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
  • 25yr Fixed
  • 20yr Fixed
  • 15yr Fixed
  • 10yr Fixed

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

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FHA 203K Full

About FHA 203K Full Products

Combine repairs and home financing into one loan. The FHA 203k Full program allows borrowers to finance the purchase or refinance of an existing home and make improvements or upgrades up to 50% of the “subject-to” appraised value. The 203k Full program requires a HUD approved Consultant on all transactions.

Available Products

  • 30yr Fixed

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

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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 (USDA loans are not offered in the state of OH).

Available Products

  • 30yr Fixed

USDA Streamlined Assist

About USDA Streamlined Assist

USDA loans are primarily used to help low-income individuals or households refinance homes in rural areas (Currently not available in Ohio).

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 Randy Reugger at (949) 214-1621 or rreugger@corelogic.com.

Available Products

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

Conventional

About Conventional Conforming Products

Carrington has a variety of conventional conforming and high balance (loan amounts up to $1.2 million) products that can meet the needs of your qualifying customers.  Perfect for home purchase, rate/term refinance or cash out refinance.

Available Conventional Products

  • 30 yr
  • 20 yr
  • 15 yr

Available High Balance Conventional Products

  • 30 yr
  • 15 yr

DU Refi Plus

About DU Refi Plus Products

Fannie Mae’s Home Affordable Refinance Program is designed to assist homeowners in financing their mortgages even if they owe more than the home’s current value.  The purpose of refinancing is to place responsible borrowers in a better position by reducing their monthly payment, reducing their interest rate, reducing the amortization term or moving them from a variable product to a fixed-rate mortgage.

  • Eligible loans are conforming and high balance loans receiving a current version DU Approve/Eligible
  • Loans eligible for refinance must have been purchased by Fannie Mae with a Note Date prior to June 1, 2009.
  • DU Refi Plus mortgage loans must have application dates on or before December 31, 2016.
  • Use the following link to determine if Fannie Mae owns the loan. http://www.fanniemae.com/loanlookup/

Available Products

  • 30yr
  • 20yr
  • 15yr
  • 10yr

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Freddie Mac Open Access

About Freddie Mac Open Access Products

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

  • This program is available to existing borrowers who have a conventional mortgage by Freddie Mac with a note date on or before May 31, 2009 that are seasoned for at least 3 months.
  • Refer to Freddie Mac’s Loan Lookup Tool https://ww3.freddiemac.com/corporate/
  • The loan must be a first lien owned by Freddie Mac, in whole or in part, or secured by Freddie Mac.

Available Products

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

Documents

Lender Paid Mortgage Insurance

About LPMI, Lender Paid Mortgage Insurance Products

Industry leading LPMI products for both refinance and purchase loans.    A great alternative to PMI for borrowers who may require lower down payments and higher LTV than a standard conventional conforming loan products.  Maximum loan amounts up to $1 million.

Available Products

  • 30yr

Documents

Texas Home Equity

About Texas Home Equity Products

Conventional conforming refinance program for Texas only.  Rate/Term and Cash-Out available.

Available Products

  • 30 yr
  • 20 yr
  • 15 yr

Documents

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