Carrington Expands Services with FHA Streamline 203k Loans

The mortgage lending division of ""Carrington Mortgage Services, LLC"":http://www.carringtonhomeloans.com/, is expanding its offerings to include Streamline Federal Housing Administration (FHA) 203k loans through its retail and wholesale businesses.

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Intended for the purchase or refinance of properties requiring minor repairs and upgrades, 203k loans benefit both consumers and Realtors offering properties not quite in move-in condition. The program allows for up to $35,000 in property repairs to be financed into the loan.

Carrington's retail lending division will now control the complete operation cycle and related servicing for all of its 203k loans, which were previously offered as a brokered product. In addition, Carrington's ""wholesale lending division"":http://carringtonwholesale.com/ will add the 203k loan program to its portfolio of government-insured products as of April 1.

""We are pleased to offer FHA 203K loans through our retail and wholesale businesses, and to bring all aspects of these transactions including underwriting and closing timelines under our control,"" said Ray Brousseau, EVP of Carrington's Mortgage Lending Division. ""This initiative enables us to more effectively serve our customers as well as the brokers and realtors we partner with, allowing them to widen their markets and approach their local businesses with added confidence in what they have to offer.""

The company also announced it will provide 203k training to its broker partners beginning in January and throughout the program's launch period. Brokers can sign up for Carrington's ""Daily Rate Report"" or connect with an account executive for upcoming dates and times.

Carrington Mortgage Services is headquartered in Santa Ana, California.