Carrington Mortgage Review 2020

Carrington Mortgage Services is a retail mortgage lender that was founded in 2007. It’s a subsidiary of Carrington Holding Company and is headquartered in Anaheim, Calif.

The lender services more than $66 billion in mortgages and is licensed to help you get a mortgage in a majority of states across the country.

Working with Carrington Mortgage Services

Carrington Mortgage Services is licensed to originate home loans in every state — as well as the District of Columbia — except for Massachusetts and North Dakota.

The company has six branch locations with licensed retail loan officers in the following cities:

• Anaheim, Calif.
• Jacksonville, Fla.
• Owing Mills, Md.
• Scottsdale, Ariz.
• Westfield, Ind.
• Windsor, Conn.

Carrington Mortgage Services borrowing requirements

Borrowers looking for a Carrington Mortgage Services loan may qualify with a credit score as low as 500 for certain loan types.

Borrowers can get loans for the following types of properties:

• Single-family homes
• Multifamily homes (two to four units)
• Condominiums
• Manufactured homes
• Townhouses

Additional property options are available with restrictions. These include:

• Rural
• Non-warrantable condominiums
• Planned unit developments (PUD)
• Site condos
• Modular homes
• Mixed-use properties

Carrington Mortgage Services mortgage products

Purchase

• Conventional loans. Carrington Mortgage Services offers fixed-rate mortgages with 15- or 30-year terms, as well as 5/1, 7/1 and 10/1 adjustable-rate mortgages.
• FHA loans. Borrowers with a minimum 500 credit score may qualify for a 15- or 30-year loan backed by the Federal Housing Administration (FHA).
• FHA 203(k) loans. This type of FHA loan allows borrowers to finance their home purchase and renovations with the same mortgage. Carrington offers both limited and standard 203(k) loans.
• VA loans. Eligible military service members, veterans and spouses may qualify for a 0% down payment loan insured by the U.S. Department of Veterans Affairs (VA).
• USDA loans. Borrowers looking to buy a home in a rural area may be eligible for a mortgage backed by the U.S. Department of Agriculture (USDA). In most cases, no down payment is required.
• Jumbo loans. For homes in high-cost markets, jumbo loans are available for up to $2.5 million.

Refinance

Carrington Mortgage Services offers the following mortgage refinance products:

• Rate-and-term refinance loans 
• Cash-out refinance loans
• FHA streamline refinance loans
• VA interest rate reduction refinance loans (IRRRLs)
• USDA streamlined assist refinance loans

Carrington Mortgage Services special mortgage programs

• Freddie Mac Home Possible® loans. These 3% down payment conventional loans are geared toward low- to moderate-income homebuyers.
• Non-qualified mortgages. Also known as bank statement loans, which are for self-employed mortgage borrowers who may not qualify for a traditional home loan.

The mortgage application process

• How to apply. You can start your mortgage application online, over the phone or in person at one of the six branches with loan officers on site.
• Disclosure process. You’ll have the option to attach and upload documents, as well as receive and sign disclosures online. Sending and receiving documents by fax or mail is also an option if you prefer a more manual process.
• Submitting loan for approval. Once you’ve selected a home and signed disclosures, the loan processor will order a home appraisal to verify the home price aligns with the loan and down payment amounts.
• Final approval. The underwriting team will continue to verify the details included in your application and request additional documentation as needed to work toward finalizing your approval.
• Closing. Upon final approval, you’ll schedule your mortgage closing date and complete the home purchase transaction.
• Servicing. Carrington provides loan servicing after closing. You can make mortgage payments and manage your loan through an online account or via the mobile app.

Communication during the process

You’ll work with a loan officer during the early stages of your application process. Once your applications and documents are submitted, you’ll primarily communicate with your loan processor. Aside from contacting your assigned loan officer directly, you can reach the Carrington Mortgage Services team by calling (844) 563-0516.

You can also visit your online dashboard to keep up with the progress of your loan application.

Pros and cons of a Carrington Mortgage loan

Pros

• Offers a range of conventional and government-backed mortgage options
• Offers small down payment options for low- to moderate-income borrowers
• Offers up to $2,000 in closing cost credits for select purchase loans
• Provides an online mortgage application process

Cons

• Limited number of physical branch locations
• No available home equity products
• Website lacks information on current mortgage rates