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Carrington mortgage company

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CreditOCDinCali
Regular Contributor

Carrington mortgage company

Does anyone have any feedback about this company? They said I can get a loan with a 583 FICO score, but I don't want too. I'd rather wait until my score is at least a 650. I don't trust lenders that try to push those with low fico scores into a mortgage. Any thoughts on this company?
Message 1 of 7
6 REPLIES 6
damnedanddetermined
Established Contributor

Re: Carrington mortgage company

I dont know much about them, but it seems that they will qualify you with a 580 score

Message 2 of 7
StartingOver10
Moderator Emerita

Re: Carrington mortgage company


@CreditOCDinCali wrote:
Does anyone have any feedback about this company? They said I can get a loan with a 583 FICO score, but I don't want too. I'd rather wait until my score is at least a 650. I don't trust lenders that try to push those with lowfico scores into a mortgage. Any thoughts on this company?

I haven't done business with them at all. I have noticed that if the lender is willing to work with lower scores, then they may require additional down payment more than the 3.5% that FHA requires.  Or they may have other more restrictive guidelines - such as requiring reserves or higher interest rates or lower ratios etc. Without knowing all of their guidelines, it is tough to compare. You are on the right track though by focusing on a higher score before you apply.

Message 3 of 7
Anonymous
Not applicable

Re: Carrington mortgage company

I was working with them for the past couple months for a loan.  Got preapproved , found a house and made an offer, had an inspection etc.  I was denied in underwriting at the last minute.  I would say some was my fault obviously.  I had some late payments in the last 12 months (10 months ago) and also had a NSF fee on my bank statement.  It was reversed due to bank error but, it was for a payment on the same account that previously had a late payment 10 months ago, so they took it as too much layered credit risk.  They also wanted to count 0 balance credit cards against my DTI if they showed any payment due, although I got them to fix that.  They had some issues getting my income correct since they didn't include any of my overtime( nearly 10% more pay on top of base).  Not to mention the 5.5% rate they had as well.  I don't think the loan officer was very good as I would think they would have spotted these issues before they sent the loan through, but I could be wrong.  If you can, I would wait to get your credit score up higher and go with another company, but if you are looking to buy now you could always give it a shot.  I had a 608 mid score by the way.  Anything 580 and over they said 3.5% is ok, but they even go to 550 with 10% down.

Message 4 of 7
Anonymous
Not applicable

Re: Carrington mortgage company


@StartingOver10 wrote:

@CreditOCDinCali wrote:
Does anyone have any feedback about this company? They said I can get a loan with a 583 FICO score, but I don't want too. I'd rather wait until my score is at least a 650. I don't trust lenders that try to push those with lowfico scores into a mortgage. Any thoughts on this company?

I haven't done business with them at all. I have noticed that if the lender is willing to work with lower scores, then they may require additional down payment more than the 3.5% that FHA requires.  Or they may have other more restrictive guidelines - such as requiring reserves or higher interest rates or lower ratios etc. Without knowing all of their guidelines, it is tough to compare. You are on the right track though by focusing on a higher score before you apply.


SO10 is right. Many lenders drop their overlays at 620 or 640.

 

If you still want to wait to increase to 650, then you should (just realize there may not be a tangible benefits to doing so). Best of luck!

Message 5 of 7
CreditOCDinCali
Regular Contributor

Re: Carrington mortgage company

Thanks for your feedback. I think it's best for me to just wait it out. I don't want to get my hopes up and them something galls through during the process. I'd be safer with a better credit score.
Message 6 of 7
frugalQ
Valued Contributor

Re: Carrington mortgage company

you should continue working on your credit and look for quick wins to get your score up.  You never know, with a little work, you may get up to 650 sooner than you think!!

 

good luck!

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Message 7 of 7
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