Carrington Mortgage Services Mortgage Review 2020

By Mitch Strohm

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Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.2

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Carrington Mortgage Services is a full-service lender operating in nearly every state throughout the nation. It provides a number of low down payment and low credit score loan options. Founded in 2007, Carrington Mortgage Services is a subsidiary of Carrington Holding Company, LLC. It’s headquartered in Anaheim, California, and has six brick-and-mortar locations throughout the United States.

Nationwide availability

Available in 48 states and Washington, D.C. It is not licensed in Massachusetts or North Dakota.

Minimum credit score

620 for conventional loans; 500 for FHA loans; 500 for VA loans; 550 for USDA loans; 680 for jumbo loans  

Loan types

Conventional, FHA, VA, USDA, jumbo, fixed-rate and adjustable-rate. Refinancing options include rate-and-term refinancing and cash-out refinancing.

Pros

  • Purchase and refinance options available for credit scores as low as 500
  • Low down payment options available
  • Loans available in all states but Massachusetts and North Dakota
  • First-time homebuyer programs available

Cons

  • Maintains only six brick-and-mortar locations throughout the country
  • Doesn't offer immediate online preapproval; you have to speak to a loan officer
  • Doesn't offer home equity loans or home equity lines of credit (HELOC)

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Carrington Mortgage Services overview

Loan Types

Conventional, FHA, VA, USDA, jumbo, fixed-rate and adjustable-rate. Refinancing options include rateandterm refinancing and cash-out refinancing.

Lender fees

Carrington Mortgage doesn’t publish lender fees on its website. But keep in mind that most lenders charge application and origination fees.

 Carrington charges payment processing fees for servicing loans, including a web payment fee of $5, an automated pay-by-phone fee of $10 and a late payment fee of 5 percent of the principal and interest.

Minimum borrower requirements

Carrington Mortgage follows Fannie Mae underwriting guidelines for conventional mortgages, which means you’ll need a minimum credit score of 620 and a down payment of at least 3 percent. 

With Home Possible and Home Possible Advantage conventional loans through Freddie Mac, borrowers can put down as little as 5 percent and 3 percent, respectively. Your debt-to-income ratio (DTI) with these loans can be as high as 45 percent. That means your total monthly debts (including your new mortgage payment) can not exceed 45 percent of your gross monthly income. 

 hose seeking a jumbo loan through Carrington must have a credit score of 680 or higher and put down at least 15 percent. The maximum loan amount is $2.5 million for primary and secondary homes.

Carrington follows government guidelines for FHA, VA and USDA loans. 

Borrowers can qualify for an FHA loan with a credit score as low as 500 and a debt-to-income ratio as high as 50 percent. 

For a VA loan, you’ll generally need a credit score of 620 or higher and have low debt relative to your income. 

There are no credit requirements for USDA loans, but borrowers must meet income eligibility guidelines and be located in an eligible rural area.

Government requirements for FHA and VA loans are detailed here:

FHA loan requirements

VA loan requirements

Get started with Carrington Mortgage Services

You can apply in person or by phone. The application process can be started online.

Hours

Monday - Friday: 7 a.m. - 6 p.m. PST Saturday - Sunday: Closed

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