Carrington Mortgage Services Mortgage Review 2021

By Mitch Strohm

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.

At a glance

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3.7

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Loans offered

Conventional, FHA, VA, USDA, non-QM, fixed-rate, adjustable-rate; refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in all U.S. states (except Massachusetts and North Dakota) and the District of Columbia
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Min. credit score required

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

Pros and cons

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 (Arizona, California, Connecticut, Florida, Indiana and Maryland)
  • 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)

Carrington Mortgage Services overview

Carrington Mortgage Services is a full-service lender operating in nearly every state in the U.S. It provides a number of low-down payment and low-credit score loan options, and also has a special savings program for current customers that may include closing cost credits. In addition, the lender offers a "Flexible Advantage" loan designed for borrowers who cannot qualify for a conventional or government loan due to a low credit score, recent bankruptcy or foreclosure, or other special circumstances. 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 U.S.

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Non-QM
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term refinancing
  • Cash-out refinancing

Lender fees

Carrington Mortgage Services does not provide lender fee information on its website. Keep in mind most lenders charge application and origination fees.

Carrington Mortgage Services does charge 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 Services 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) cannot exceed 45 percent of your gross monthly income. 

Carrington Mortgage Services 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:

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