Carrington Mortgage Services overview
Conventional, FHA, VA, USDA, jumbo, fixed-rate and adjustable-rate. Refinancing options include rate–and–term refinancing and cash-out refinancing.
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