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

* 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 or with NY Real Estate Broker’s license, can close as an individual.
^Broker company will need to be registered with secretary of state (Loan Broker Registration), but LO does not need to be licensed.