Review
Updated
Carrington Mortgage Services provides a wide variety of mortgage loans catering to almost any home buyer. Would-be homeowners can find options whether they are well qualified or if they have low credit, and first-time home buyers have choices too. Check out our full Carrington Mortgage review to learn more about these loan offerings and see if Carrington is a good fit.
2024 Award Winner
Best for: Bad credit
Carrington Mortgage Services
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Carrington has a wide selection of mortgage products and terms, and can find solutions for borrowers with bad credit or nontraditional income. Carrington has launched an app to manage the home-buying process as well as a personalized dashboard.
Min. Credit Score 500 VA and USDA 580 FHA 620 Conventional
- 500 - 620
Min. Down Payment 0% VA loans 3% conventional loans 3.5% FHA loans
- 0% - 3.5%
Key Features
- Loans for borrowers with low credit
- Low down payment options
- Accepts nontraditional proof of income
Loan Types
- Conventional
- FHA
- VA
- USDA
Fixed Rate Terms
- 15y, 30y
Adjustable Rate Terms
- 5/1, 7/1, 10/1
Top Mortgage Lenders
It's important to compare mortgage lenders so you understand all your options. Here are a few of our favorite lenders, listed side by side so you can see how they each stack up against their competition:
| Lender | Min. Down Payment | Credit Score | Next Steps |
|---|---|---|---|
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
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Full Carrington Mortgage review
This mortgage lender is a good fit for: Borrowers who want to choose from many borrowing options, including FHA, VA, USDA, conventional, and non-QM loans.
Pros
- Loans for bad-credit borrowers
- Low down payment options
- Accepts nontraditional proof of income
Cons
- Required to work with a loan officer
- Very few physical locations
Top perks
Multiple loan options mean most borrowers can get approved
Carrington offers mortgages to purchase a new home or to refinance your current loan. Choose from conventional loans, FHA loans, USDA loans, VA loans, ARMs, and Carrington's Flexible Advantage program for bad-credit borrowers.
Those with imperfect credit have options
With Carrington's Flexible Advantage, it's possible to borrow up to $1.5 million with a credit score as low as 550 or up to $2 million with a score of 620 or higher.
Mortgages are available without a large down payment
You may be able to get a conventional loan with as little as 3% down. And, like most lenders, Carrington allows eligible military members and veterans to secure a VA loan with no down payment at all.
What could be improved
Application can not be completed online
Unlike with some other lenders, you will eventually have to speak with a loan officer to secure your loan.
Options for in-person service
There are just six Carrington office locations in the U.S. Those located in areas without an office who are looking for in-person service may want to look elsewhere.
How to qualify
Carrington caters to well-qualified borrowers as well as those with an adverse credit history.
You'll need a credit score of 620 or higher and a down payment of at least 20% for Carrington's conventional loans (though certain low down payment loans go as low as 3%).
Carrington's Flexible Advantage program is designed for borrowers with low credit, a high debt-to-income ratio, adverse credit events such as bankruptcy or foreclosure, or an inability to provide conventional proof of income such as tax returns. You may qualify with a credit score as low as 550.
To qualify for a mortgage with Carrington, you'll need to connect with a loan officer who can help you evaluate your options and determine which of the lender's many loans would be the best fit.
How are Carrington's refinance rates?
Carrington offers multiple types of refinance loans, including conventional refinance loans, as well as refinance loans through the FHA, USDA, and VA. There are both fixed-rate and variable-rate refinance options. The lender's Flexible Advantage Refinance program provides an option for borrowers with imperfect financial credentials.
Carrington doesn't provide a standard rate table, but you can get quotes online after answering a series of questions about your desired home purchase price, credit score, down payment, income, and zip code. While its rates are competitive for most borrower profiles, it takes more effort to see estimated rates than with some competitor lenders.
How are Carrington's rates compared to the national average?
Carrington provides rate quotes only after you answer a series of questions. That makes it difficult to compare its overall average rates with the national average. However, with several buyer profiles, the lender's rates appeared competitive. Because Carrington offers a variety of loan options, including some catering to borrowers with low credit scores, rates for its loan products can vary substantially.
To find out if Carrington's rates are competitive for your situation, get quotes from this lender and several others to see which offers you the best rate and terms.
Carrington is right for you if:
Carrington Mortgage Services is a good mortgage lender for you if you don't mind working with a loan officer, don't need in-person customer support, and want to choose between many loan options including conventional loans, government-backed loans, and loans for those with low credit. If you can't qualify with other lenders or want to borrow a large amount without traditional proof of income, this lender may be the ideal choice.
FAQs
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Because Carrington doesn't disclose an overall average rate online, it's difficult to accurately assess how its rates compare to the national average. However, when getting quotes from several borrower profiles, rates appeared competitive. Carrington's wide variety of loan offerings -- including many loans designed for borrowers with low credit scores -- can also mean that rates vary from one product to the next.
To get a quote from Carrington and see if its rates are competitive, you'll need to answer questions online about your purchase price and financial information -- or you'll need to speak with a mortgage loan originator. Compare the loan terms Carrington offers with several other online lenders, banks, and credit unions to find the best rates for you.
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Carrington can be a good choice for some home buyers interested in securing a mortgage loan. The lender offers multiple loan options including conventional loans, FHA loans, USDA loans, VA loans, and specialized loans catering to first-time borrowers or low credit borrowers.
However, you can't complete the entire mortgage application online with Carrington. If you don't mind working with a mortgage loan officer directly, then you can consider Carrington when you get rate quotes and compare loan options.
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Carrington offers multiple types of refinance loans, including conventional refinance loans, as well as refinance loans through the FHA, USDA, and VA. There are both fixed- and variable-rate refinance options. And the lender's Flexible Advantage Refinance program provides an option for borrowers with imperfect financial credentials.
Your own financial goals and credit profile will determine if one of these loans from Carrington is the best choice for you. Compare Carrington's rates and terms with several other lenders to see which offers you the most competitive rates.
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To qualify for Carrington Mortgage, you will need to contact one of the lender's mortgage originators. You can connect with Carrington via phone or by submitting an online form to request a loan expert get in touch with you.
When you've reached out to a Carrington representative, you can provide your financial details to determine what loans, if any, you qualify for. Because Carrington has several government-backed loan options as well as its own loan offerings for borrowers with imperfect financial credentials, many people will find they can qualify for a mortgage from this lender.
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Carrington offers multiple loan options, including:
- Conventional loans
- FHA loans
- USDA loans
- VA loans
- Loans for first-time buyers
Carrington's Flexible Advantage loan is designed to cater to borrowers who might not qualify for a home loan with most lenders. Borrowers also have a choice of a fixed-rate or adjustable-rate mortgage.
Our Mortgages Expert
Christy Bieber is a full-time personal finance and legal writer with more than a decade of experience. She has a JD from UCLA as well as a degree in English, Media and Communications with a Certificate in Business Management from the University of Rochester. In addition to writing for The Ascent and The Motley Fool, her work has also been featured regularly on MSN Money, CNBC, and USA Today. She also ghost writes textbooks, serves as a subject matter expert for online course design, and is a former college instructor.
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