Non-QM Loans
The Carrington Advantage Series
Leading in Non-QM Lending
As a leader in Non-QM lending, Carrington Wholesale is here to support you and your borrowers and real estate investors. Here are just a few ways we do that:- We write the guidelines and as the end investor, we have the final say
- Exceptions granted with acceptable compensating factors
- FICOs 550 and up
- Our bank statement programs start at 620 FICO
- No bankruptcy seasoning required
- Mix and match income documentation, let us show you how
- Our specialized Non-QM credit, Operations, Support, and Setup Teams only work on Non-QM loans to deliver accuracy and speed
- 40-year loan option available
The Carrington Advantage Series
Leading in Non-QM Lending
As a leader in Non-QM lending, Carrington Wholesale is here to support you and your borrowers and real estate investors. Here are just a few ways we do that:- We write the guidelines and as the end investor, we have the final say
- Exceptions granted with acceptable compensating factors
- FICOs 550 and up
- Our bank statement programs start at 620 FICO
- No bankruptcy seasoning required
- Mix and match income documentation, let us show you how
- Our specialized Non-QM credit, Operations, Support, and Setup Teams only work on Non-QM loans to deliver accuracy and speed
Non-QM Comparison
| Credit Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Minimum FICO | 660 | 640 | 550 | 620 |
| Mortgage/Rental History | 0x30 | 1x30 | 0x60 up to 0x120 | 1x30 |
| BK/FC Seasoning | 48 months | 36 months | 0-24 months | 48 months |
| Max DTI | 43% standard (expanded to 50%) | 50% standard | 43% standard (expanded to 50%) | DSCR ≥ 0.75 |
| Residual Income | $2,500 + $150/dependent | $2,500 + $150/dependent | $1,500 + $150/dependent | None |
| Reserves | 6, 9, or 12 months based on loan size | 6, 12 months | 3, 6 months | 3 months |
| LTVs Up to | 90% purchase/rate-term 80% cash-out | 80% purchase/rate-term 75% cash-out | 80% purchase/rate-term 70% cash-out | 85% purchase/rate-term 75% cash-out |
| Max Loan Amount | $3.5 million | $2 million | $1.5 million | $3 million |
| Cash-Out Maximum | $1 million | $500k | $500k | $1 million |
| Other Parameters | Prime Advantage | Flexible Advantage Plus | Flexible Advantage | Investor Advantage |
|---|---|---|---|---|
| Product Type | 15, 30 & 40 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15, 30 & 40 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15, 30 & 40 year fixed 5/1, 7/1, 10/1 ARM 5/1, 7/1, 10/1 interest only |
15, 30 & 40 year fixed 5/1, 10/1 ARM 5/1, 10/1 interest only |
| Ineligible States | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA, (WV: no interest-only) NY: Max Conf Balance + $1 NY: CEMA not allowed | MA No interest-only in WV |
| QM Fees | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit | Limited to Sect. 32, 5% limit |
Carrington Flexible Advantage PlusSM
620 Minimum FICO – Alt doc allowed
This is a great program to energize your pipeline with self-employed borrowers you may have previously had to turn away. With Flexible Advantage Plus, bank statements can be used in place of IRS tax documents to verify income. This program also offers financing solutions for borrowers with recent credit events (late payments, Foreclosures, Bankruptcy). Credit scores down to 620 may qualify.
Products
- 30yr Fixed
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
Matrices & Guidelines
- Carrington Flexible Advantage Plus℠ Product Matrix
- Carrington Flexible Advantage℠ Underwriting Guidelines (login required)
Tools
Carrington Flexible AdvantageSM
550 Minimum FICO – Alt doc allowed
If you have borrowers with recent credit events (late payments, Foreclosures, Bankruptcy) and or credit scores down to 550, Flexible Advantage is the Non-QM loan program you’ve been looking for. Alternative documentation/bank statements can be used to verify income in place of IRS Tax documents. Available on purchases, refinance, and cash-out refinance loans.
Products
- 30yr Fixed
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
Matrices & Guidelines
- Carrington Flexible Advantage℠ Product Matrix
- Carrington Flexible Advantage℠ Underwriting Guidelines (login required)
Tools
Carrington Investor Advantage
Qualify using property cash flow
Carrington’s new Investor Advantage Program, which doesn’t require personal income for qualifying, could be the competitive edge you need to reach new clients. First-time investors are allowed, and there’s no cap on the number of investment properties the borrower can own (max five with CMS). Only three years of seasoning is required on foreclosure, short sale, bankruptcy, or deed-in-lieu.
No employment or income documentation required. The borrower only needs to have a Debt Coverage Ratio (DCR) greater than or equal to .75.
Products
- 5/1 ARM
- 10/1 ARM
- 30yr Fixed
Documents
- Carrington Investor Advantage Program Matrix
- Carrington Investor Advantage Underwriting Guidelines (login required)
An Equal Housing Opportunity Lender. Copyright 2007 -
2025
. Carrington Mortgage Services, LLC headquartered at 1600 South Douglass Road, Suites 110 & 200-A, Anaheim, CA 92806. NMLS ID # 2600. Toll Free # 800-561-4567. All rights reserved. Restrictions may apply. All loans are subject to credit, underwriting and property approval guidelines. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: