INVESTOR ADVANTAGE^SM (DSCR)

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

• Debt Coverage Ratio (DSCR) Worksheet

Certain investment property loans do not require state specific licensing

Alabama Arkansas Colorado Connecticut Washington DC Florida Georgia Hawaii Illinois** Indiana Iowa Kansas Kentucky Louisiana Maryland Missouri

Montana Nebraska New Jersey New Mexico New York† North Dakota** Ohio Oklahoma Pennsylvania South Carolina Texas Virginia West Virginia Wisconsin Wyoming

* 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