which focuses on underserved home buyers with subpar credit
, is now licensed to do business in Nevada. The wholesale lender
will enter a housing market that has shown steady improvement during the last year.
According to Zillow, Nevada home values have gone up 14% during the past year, and it predicts they will rise 5.7% within the next year. The median home value in Nevada
was $189,800 as of Sept. 30. The Las Vegas housing market, in particular, has shown significant improvement.
The city ranks No. 1 on the latest Freddie Mac Multi-Indicator Market Index (MiMi
) for the most improved housing market on a year-to-year basis. MiMi assesses the long-term stability of areas by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), on-time mortgage payments and unemployment rates. According to Freddie, the Las Vegas housing market has improved 21.53%
from August 2013 to August 2014.
Carrington announced earlier this year it would focus on borrowers in the sub-640 FICO range. The lender lowered its minimum credit requirement to a FICO score of 550 and expanded its guidelines on several FHA
and USDA loan programs.
The wholesaler also plans to create up to 360 new jobs
. Carrington will expand its operations in Westfield, Indiana, and invest $3.17 million to renovate a 77,000-square-foot facility in Westfield. The facility will be in operation by the end of the year, according to Carrington
. The lender
currently employs more than 1,000 people nationwide, including 180 in Indiana. The expansion will create up to 360 new, high-wage jobs by 2019, the company stated.
California-based Carrington Mortgage Services,