Non-QM Program Underwriting Enhancements

Overview

Carrington Mortgage Services, LLC (CMS) is pleased to announce the following guideline enhancements for the Non-QM loan programs (Prime Advantage, Flexible Advantage Plus and Investor Advantage). These changes are effective September 13, 2021.

Prime Advantage Program

The Prime Advantage program has the following enhancements:

• Increased Maximum Loan Amount to $3,500,000
• Increased Maximum Cash-Out from $500,000 to $750,000
• Escrow Waivers are now permitted when the Borrower’s FICO > 700 and < 80% LTV
• Increased Loan Amount tier from $2,000,001–$2,500,000 to $2,000,001–$3,000,000
• Added new loan amount tier from $3,000,001–$3,500,000 with LTVs shown in the table below:

Investor Advantage

The Investor Advantage program has the following enhancements:

• Increased Maximum Loan Amount to $2,000,000
• Increased Maximum Cash-Out from $500,000 to $750,000

Flexible Advantage Plus Program
The Flexible Advantage Plus program has the following enhancement:

• Escrow Waivers are now permitted when the Borrower’s FICO > 700 and < 80% LTV

Contacts

Please contact your Account Executive or Account Manager with any questions.
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