Carrington Mortgage Services LLC announced that it has broadened its portfolio of government loan programs by offering USDA loans through its retail and wholesale lending operations. Requiring low—and in some cases no downpayment or cash reserve, Carrington’s USDA loan program complements the company’s existing range of government products designed to increase the borrowing potential of real estate consumers, offering them, the agents and the brokers who serve them a competitive advantage in today’s real estate market.
With a USDA loan through Carrington, eligible borrowers can obtain up to 100 percent financing on a home’s appraised value. Purchase, Rate/Term Refinance and Streamline Refinance options are available to borrowers with a debt-to-income ratio of 29/41 and a minimum FICO score of 580 (other restrictions may apply).
“Carrington is deeply committed to providing a wide range of products that meet the individual needs of borrowers – and that give the real estate professionals and brokers who serve them the confidence to close transactions,” said Ray Brousseau, executive vice president of Carrington Mortgage Services LLC’s Mortgage Lending Division. “By adding USDA loans to our government-based portfolio, we’re providing consumers with an additional lending option that can make purchasing or refinancing a property more accessible."