What is Carrington Mortgage Service?
Carrington mortgage service is a non-bank mortgage lender, established in 2007. This is an organization mainly based in California having its headquarter in Anaheim. Although this organization is mainly known as a loan provider, Carrington offers many loan options to the homebuyers such as the Federal Housing Administration (FHA), Veteran Affairs (VA), conventional loans, jumbo loans, United State Department of Agriculture (USDA) loan and refinance options as well. Except for Massachusetts and North Dakota, all other 20 states of the nation come under the Carrington services.
Carrington mortgage services have their license for providing loan and other finance options in the following states such as- California, Colorado, Florida, Arizona, Connecticut, Ohio, Georgia, Hawaii, Maryland, Missouri, Nevada, Oregan, Indiana, Texas, Illinois, Kentucky, Michigan, South Carolina, Virginia, and Tennessee. The only two states where Carrington still has no access are Massachusetts and North Dakota.
Carrington mortgage services offer a Federal Housing Administration (FHA) loan which is a type of government-backed home purchase loan that helps the low credit holders to achieve home loans. The qualifying credit score for the borrowers given by Carrington is as low as 500. FHA loans allow borrowers to put down less than 3.5%.
Carrington also provides its borrowers with VA loans. The department of veterans’ affairs backs this type of loan which is available to service members, their spouses, and of course to the veterans. There is no requirement of any down payment in such a loan and no personal mortgage. If the borrower has a credit score below 500 can apply for a VA loan in Carrington. The only requirement in this loan is it includes 30 years fixed-rate loan.
It can be said that among all the loans conventional loan has the highest standard to qualify. The borrower should achieve a perfect credit score to qualify for a conventional loan provided by Carrington mortgage services though they provide 30 or 15-year terms. That means the monthly principal and interest remain as it is over the course of the loan.
Carrington mortgage services also provide jumbo loans which were introduced by Fannie Mae and Freddie Mac. The current limits of jumbo loans are within $453,100 to $679,650. The limits are calculated depending on the location of the property. The borrower can finance up to 80% of the entire loan, therefore the borrower should make a down payment of 20% for a jumbo loan.
Carrington mortgage loan services usually lend up to $2.5 million with a jumbo loan.
United States Department of Agriculture (USDA) loan is another type of loan provided by Carrington. If the borrower has a low income but desired to buy a home in a rural-based location, then USDA can be the best option. USDA is a government-backed home loan that requires no down payment as it is given to low-income households. There is a minimum requirement of a 550 credit score in Carrington for USDA loan approval.
Pros of Carrington mortgage services:
- The required credit score is lower in comparison to other lenders.
Carrington provides direct lending, genuine services, and offers almost all types of loans. Cons of Carrington mortgage services:
- The official website of Carrington is not enough impressive.
- Carrington does not display its current rates on its website.
Carrington is one of the leaders in the homeownership loan industry of the US. The organization provides responsible home financing solutions to make the dream of homeownership a reality. Borrowers can also access Carrington Quick Pay to make Carrington mortgage payments easily, rapidly, securely, and in one swipe.