Requirements
To qualify for a conventional loan, you must have a credit score of at least 620. If you're searching for an FHA or VA loan, you could qualify with a credit score as low as 500. Applicants supported by the USDA must work for at least two years.
Meanwhile, the lender's Flexible Advantage program is divided into three levels:
- Flexible Advantage, with a minimum credit score of 550 and a loan amount of up to $1.5 million.
- Flexible Advantage Plus, with a minimum credit score of 620 and a loan amount of up to $2 million.
- Carrington Prime Advantage, with a minimum credit score of 660 and a loan amount of up to $2.5 million.
The Flexible Advantage program might require three to six months of cash reserves.
How to apply for a loan
When it comes to initiating your loan application, you have three alternatives.
On Carrington's homepage, go to Contact Us and Future Customers. Select the appropriate option on the Future Customers page, such as assistance with a new loan or a query regarding your application.
Call 888-267-0584 Monday through Friday, from 7 a.m. to 6 p.m. Pacific Time.
Carrington's online directory allows you to find a loan officer by searching by name or state.
Carrington Mortgage Services can prequalify you for a loan based on financial information such as your income and assets. The lender will present loan choices and assist borrowers in determining which one is the most excellent fit.
