Carrington Offers a Wide Range of Loan Programs
Carrington Mortgage Services, LLC (Carrington) is a fully integrated mortgage company with lending and mortgage servicing operations. Carrington offers a wide range of loan programs to meet the needs of all kinds of borrowers – from a first-time home buyer to an experienced real estate investor.
Carrington is committed to providing exceptional customer service, ensuring that customers receive the right loan based on their circumstances, and to close their loans on time, every time.
Below is an overview of the various loan programs that Carrington offers to its customers:
Conventional Loans - Conventional loans usually offer the lowest interest rates and the most favorable loan terms for clients with excellent credit (740 and above). A conventional home loan is not insured by or offered through any government-sponsored programs. However, conventional loans may require 20% down.
FHA Loans - Federal Housing Administration (FHA) loans are insured by the government and are suitable for borrowers who do not qualify for a conventional home loan. FHA loans are popular because they offer lower down payment loans – as low as 3.5% of the purchase price – and competitive interest rates. FHA loans also offer flexible qualifying guidelines to those with lower credit scores.
USDA Loans– USDA loans (US Department of Agriculture) offer full financing of a home with no money down. USDA loans are made to encourage homeownership in rural and less densely populated areas. However, you must meet certain income requirements in order to qualify. USDA loans would be best for buyers looking to purchase a home in an eligible community.
VA Loans - A VA Loan is made by a qualified lender, and it is guaranteed by the United States Department of Veterans Affairs (VA). This loan enables veterans and active duty personnel to purchase a home with very favorable loan terms. In addition, family members of servicemen and servicewomen may be eligible as well.
Jumbo Loans–A Jumbo loan is any loan amount which is greater than the current conforming loan limit, which is $510,000 for 2020. Certain areas are considered “high-cost” and the conforming loan limit for those regions is $765,600 in 2020. Fannie Mae and Freddie Mac set the conforming loan limits, so any amounts that exceed those limits require a Jumbo Mortgage. The maximum loan amount for primary and secondary homes is $2,500,000; for investment properties, the maximum amount is $1,000,000.
