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Carrington Mortgage Services
Carrington Mortgage Services
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage
Carrington Mortgage Services
Carrington Mortgage Services is our top low credit score mortgage lender, thanks to its low minimum credit score requirements and willingness to work with those who have recent negative events on their credit reports. We especially like that borrowers can get an FHA or VA mortgage from Carrington with a score as low as 500.
Details
Types of Loans Offered
Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage
About Carrington Mortgage Services
Carrington Mortgage Services has offices in Arizona, California, Connecticut, Florida, Indiana, and Maryland. It offers mortgages to residents of every US state except Massachusetts and North Dakota.
Carrington gives the following types of home loans:
You could potentially get an FHA or a VA loan from this lender with a credit score as low as 500.Â
Is Carrington Mortgage Services Trustworthy?
The Better Business Bureau gives Carrington an NR, or “no rating” because the lender is in the process of responding to previously closed complaints. The BBB looks at a company’s responses to customer complaints, transparency about business practices, and honesty in advertising.
On its Zillow lender profile, Carrington has a 4.93 out of 5-star rating, based on over 900 customer reviews.
Carrington does have a recent public scandal. In November 2022, the Consumer Financial Protection Bureau ordered Carrington to pay $5.25 million in fines for supposedly violating borrowers’ CARES Act rights. The CFPB claims that the lender misled borrowers seeking CARES Act forbearance and denied them key protections provided by the pandemic-era law.
Carrington Mortgage Services Interest Rates and Fees
Carrington doesn’t show mortgage rates on its website, making it difficult to sense whether it will give you a good deal before applying for preapproval.
Many lenders at least post sample rates online. Others will even let you customize your rate by entering your credit score, down payment amount, or zip code. This method gives you a good idea of what rate you’ll get should you take the next step and apply for preapproval.
In 2022, the average borrower getting a conventional loan from this lender paid $4,673 in origination charges, according to Home Mortgage Disclosure Act data. This is around average compared to other lenders.
Carrington Mortgage Services: Overall Rating
Carrington Mortgage Services: Pros and Cons
Carrington Mortgage Services FAQs
Carrington Mortgage Services has a 4.93 out of 5-star rating on its Zillow lender profile, which is based on reviews from people who got a mortgage from this lender. Carrington is a particularly good lender for those who have low credit scores or recent negative credit events.Â
Carrington was ordered to pay $5.25 million to the CFPB in 2022 after the agency claimed that Carrington “unlawfully withheld legally mandated pandemic protections, wrongly imposed fees, and reported false information to credit reporting companies,” according to CFPB Director Rohit Chopra.Â
Yes, Carrington Mortgage Services is a legitimate mortgage lender that’s been around since 2007.Â
Carrington makes it relatively easy to qualify for a mortgage. It offers several types of home loans, so you’re likely to find one you’re eligible for. It also accepts alternative forms of credit if you have a low credit score, or no score at all.
Carrington is a direct lender. This means it originates its own mortgages, as opposed to a mortgage broker, which connects you with multiple lenders to find the best fit.
How Carrington Mortgage Services Compares
Carrington Mortgage Services vs. Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is the clear choice if you need a reverse mortgage or home renovation loan. Fairway Independent Mortgage Corporation is also available in all 50 US states, while Carrington doesn’t lend in Massachusetts or North Dakota.
If you have a poor credit score or a rocky credit history, you might like the Carrington Flexible Advantage mortgage, which allows scores as low as 550 and recent negative credit events, such as bankruptcy. Carrington’s VA loans also have a lower minimum credit score than Fairway; with Carrington, you can get a VA loan with a score as low as 500, while Fairway requires a score of at least 600.
Carrington Mortgage Services vs. Guild Mortgage
Guild Mortgage and Carrington are two of the best lenders for first-time homebuyers thanks to their flexible credit options. Bankrate is an especially good choice for borrowers because it offers such a wide variety of mortgages, including reverse mortgages, renovation loans, manufactured home loans, and ITIN loans.
Both lenders offer options for borrowers who might not qualify with other lenders due to their credit situations. With Guild, you can use alternative credit such as rent payment history through its Complete Rate program. Carrington has its Flexible Advantage loan for borrowers with low scores or recent bankruptcies or other negative events.
Why You Should Trust Us: How We Reviewed Carrington Mortgage Services
To review Carrington Mortgage Services, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a high number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.
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