Carrington Mortgage Services, LLC Wholesale Lending Division
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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.

FHA

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
  • 30yr Fixed High Balance

FHA Streamline Refinance

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
  • 30yr Fixed 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

FHA REO 203(b) Repair Escrow

About FHA REO Repair Escrow “203(b)” Products

FHA REO Repair Escrow program is intended to allow uncomplicated rehabilitation to a HUD owned home. This program is only available for HUD owned homes.

Available Products

  • 30yr Fixed
  • 15yr Fixed
  • 30yr Fixed – High Balance
  • 15yr Fixed – High Balance

Documents

 

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

USDA Refi Pilot Program

About USDA Refi Pilot Program

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

Available Products

  • 30yr Fixed

Documents

VA

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
  • 30yr Fixed 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
  • 30yr Fixed High Balance
  • 15yr Fixed High Balance
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