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Carrington Mortgage Services Review 2022
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
Carrington Mortgage Services is a California-based mortgage company founded in 2007. The company both originates loans and services mortgages. Carrington is licensed to lend in 48 states and Washington D.C.
Who is this lender for?
- First-time homebuyers
- Self-employed workers
- People with a recent bankruptcy or foreclosure
- Servicemembers and veterans seeking a VA loan
- Home builders
8/10 LendingTree’s mortgage lender rating
LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.
- Application online
- Product info online
- Rates listed online
- Helpful articles about mortgages and homebuying
- Standard product offerings (Conventional/FHA/VA/USDA)
- Special programs
- Info about how to qualify for products offered online
- E-closing availability
- Licensed in at least 35 states
- After-hours and weekend access to loan officers
Carrington Mortgage pros and cons
Pros
Low down payments available. Carrington Mortgage Services offers low-down-payment options including FHA loans and conventional loans with a 3% down payment.
Flexible qualifying options. The Carrington Flexible Advantage program allows people who may not qualify for a traditional mortgage to get a loan. You can qualify with a credit score as low as 550, uneven income, and with things like bankruptcy and foreclosure in your recent past.
Servicing in-house. Carrington Mortgage Services also services a large number of loans, so there’s a good chance your loan will stay with the company.
Cons
You must contact a loan officer to move forward. You’re not able to fill out a complete mortgage application online. After getting a rate quote, you’ll need to connect with a loan officer to move forward.
Full rates not available online. While you can get a rate quote for your recommended loan, Carrington Mortgage doesn’t publish its mortgage rates for all products on the website.
Loan officers not available in all states. If you’re looking for in-person service, it may be difficult with Carrington Mortgage. Its loan officers are not on the ground in all states.
Carrington Mortgage borrowing requirements
| Minimum credit score | 500 for FHA loans and VA loans 550 for Carrington Flexible Advantage 620 for conventional loans |
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Carrington Mortgage rates and fees
Carrington Mortgage Services doesn’t publish product rates or fees online. However, prospective buyers can receive an estimated rate quote by entering some basic information. You’ll need to speak with a loan officer to get a further sense of what you might qualify for.
The company says borrowers can expect to pay between 3% and 6% of the loan amount in closing costs.
Carrington Mortgage products
Purchase
Carrington Mortgage offers 15- and 30-year fixed-rate and 5/1, 7/1 and 10/1 adjustable-rate conventional loans. Additional conventional loans include Freddie Mac’s Home Possible loans, which feature low down payment requirements.
The lender participates in Freddie Mac’s Home Possible Advantage program, which allows a down payment as low as 3%. Only terms of 30 or 15 years are available.
The lender’s FHA and VA loans are open to borrowers with credit scores as low as 500. These mortgages are available with 30- and 15-year terms.
USDA loans feature flexible credit score guidelines and no down payment requirements for qualified borrowers in rural areas.
Refinance
Carrington Mortgage offers conventional refinance loans, as well as the streamlined refinance program for FHA, VA and USDA loans.
Home equity
While Carrington Mortgage doesn’t offer traditional home equity loans, you are able to tap your home equity through a cash-out refinance. Cash-out options are available on conventional, FHA and VA refinances, and the lender’s Flexible Advantage program.
Special programs
The Carrington Flexible Advantage program allows people with credit scores as low as 550 to qualify for a mortgage or refinance an existing loan. Mortgage amounts are available up to $1.5 million, and cash-out refinances with as much as $250,000 taken out. You may still qualify with a bankruptcy, foreclosure, short sale or missed payments in your recent past. This program doesn’t require mortgage insurance. People with higher credit scores may qualify for Flexible Advantage Plus or Prime Advantage, which offer loans up to $2 million and $3.5 million, respectively, with cash-out options.
How does Carrington Mortgage compare to other lenders?
| Carrington Mortgage | Truist | Zillow Home Loans | |
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| Lender Review | Truist | Zillow Home Loans | |
| Minimum credit score | 620 |
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