Carrington Mortgage Services made its Carrington Loan available through its national wholesale lending division, widening the door for the underserved market and first-time homebuyers.
The Carrington Loan offers borrowers a simplified home loan process with no closing costs or upfront financing fees to facilitate home purchases.
Features of the Carrington Loan include:
- There are no closing costs, appraisal fees, or lender financing fees.
- Carrington pays all eligible loan costs as lender credits.
- If any unanticipated lender costs arise, Carrington will issue a credit to cover them. This may include additional title or escrow service charges from the title or settlement company.
“With The Carrington Loan, there is no need for a mortgage broker to modify the rate after it is presented to the borrower to offset loan costs and loan closing fees, and unexpected increases to estimated closing costs are not an issue,” said Carrington Mortgage Services’ Mortgage Lending Division Executive Vice President Ray Brousseau.
“Removing these barriers simplifies the process for our mortgage broker partners and their borrowers who desire to fulfill their dream of homeownership,” Brousseau continued.
Back in March 2014, Carrington lowered its minimum credit score requirement to 550 and expanded its guidelines on FHA, VA and USDA loan programs, extending eligibility to more property types and reducing overlays.