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Carrington Mortgage Services
Carrington Mortgage Services’ focus is on borrowers who face challenges getting approved because of past credit issues, but the lender has gotten attention for a variety of hardball tactics, including collecting “convenience fees” on monthly payments and misleading borrowers about pandemic relief. It doesn’t have a wide branch network, so if you’re interested in this lender, you’ll need to call or go online for more.
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Loans offered
Conventional, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans, 500 for FHA loans, 500 for VA loans, 550 for non-QM loans
Nationwide availability
All U.S. states except Massachusetts
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Carrington Mortgage Services
4.0
Bankrate Score
Loans offered
Conventional, FHA, VA, USDA, refinancing and more
Nationwide Availability
All U.S. states except Massachusetts
Min. credit score required
620 for conventional loans, 500 for FHA loans, 500 for VA loans, 550 for non-QM loans
Carrington Mortgage Services has been offering home loans since 2007. The lender, owned by Carrington Holding Company, is licensed to operate in nearly every state and Guam. Its headquarters is in Anaheim, California, and there are five additional brick-and-mortar locations in Arizona, Connecticut, Florida, Indiana and Maryland. The lender considers itself a “homeownership company” rather than a lender, as it services loans and offers title and escrow services, as well. It takes as little as 24 hours to obtain a preapproval (assuming you qualify), and the average closing time for a purchase runs 30 days to 45 days. Notably, the lender offers a product specifically designed for borrowers who might not qualify for a traditional home loan, the Flexible Advantage loan, which can help borrowers with credit scores as low as 550 purchase a home or refinance an existing mortgage. The program has another key differentiator, too: no mortgage insurance.
Options for borrowers with poor credit histories and will consider alternative credit data in underwriting
First-time homebuyer programs available
Available nearly everywhere in the U.S.
Limited online functionality — must speak with a loan officer for preapproval and rate quote
No home equity lines of credit (HELOCs)
$5 fee when you pay your mortgage via the website or app
Carrington Mortgage Services’ focus is on borrowers who face challenges getting approved because of past credit issues, but the lender has gotten attention for a variety of hardball tactics, including collecting “convenience fees” on monthly payments and misleading borrowers about pandemic relief. It doesn’t have a wide branch network, so if you’re interested in this lender, you’ll need to call or go online for more.
Carrington Mortgage Services doesn’t list mortgage rates for any of its loans online. To get more information on rates, you’ll need to speak with a loan officer. The lender’s fees include an origination fee between $1,395 and $1,895.
Carrington Mortgage Services offers a wide range of loan products, including conventional, FHA, VA, USDA, fixed-rate, adjustable-rate and non-QM loans, as well as rate-and-term, cash-out and streamline refinancing. The lender works with borrowers nationwide (with the exception of those in Massachusetts and North Dakota). One key benefit that might make this lender appealing to a wider pool of borrowers: the lender’s Flexible Advantage program, which requires either a minimum 550 credit score for a maximum loan amount of $1.5 million; a minimum 620 credit score for a maximum loan amount of $2 million; or a minimum 660 credit score for a maximum loan amount of $2.5 million.
Carrington Mortgage Services was founded in 2007. The lender’s website features calculators to help you compare loans and estimate monthly payments. The rest of the online experience, though, is fairly limited. There’s no option for prequalification or preapproval, and to track down any additional information, you’ll have to share your data and wait for the lender to get in touch with you. If you have a loan with Carrington, you can pay your monthly bill via the lender’s website or app, but have to pay a $5 convenience fee to do so.
You can apply for a mortgage with Carrington Mortgage Services in-person at a branch location, online or by phone at 800-561-4567. Its customer service hours are Monday through Friday, 8 a.m. to 8 p.m. ET. Here are some tips to prepare for the process:
Carrington Mortgage Services offers both rate-and-term and cash-out refinancing options. However, the rates and fees for these options aren’t available online. Instead, you’ll need to complete a form, and a loan officer will call you the following business day.
Carrington Mortgage Services
Rating: 4 stars out of 5
4.0
Bankrate Score
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Loans offered Conventional, FHA, VA, USDA, refinancing and more |
Loans offered Conventional, jumbo, FHA, refinancing and more |
Loans offered Conventional, jumbo, FHA, VA, USDA, refinancing and more |
Min. credit score required 620 for conventional loans, 500 for FHA loans, 500 for VA loans, 550 for non-QM loans |
Min. credit score required 620 for conventional loans, 500 for FHA loans |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Nationwide availability All U.S. states except Massachusetts |
Nationwide availability Available in all U.S. states except Texas |
Nationwide availability All U.S. states |
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