Government Loans
FHA Loans
The FHA program has been in place since the 1930s to help stimulate the housing market by making loans accessible and affordable. Traditionally, FHA loans have helped military families who return from war, the elderly, handicapped, or lower-income families, but really, anyone can get an FHA loan – they are not just for first-time home buyers.
Program Features
- FICOs 500+
- Max LTV 96.5%
- Loan amounts vary on location
- Cash-out up to 80% LTV
- Some may qualify for $100 Down Program
- Non-traditional credit references allowed
- New! Rate buydown program available for purchase loans
Loan Terms
- 30, 25, 20, 15, and 10yr Fixed
Matrices & Guidelines
- FHA Product Matrix
- FHA Simple Refi Matrix
- FHA Product Matrix – $100 Down Loan
- FHA Underwriting Guidelines
Forms
FHA Streamline
FHA Streamline Refinance is a home financing solution for borrowers with an FHA Loan. This program offers lower total lender fees and reduced documentation compared to standard FHA loans.Products
- 30yr Fixed
- 25yr Fixed
- 20yr Fixed
- 15yr Fixed
- 10yr Fixed
- 30yr Fixed High Balance
Forms
USDA Loans (Delegated only)
550 Minimum FICO – 100% Financing Available USDA loans are used primarily to help low-income individuals or households purchase homes in rural areas. Deliver on your client’s dream of a property in a less-populated area with no money down and possibly no out-of-pocket expenses.
PROGRAM FEATURES
- Min FICO 550
- Max LTV 100%, Zero down payment, zero out-of-pocket costs
- Loan amounts are determined by qualifying ratios and county maximum income limits
- Seller can pay closing costs and prepaids
- No cash reserve requirements
- New! Rate buydown program available for purchase loans
Matrices & Guidelines
USDA Streamlined Assist (Delegated only)
No Minimum FICO – No DTI calculations
With Carrington’s USDA Streamlined Assist loan, borrowers can refinance an existing USDA loan with a simplified process requiring no appraisal, credit reports, property inspections, or DTI calculations. Typically, USDA loans are used to help low-income individuals or households finance homes in rural areas.Products
- 30yr Fixed
Matrices & Guidelines
VA Loans
These loans are made by a lender, such as a mortgage company, savings and loan, or bank and are insured by the US Department of Veteran’s Affairs. VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms.
PROGRAM FEATURES
- Min FICO 500
- Max LTV 100%, Zero down payment, zero out-of-pocket costs
- Loan amounts vary by geographic location
- New! Rate buydown program available for purchase loans
Matrices & Guidelines
VA IRRRL
The Interest Rate Reduction Refinancing Loan (IRRRL) offers current VA mortgage holders an excellent opportunity to take advantage of low-interest rates.
Products
An Equal Housing Opportunity Lender. Copyright 2007 -
2024
. 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: