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Carrington Mortgage Services Lender Review 2023
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.
Carrington Mortgage Service at a glance
Minimum credit score: 500 to 620
Minimum down payment: 0% to 3.5%
Available loan products and programs: Conventional, FHA, VA, USDA, jumbo
Offers a wide range of mortgage purchase and refinance options
Accepts credit scores as low as 500
Offers mortgages in U.S. territories
No information on rates and fees
No home equity loan or HELOC options
Doesn’t offer mortgages in North Dakota
Carrington Mortgage Service was founded in 2007 and is based in California. It can provide mortgages in all states (except North Dakota) plus the District of Columbia and U.S. territories, including parts of Puerto Rico, Guam and the Virgin Islands. The company is part of the Carrington Holding Corporation, which originates and services mortgages for businesses as well as consumers.
Carrington Mortgage Service products
- Carrington offers several types of conventional mortgages, including 15- and 30-year fixed-rate mortgages and the Home Possible ® mortgage program.
- Adjustable-rate mortgages (ARMs) are available in 5/1, 7/1 and 10/1 terms.
- Refinancing and cash-out refinancing are also available.
- To qualify, you typically need at least a 620 credit score and a 3% down payment.
- Federal Housing Administration (FHA) loans offer great flexibility on requirements, though you’ll still need at least a 500 credit score and a 3.5% down payment.
- Carrington offers 15- and 30-year FHA purchase loans, as well as FHA refinance and FHA streamline refinance.
- Department of Veterans Affairs (VA) loans by Carrington Mortgage Service allow up to 100% financing and credit scores as low as 500.
- VA loan refinancing options include the standard refinancing and the VA Interest Rate Reduction Refinance Loan (IRRRL).
- Carrington offers three jumbo mortgage programs that could allow you to borrow up to $3.5 million, depending on your credit score and other requirements – see the special programs below
- USDA mortgage loans for purchase and refinance are backed by the U.S. Department of Agriculture (USDA) to help low- to moderate-income homebuyers in rural areas with 0% down and flexible credit requirements.
- Carrington Flexible Advantage aims to help borrowers with credit scores as low as 500, credit issues including recent bankruptcy or trouble documenting income. It allows loan amounts up to $1.5 million and cash-out amounts up to $250,000.
- Carrington Flexible Advantage Plus is similar, but it has higher requirements (minimum credit score of 620) and allows higher loan amounts – up to $2 million for a purchase mortgage and up to $500,000 cash out in a refinance.
- Carrington Prime Advantage offers loan amounts up to $3.5 million and refinancing with cash-out up to $750,000 for borrowers with a minimum credit score of 660.
Carrington Mortgage Service rates and fees
Carrington doesn’t publish its mortgage rates or disclose its fees. To give you an idea of what’s available, you can see the current mortgage rates. As for fees, the 2021 national average mortgage closing cost was 1.01% of the average home sales price – about $3,860.
|Mortgage rates published online?|
|Rate information updated daily or weekly?|
|Lender fees disclosed?|
Carrington Mortgage Service’s application experience
If you want to get a ballpark estimate of how much you could borrow and what your monthly payment might be, you could get a mortgage prequalification with Carrington. A prequalification doesn’t pull your credit, so it doesn’t hurt your score, but it’s also not very accurate. If you’d like a firmer offer, consider getting preapproved from another lender.
Once your offer on a home is accepted, you can submit an official application to Carrington. You can do the entire thing online and upload documents digitally.
Carrington Mortgage Service’s customer service experience
You can manage your application completely online, but if you’d like to talk to an expert, you can contact Carrington’s general customer service or look up your loan officer’s direct contact details.
- Customer service: Monday – Friday at (800) 561-4567 from 8:00 am to 8:00 pm ET.
- Automated loan officer directory: (844) 563-0516 or on the directory website
If you’d like contact information for specific departments, you can view this Carrington web page.
How does Carrington Mortgage Service compare to other lenders?
|Carrington Mortgage Service||Ally Bank||TD Bank|
|Minimum credit score||500 to 620||620||620|
|Minimum down payment||0% to 3.5%||3%||0% to 3.5%|
|Loan products and programs|| |
How we rated Carrington Mortgage Service
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Carrington Mortgage Service’s scorecard: 3.5/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
⭕ Shares resources about mortgage lending
Provides an online application