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Non-QM Loans
The Carrington Advantage Series
Prime Advantage℠
Flexible Advantage Plus℠
Flexible Advantage℠
Investor Advantage (DSCR)
Leading in Non-QM Lending
As a leader in Non-QM lending, Carrington is here to support you and your borrowers and real estate investors. Here are just a few ways we do that:- We write the guidelines and as the end investor, we have the final say
- Exceptions granted with acceptable compensating factors
- FICOs 550 and up
- Our bank statement programs start at 600 FICO
- No bankruptcy seasoning required
- Mix and match income documentation, let us show you how
- Our specialized Non-QM credit, operations, support and setup teams only work on Non-QM loans to deliver accuracy and speed
- 40-year loan option available
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Non-QM Comparison
| Credit Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Minimum FICO | 660 | 620 | 550 | 620 |
| Mortgage/Rental History | 1x30 | 1x30 | 0x60 up to 0x120 | 1x30 |
| BK/FC Seasoning | 48 months | 36 months | 0-24 months | 36 months |
| Max DTI | 43% standard (expanded to 50%) | 50% standard | 43% standard (expanded to 50%) | DSCR < 1.0 and No DSCR options |
| Residual Income | $2,500 + $150/dependent | $2,500 + $150/dependent | $1,500 + $150/dependent | None |
| Reserves | 6, 9, or 12 months based on loan size | 6, 12 months | 3, 6 months | 3 months |
| LTVs Up to | 90% purchase/rate-term 80% cash-out | 80% purchase/rate-term 75% cash-out | 80% purchase/rate-term 70% cash-out | 85% purchase/rate-term 75% cash-out |
| Max Loan Amount | $3.5 million | $2 million | $1.5 million | $3 million |
| Cash-Out Maximum | $1 million | $500k | $500k | $1 million |
| Other Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Product Type | 15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
15, 30 & 40 year fixed 5/6, 7/6 ARM 5/6, 7/6 interest only |
| Ineligible States | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA No interest-only in WV |
| QM Fees | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit |
CARRINGTON PRIME ADVANTAGESM
660 MIN FICO - FOR BORROWERS WHO JUST MISS QUALIFYING FOR AGENCY OR JUMBO FINANCING.
Ideal for:
- Loans that don’t fit government and conventional guidelines
- Self-employed and alternative documentation borrowers including
- 1099, P&L, 12 or 24-month bank statements (personal or business), asset depletion, W2 or full-doc
- Good credit borrowers
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Eligible Property Types Include; SFR, PUD, Townhome, Condominium, 2 Unit, Modular and Mixed-Use Properties.
Details
| Full Doc | Alt Doc |
|---|---|
| 660 Min FICO | 660 Min FICO |
| 90% Max LTV | 90% Max LTV |
- Loan amounts to $3.5M
- Cash-out limits to $1M
- Up to 50% DTI
- Mortgage history 1x30x12
- Seasoning: 48 Mo. from ch. 13,11 or 7 bankruptcy
- Seasoning: 48 Mo. from foreclosure or short sale
- Fixed-rate, ARM, & IO ARM options
- 40-year loan option available
Documents
- Carrington Prime Advantage Program Matrix
- Non-QM Underwriting Guidelines
- Non-QM Loan Submission Form
- Cover Letter (required)
Tools
Carrington Flexible Advantage PlusSM
620 Minimum FICO – Alt doc allowed
This is a great program to energize your pipeline with self-employed borrowers you may have previously had to turn away. With Flexible Advantage Plus, bank statements can be used in place of IRS tax documents to verify income. This program also offers financing solutions for borrowers with recent credit events (late payments, Foreclosures, Bankruptcy). Credit scores down to 620 may qualify.Products
- 30yr Fixed
- 5/6 ARM
- 7/6 ARM
- 40-year loan option available
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Matrices & Guidelines
- Carrington Flexible Advantage Plus℠ Product Matrix
- Carrington Flexible Advantage℠ Underwriting Guidelines
Tools
Carrington Flexible AdvantageSM
550 Minimum FICO – Alt doc allowed
If you have borrowers with recent credit events (late payments, Foreclosures, Bankruptcy) and or credit scores down to 550, Flexible Advantage is the Non-QM loan program you’ve been looking for. Alternative documentation/bank statements can be used to verify income in place of IRS Tax documents. Available on purchases, refinance, and cash-out refinance loans.
Products
- 30yr Fixed
- 5/6 ARM
- 7/6 ARM
- 40-year loan option available
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Matrices & Guidelines
Tools
Carrington Investor Advantage
FOR PROPERTY INVESTORS WHO WANT TO SKIP THE INCOME QUALIFYING PROCESS
Ideal for:
- First-time investors
- Investors who need cash-out (up to 1M)
- No residual income required
- ITIN borrowers (non-US citizens who live and pay taxes in the US)
Eligible Property Types: One Unit Single Family Residences (Attached and Detached), PUDs (Attached and Detached), Condos (Low and High Rise), Site Condo, Townhouse, 2-4 Unit Properties, Modular Homes
Details
- 620 Min FICO
- 85% MAX LTV
- No income documentation required
- No employment verification
- Minimum 3 months reserves
- Up to $3M
- Up to $1M cash-out
- DSCR >1.0 and >.75 options
- No DSCR available
- 4- and 5-year prepayment options
- Fixed-rate, ARM, & IO ARM options
- 40-year loan option available
- Close in an LLC
Products
- 5/6 ARM
- 7/6 ARM
- 30yr Fixed
- 40-year loan option available
Documents
- Carrington Investor Advantage Program Matrix
- Carrington Investor Advantage Underwriting Guidelines
- Carrington State Prepayment Penalty Matrix
Tools
Certain investment property loans do not require state specific licensing
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* This product is available to mortgage brokers who are approved and in good standing with Carrington and have a NMLS ID.
** Broker office must be licensed in state, loan officer need not be.
†Property must close vested in an LLC
Closed End Second Mortgage
640+ Minimum FICO
Our closed-end, fixed-rate second mortgage program is built for self-employed borrowers and real estate investors who can qualify using 12 months of bank statements, as well as wage earners who can provide traditional income documentation.
PROGRAM FEATURES
- Self-employed borrowers document income with 12 months of bank statements
- Wage earners provide paystub, W2s, verbal VOE, and W2 transcripts
- 640 minimum credit score to 85% CLTV with 50% DTI maximum
- $350,000 max loan amount
- Primary home, second home and, investment property eligible
- SFR, 2-4 units, townhomes, PUDs and condos
- Fixed-rate terms of 5, 10, 15, 20, 25 and 30 years
- Interest-only payment option available
- Borrower paid compensation only
Terms:
- 5, 10, 15, 20, 25 and 30 years
- Interest only
An Equal Housing Opportunity Lender. Copyright 2007 -
2025
. Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: