Carrington Mortgage Services
has introduced a proprietary line on non-prime loans to help underserved borrowers with home purchases or refinancing.
The Anaheim, Calif.-based company’s new non-agency loan products is being aimed at consumers with lower credit scores, high debt-to-income ratios, who are self-employed or who experienced a recent credit event that makes them ineligible for conventional or government loan products. The loans are designed for borrowers with credit scores down to 500 and will be originated in loan amounts up to $1.5 million and cash-out up to $500,000. Single-family homes, town houses and condos are covered by these loans.
"We'd like to be the lender of choice for otherwise qualified borrowers who have less than perfect credit scores, and for the real estate agents and mortgage brokers who work with them," said Ray Brousseau, President of Carrington Mortgage Services. "We believe there are millions of Americans who historically would have been able to qualify for a loan, but simply haven't been able to get one since the Great Recession. And we believe they deserve a chance to achieve the dream of homeownership."