Home Loan Programs for Low Credit Scores

Mortgages and Home Loan Programs for Low Credit Scores

Carrington MortgageDerek and Kari both work hard, but because of credit issues, they fear they will not be able to secure a loan on a first house. Enter Carrie Ghorbanian and Ray Brousseau, loan specialists from Carrington Mortgage Services LLC. Carrington has a history of working with lower credit borrowers, and offers home loan programs with more flexible guidelines, including a lower minimum credit score, a 25 day loan closing pledge, and same day pre-qualification services, all to make the process as easy as possible. Ray explains MANY Americans are under served by lenders today, 1 in 3 have a credit score below 640. And there are very limited home loan programs that can assist these consumers when trying to buy or refinance a home. Carrie guides Kari and Derek through the process to successfully secure a mortgage. They are now on their way to home ownership, thanks to MyLoanDetail and Carrie’s guidance.

Borrower Friendly Loans

Are you ready to buy a home or refinance your mortgage, but have less-than-perfect credit? Do you not have 20% of the purchase price for a down payment? You are not alone.

Did you know that 1 in 3 consumers have a FICO score of less than 650? And many home buyers do not have the full 20% down payment.

For these consumers, obtaining access to appropriate financing options can be a real challenge – one that Carrington Mortgage Services, LLC (Carrington) is uniquely equipped to handle by providing home financing services for people of ALL credit levels, from excellent credit to those with less-than-perfect credit.

Carrington’s loan programs are designed to assist borrowers that other lenders cannot:

  • Carrington is a national lender with home loan programs offering low or no down payment options.
  • Carrington is a proud government lender and originates FHA, USDA, Conventional, Jumbo and VA loans (military, retired, active, spouse).
  • Carrington lowered its minimum credit requirement to a FICO score of 550 on all of its government loan programs. It also expanded its guidelines on a number of Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loan programs, extending eligibility to more property types and reducing overlays.

Carrington has the experience:

  • Carrington has experience in credit management, underwriting and servicing, and can assist more individuals due to its flexible guidelines.
  • Carrington’s loans are fully documented and responsibly underwritten. Carrington’s government loan programs are owned and serviced by Carrington after origination, which ensures the company maintains its responsibility and relationship with its customers.

Carrington’s additional services are borrower friendly:

  • Need a real estate agent? Carrington has a national Real Estate Services team ready to help you buy or list your home. Visit http://www.CarringtonRealEstate.com for more information.
  • A primary focus for Carrington is the importance of borrower education. The company’s patent-pending online loan review resource MyLoanDetail™ is designed to improve the financial literacy of its customers by walking every customer through the details of their loan prior to closing.

For more information, visit http://www.CarringtonHomeLoans.com/DesigningSpaces

“Working with Designing Spaces and Lifetime provides Carrington with the ability to widen our reach to effectively serve those consumers who most need the specific home financing expertise we can provide,” said Ray Brousseau, Executive Vice President of Carrington’s Mortgage Lending Division.

Make sure to tune in to Designing Spaces on Wednesday, August 27, 2014 at 7:30 am (ET/PT) on the Lifetime Channel as Ray Brousseau, Executive Vice President of Carrington’s Mortgage Lending Division shares how his team was able to help new homeowners and real-life clients Derek and Kari Ellerd purchase their own home, in spite of a lower credit score.

Read Press Release

Carrington Mortgage Services, LLC. headquartered at 1610 E. Saint Andrew Place, Suite B-150, Santa Ana, CA 92705. 800-561-4567. NMLS ID 2600. Nationwide Mortgage Licensing System (NMLS) Consumer Access Web Site: http://www.nmlsconsumeraccess.org. AZ: Mortgage Banker BK-0910745; 2159 McCulloch Blvd 4, Lake Havasu City, AZ 86403. CA: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, File 413 0904. CO: Mortgage Company Registration 2600 and Supervised Lender’s Licenses 989668 and 989668-001. To check license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm. GA: Georgia Residential Mortgage Licensee 22721. IL: Illinois Residential Mortgage Licensee. KS: Kansas Supervised Loan License SL.0000313. MN: This is not an offer to enter into an interest rate lock agreement under Minnesota Law. MS: Licensed by the Mississippi Department of Banking and Consumer Finance. MO: Residential Mortgage Broker License 09-1746-S. NH: Licensed by the New Hampshire Banking Department. NJ: Licensed by the N.J. Department of Banking and Insurance. NY: Licensed Mortgage Banker—NYS Department of Financial Services. New York Mortgage Banker License B500980/107664. NC: Carrington Mortgage Services, LLC is licensed under the North Carolina Agency Permits 102107 & 103455 and North Carolina Secure and Fair Enforcement Mortgage Licensing Act. OH: Ohio Mortgage Broker Act Mortgage Banker Exemption MBMB.850208.000 (FHA, DE & VA Automatic loans only). OR: Mortgage Lender License ML4886. PA: Licensed by the Department of Banking. RI: Rhode Island Licensed Lender and Broker. VA: Licensed by the Virginia State Corporation Commission MC-5382. WA: Consumer Loan License CL-2600 & Mortgage Broker License MB-2600. Also licensed in AL, AR, CT, DE, DC, FL, ID, IN, KY, MD, MT, NE, OK, SC, SD, TN, UT, WV, WI, WY. NOTICE: All loans are subject to credit, underwriting and property approval guidelines. Offered loan products may vary by state. There is no guarantee that all borrowers will qualify. Restrictions may apply. This is not a commitment to lend. Terms, conditions and programs are subject to change without notice. Carrington Mortgage Services is not acting on behalf of or at the direction of HUD/FHA or the federal government.

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