Introducing a new Near-Prime Product
Effective May 3, 2018 Carrington Mortgage Services, LLC (CMS) will introduce a new Near-Prime Product to broaden our commitment to serving the underserved borrower!
The Near-Prime product is well suited for borrowers who may have credit challenges but need pricing that is closer to prime rates. The program features Fixed and Adjustable Rate loan programs with FICO scores down to 620.
- Recent Mortgage / Rental Lates up to 1 x 30 x 12
- Foreclosure, Short Sale, Deed in Lieu and Bankruptcy with 36-month seasoning
- Max Debt Ratios from 50% up to 55%
- First Time Home Buyers allowed
- Non-warrantable Condo Permitted (max 80% LTV)
- Fully Documented Loans, 24 Months Bank Statements, 12 Month Bank Statements, and 1-Year Alternative Documentation
- No Mortgage Insurance required
- No Prepayment Penalties
Near-Prime Program Terms
- Purchase, Rate/Term and Cash-Out Transactions (up to $500,000 cash-out)
- 30 Year Fixed, 5/1 and 7/1 LIBOR ARMs
- Maximum Loan Amount to $1.5MM
- Cash-Out available to $500K
- Primary Residence and Second Homes
- Max LTV/CLTV: Up to 95%*
- Min FICO: 620
- Not Available in AK; MA; WV
*Refer to the CMS Near-Prime Matrix for LTV requirements.