosure considerations associated with the holiday:

  • July 3-4, 2017 cannot be included in the rescission period for refinance transactions.
  • July 3-4, 2017 cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan
  • When re-disclosure of the LE is required, July 3-4, 2017 cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, July 3-4, 2017 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Memorial Day Lock Desk Hours

The Lock Desk will be closed on Monday, May 29, 2017 for Memorial Day, which is a Federal Holiday. Normal lock hours will resume on Tuesday, May 30, 2017.

Additionally, the Lock Desk will close early on Friday, May 26, 2017 at 10:00 A.M. PT due to the early close of the financial markets.

Locks that expire on the holiday will automatically roll to the next business day.  In addition there are some important disclosure considerations associated with the holiday:

  • Monday, May 29, 2017 cannot be included in the rescission period for refinance transactions.
  • Monday, May 29, 2017 cannot be included in the seven (7) business day waiting period between the date the initial Loan Estimate (LE) was provided to the borrower and the consummation of the loan
  • When re-disclosure of the LE is required, Monday, May 29, 2017 cannot be included in the four (4) business day waiting period between the date the revised LE was provided to the borrower and the consummation of the loan.
  • When re-disclosure of the CD is required, Monday, May 29, 2017 cannot be included in the three (3) business day waiting period between the date the revised CD was provided to the borrower and the consummation of the loan.

Issues related to locks should be sent via email to lockdesk@carringtonms.com.

Spring Streamline Special Extended through May 31st

Reduced Streamline LLPAs on FICO<600

Give your business the boost it needs by working with your go-to-lender
for those tough loans, including Streamlines! We’ve reduced LLPAs on
FHA Streamlines and VA IRRRLs for FICO < 600. That means an even bigger
reason to stop turning away clients who may have low FICO scores.

PROGRAM HIGHLIGHTS

FHA STREAMLINE

  • No Income documentation required
  • Reduced documentation compared to standard FHA loans
  • Must have a current FHA loan to be eligible

VA IRRRL

  • No income documentation required**
  • Mortgage history – no late payment in the last 12 months
  • Loan programs available: 30, 25, 20 and 15 year fixed

This offer only good for loans locked through May 31, 2017.

*Applicable only for FHA Streamlines and VA IRRRLs with no lates within 12 months.
**Applicable only if monthly principal and interest payment does not increase 20% or more. Verbal verification of income source is required.

Spring Streamline Special NOW THROUGH APRIL 30TH

Spring Streamline Special

Reduced Streamline LLPAs on FICO<600

Give your business the boost it needs by working with your go-to-lender
for those tough loans, including Streamlines! We’ve reduced LLPAs on
FHA Streamlines and VA IRRRLs for FICO < 600. That means an even bigger
reason to stop turning away clients who may have low FICO scores.

PROGRAM HIGHLIGHTS

FHA STREAMLINE

  • No Income documentation required
  • Reduced documentation compared to standard FHA loans
  • Must have a current FHA loan to be eligible

VA IRRRL

  • No income documentation required**
  • Mortgage history – no late payment in the last 12 months
  • Loan programs available: 30, 25, 20 and 15 year fixed

This offer only good for loans locked through April 30, 2017.
Contact us to learn more about this offer!

*Applicable only for FHA Streamlines and VA IRRRLs with no lates within 12 months.
**Applicable only if monthly principal and interest payment does not increase 20% or more. Verbal verification of income source is required.

Carrington’s $1,500 On-Time Closing Promise

We close purchase loans on time backed by our $1,500 Promise

Give peace of mind to your clients with Carrington’s On-Time Closing Promise for qualifying home purchase loans.

Carrington will process any qualifying purchase loan—from the time a loan file is submitted to underwriting—meeting the on-time closing date identified as the Close of Escrow date, or we will apply a closing cost credit of $1,500 to the loan at closing.

Carrington is your go-to lender for serving the underserved borrower by offering government loan programs down to 550. Our expertise and our On-Time Closing Promise may help you close more loans when others can’t.

Offer applies to qualifying purchase loans submitted on or after March 20, 2017.

Qualifying loans close on time or we’ll apply $1,500 in closing cost credit, and that’s a promise. Contact us to learn more about this great offer!

Carrington will process any qualifying purchase loan from the time a loan file is submitted to underwriting and meets the on-time closing date identified as the Close of Escrow date or the company will apply a closing cost credit of $1,500 to the loan at closing. Lender Credit may be restricted based on specific product guidelines. In order to receive the closing cost credit, any delay that causes a purchase loan to not meet the on-time closing date identified as the Close of Escrow date must be due to Carrington’s independent processes. If the delay is due to the broker, borrower, seller’s or any third party’s action or inaction or any other circumstances outside of Carrington’s control, the closing cost offer will be void. This offer excludes some purchase loan programs and property types including USDA loans, 203K Loans, REO Properties, Short Sales, New Construction loans, manufactured homes, loans requiring property repairs, engineers inspection, or re-inspection prior to closing, loans requiring condo approvals and flips. The minimum allowable time from a complete purchase loan file at loan approval to the Close of Escrow date is 25 calendar days and all “prior to docs conditions” must be submitted at least 7 business days prior to consummation. The Close of Escrow date is recorded in Pipeline Manager (aka BrokeriQ) for all qualifying purchase loans. Exclusions apply; contact your Account Executive for details. Offer is subject to revision or cancellation at any time. Applies to qualifying purchase loans submitted on or after March 20, 2017.

Updated 7-28-17

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