Carrington Mortgage Services, LLC is the primary business of the Carrington Holding Company. While the holding company was founded in 2003, its mortgage services sector was established in 2007.

The mortgage provider is headquartered in Anaheim, California, and offers a comprehensive suite of lending and mortgage services.

Background of Carrington

As a fully integrated mortgage company within the Carrington Family of Companies, Carrington Mortgage Services focuses solely on home lending services. Established in 2007 under the Carrington Holding Company, this lender can provide the strength, expertise, and stability of a national organization.

Carrington’s purchase and refinance loan offerings are comparable to industry standards, although the lender does provide a considerable amount of support for borrowers who do not meet the standard loan qualifications. As such, Carrington loans are accessible to a wide variety of homeowners and buyers.

While it’s a national mortgage company, Carrington only has 20 offices in a select number of states, making the loan application and management process entirely digital or telephone-based in many cases. Although this lender is not immune to complaints, customer feedback is generally positive.

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Carrington Mortgage Options

As a best-in-class special mortgage servicer, Carrington Mortgage Services provides industry-standard mortgage and refinancing options as well as its own exclusive loan programs.

Carrington offers the expected rates, although there are several options available for borrowers who do not meet the standard loan qualification requirements.

While Carrington services nearly all 50 states (excluding Massachusetts and North Dakota).

Fixed-Rate Loans

With fixed interest rates throughout the life of the loan, these loans offer payment stability for borrowers who plan to stay long-term in their homes. While they do require a considerable down payment of 20 percent, fixed-rate loans also tend to have competitive rates and low debt-to-income ratio requirements.

Carrington offers 30- and 15-year fixed-rate loans with purchase, rate/term, and cash-out refinance options available.

Home Possible Loans

Borrowers who need down payment assistance can apply for a Home Possible loan, which can require as little as 5 percent of the purchase price. The loan applies for primary residences that are one- to four-unit residential condos, manufactured homes, or planned-unit developments.

Home Possible Advantage loans only require a 3 percent down payment, but these financing plans are available only for one-unit properties. Carrington offers both Home Possible options through fixed-rate mortgages.

Adjustable-Rate Mortgage (ARM) Loans

Borrowers who purchase or refinance a home with an ARM have a lower interest rate for the initial term of the loan. The rate will then adjust annually for the remainder of the loan.

For instance, a 5/1 ARM will have low fixed interest for the first five years of the loan and then the rate will adjust every subsequent year. ARMs are ideal for borrowers who want to save money upfront, intend to refinance before the interest rate increases, as well as for those who don’t plan to stay in their home for more than a few years.

Carrington offers 5/1, 7/1, and 10/1 ARMs for borrowers buying or refinancing a home.

Jumbo Loans

These non-conforming loans exceed the loan limits set by major financial institutions like Fannie Mae and Freddie Mac.

Qualifying Carrington borrowers can apply for a maximum jumbo loan of $2,500,000 for primary and secondary residences and $1,000,000 for investment properties. The lender offers fixed- and adjustable-rate jumbo loan options.

Federal Housing Administration (FHA) Loans

Backed by the government, the Federal Housing Administration (FHA) loans are ideal for borrowers who do not qualify for a conventional home loan. They offer more affordable down payment options, often as low as 3.5 percent.

FHA loans also have competitive interest rates and flexible qualifying guidelines for borrowers with lower credit scores or first-time home buyers. Carrington offers FHA loans for purchase and refinance.

Two variants of these types of loans allow borrowers to purchase or refinance a home and make improvements to it up to a certain amount, or to finish major renovations.

USDA Loans

The U.S. Department of Agriculture (USDA) offers loans for borrowers looking to purchase or refinance a home in an eligible rural area.

While applicants must meet certain requirements, USDA loans offer benefits such as little to no down payment, flexible qualifying credit score guidelines, favorable interest rates, and lower mortgage insurance payments. These funds may also be used to repair, renovate or relocate a qualifying home.

VA Loans

These loans are offered by Carrington as a qualified lender and guaranteed by the United States Department of Veteran Affairs (VA). They enable qualifying active military personnel, veterans, and spouses to purchase or refinance a home with favorable loan terms.

VA loans can provide up to 100 percent financing, along with little to no down payment requirements and low minimum credit scores are welcome. Carrington offers 15 or 30 years fixed-rate VA mortgages, as well as VA Interest Rate Reduction Refinance Loans (IRRRL).

Carrington Flexible Advantage Loans

The Carrington Flexible Advantage and Carrington Flexible Advantage Plus loans are designed for borrowers who are not eligible for conventional or government loans. Qualifying borrowers include those who are self-employed, as well as people who have:

  • Lower credit scores
  • High debt-to-income ratios
  • Recent credit events like foreclosure, bankruptcy, short sale, and missed credit card or mortgage payments

Carrington Flexible Advantage loans are available in amounts up to $3 million, while the Plus offers loans up to $2 million. Single-family homes, townhouses, and condos are eligible for these fixed- and adjustable-rate programs. These loans accept bank statements as proof of income. The lender also offers Carrington Flexible Advantage Refinance loans.

Carrington Mortgage Tools and Application

Interested borrowers can use Carrington’s online tools, such as mortgage calculators and loan process guidelines, before contacting the lender. From there, customers can either call the lender to speak directly with a Carrington loan officer or submit a loan inquiry online.

A loan officer will then walk the borrower through the application process.

Loan applicants will need to provide identification and information about income, assets, and liabilities in order to pre-qualify for a loan. The lender will then provide loan options and help borrowers decide which one is the best fit. Once the loan is closed, borrowers can manage their mortgage payments entirely online.

While Carrington Mortgage Holdings, LLC does appear on the Consumer Financial Protection Bureau’s Monthly Complaint Report list of most-complained about mortgage companies, the lender receives praise from its customers as well.

Positive reviews on the company’s website reference professionalism, attention to detail, and genuine concern when discussing Carrington loan officers. Of the customers who left a review of the mortgage company on LendingTree, 89 percent said they would recommend Carrington Mortgage Services to other people.

Carrington Lender Grades

Carrington Mortgage Services is a fully integrated mortgage company with lending and mortgage servicing operations that has been serving the nation for over 10 years. The lender has a National Mortgage Licensing System and Registry ID number of 2600.

The mortgage company has been a BBB-accredited business since its inception. There are 425 customer complaints filed against the company, the lender responded to all of them.

Carrington Mortgage Services is an Equal Housing Opportunity Lender. Plus, the company has a 5-star rating on Zillow.

  • Information collected on March 1st, 2019

Carrington Mortgage Qualifications

Credit score is, of course, one of the most important factors considered in a loan application. Borrowers with a credit score above 620 should have high chances of approval at Carrington, although the lender will likely offer their best mortgage rates to those with excellent credit scores.

Credit score Quality Ease of approval
760+ Excellent Easy
700-759 Good Somewhat easy
621-699 Fair Moderate
620 and below Poor Somewhat difficult
n/a No credit score Difficult

However, borrowers with a credit score as low as 500 can qualify for FHA, USDA, VA, ARM, jumbo, and Flexible Advantage loans from Carrington.

Those looking to apply for a conventional fixed-rate or Home Possible loan must have a minimum credit score of 620 as well as mortgage insurance with a loan-to-value over 80 percent. Jumbo loans require a credit score of at least 680.

Additionally, Carrington offers low down payment options for both conventional and government-issued loans. This lender also accepts gift funds from qualifying borrowers on certain loans.

Not all Carrington loans require mortgage insurance, and self-employed borrowers can submit W2s and bank statements as proof of income. Nearly all of Carrington’s home buying loan options have flexible qualifications to make homeownership a greater possibility for a wide selection of borrowers.

Carrington Phone Number & Additional Details

The post Carrington Mortgage Review appeared first on Good Financial Cents®.



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