Carrington Mortgage Services: non-QM programs reviewed
Carrington Mortgage Services publishes some of the lowest credit floors in non-QM lending. Its program grid runs in three tiers: Prime Advantage (660+ score, up to 90% LTV, loans to $4M), Flexible Advantage Plus (620+, 80% LTV, to $2M), and Flexible Advantage — which accepts scores down to 550 generally and 600 for bank statement documentation, with bankruptcy seasoning as short as one day out of a discharged Chapter 7, 11 or 13.
Two more things stand out: ITIN borrowers are supported across every tier rather than quarantined in one product, and 40-year terms (including interest-only ARMs) are available to stretch payments. Carrington runs retail, wholesale and correspondent channels, so you can reach these programs directly or through a broker.
Program details
Channel: Direct + broker channel · NMLS #2600 (verify on NMLS Consumer Access)
| Factor | Published guideline | Source |
|---|---|---|
| Statements accepted | 12 or 24 months (alongside 1099 and P&L documentation options) | source |
| Prime Advantage tier | 660 min score · 90% max LTV · loans to $4M · 48-month credit-event seasoning | source |
| Flexible Advantage tier | 550 min score generally, 600 for bank statements · 80% LTV · to $1.5M · bankruptcy seasoning as short as 1 day | source |
| DSCR (Investor Advantage) | 620 min score · 85% max LTV · to $3M · DSCR options above 1.0 and above 0.75 | source |
| ITIN borrowers | Supported across all published non-QM tiers | source |
| Terms | 40-year options, fixed, ARM, and interest-only ARM | source |
Published guidelines as of 2026-07-24 — not a quote, pre-approval, or offer of credit. Actual terms depend on full underwriting.
Other non-QM programs Carrington Mortgage Services confirms offering: 1099 documentation · P&L documentation · Asset depletion / asset conversion.
Strengths
- Lowest published credit floors in this set — a 560–620 file that's auto-declined elsewhere has a stated program here.
- Recent-credit-event lending is explicit: published seasoning as short as one day from bankruptcy discharge on the Flexible tier, versus the typical 2–4 years.
- ITIN across every tier plus 40-year and interest-only terms gives newcomer and payment-constrained borrowers real structural options.
Considerations
- Credit flexibility is priced: expect the steepest rate premiums in the market at the low-score, recent-event end.
- The detailed tier grid is published on Carrington's wholesale (broker-facing) site — retail quotes should be checked against the same tiers so nothing is lost in translation.
- Self-employment seasoning isn't separately published — confirm for your file.
Who it fits
Not sure a bank-statement program is right at all? Start with the bank statement loan guide, estimate your qualifying income with the bank statement estimator, or read how to compare non-QM lenders.
FAQ
Carrington's published Flexible Advantage tier accepts scores down to 550 with alternative documentation — 600 where bank statement income documentation is used. Pricing at those scores is substantially above prime, so compare the payment, not just the approval.
The published Flexible Advantage guideline allows seasoning as short as one day from a discharged Chapter 7, 11 or 13 — one of the only stated next-day-after-discharge programs. Expect compensating requirements (down payment, reserves) to be significant.
Yes — unusually, ITIN eligibility is stated across all of its published non-QM tiers, including the DSCR investor program, rather than being limited to a single ITIN product.
Sources
- Carrington Wholesale — Non-QM program grid
- Carrington Mortgage — Non-qualifying mortgage (retail page)
Educational information only — not financial advice, and not a quote, pre-approval, or offer of credit. Mortgage Merlin is a publisher, not a lender or broker, and is not affiliated with Carrington Mortgage Services. Program details change; confirm directly with the lender.