New renovation loan program provides another option for first-time homebuyers to enter the market, and further commits to serving all underserved borrowers.
Carrington Mortgage Services, LLC (Carrington) announced that beginning April 2015, it will offer the FHA 203k Full loan program through its local retail branch offices and regional sales centers. Carrington's new 203k Full renovation loan program is a program through which borrowers can take out a single loan to finance both the cost of buying the home and the renovation costs. The 203k Full program, further delivering on Carrington's commitment to provide innovative products for underserved applicants, is available for borrowers with a minimum FICO score of 550, and provides an option for first-time homebuyers and other underserved consumers to enter the market.
The Carrington Companies own and operate multiple businesses that cover virtually every aspect of single family residential real estate transactions through investments in U.S. real estate and international mortgage markets, loan origination and servicing, asset management and property preservation, real estate brokerage, title and escrow services.
This new loan presents additional opportunities for Carrington's loan officers to work directly with consumers who are seeking to make improvements on the homes they want to purchase. The 203k full loan program completes Carrington's 203k suite of offerings, which also includes FHA 203k Streamline loans for properties needing minor repairs and upgrades. The total amount of the 203k Full renovation loan is determined before the repairs or renovations are made, with a maximum eligible repair cost of 50 percent of the "subject-to" value. With this program, lenders will need a professional estimate, or an "as-repaired appraisal," of what the fair market value of the home will be after the repairs are completed. Structural repairs qualify, including room additions.
FHA 203k loans are attractive to consumers as well as real estate professionals. Borrowers interested in purchasing distressed or older properties may find the 203k loan an ideal solution for these homes that are often in less than move-in condition. For real estate professionals, the FHA 203K Full loan program further expands the types of properties available to their clients. In addition, having a single point of contact for getting these loans approved and funded can expedite closings, which is an added incentive to partner with a Carrington loan officer in their market.
About Carrington Mortgage Services – Mortgage Lending Division
Carrington Mortgage Services, LLC (Carrington; NMLS ID 2600) is a residential retail and wholesale lending subsidiary of Carrington Holding Company, LLC. Founded in 2007, the company is based in Santa Ana, California and is an equal housing opportunity lender licensed to originate loans in 46 states, the District of Columbia and Puerto Rico with an experienced team focused on producing high quality loans and error-free transactions. Carrington’s advanced technology platform and high-touch customer service provide superior loan origination experiences for consumers, while its commitment to borrower education and use of its proprietary online loan review resource, MyLoanDetail™, enhance the company’s ability to responsibly extend credit to borrowers – especially those in the underserved market.
For consumers interested in learning more about Carrington's new FHA 203k Full loan program, please visit www.CarringtonHomeLoans.com. Real estate professionals can connect with their local Carrington loan officer for more information or connect with a loan officer through www.CarringtonHomeLoans.com/realtor.