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Learn More >Product Category Description | Product Amortization | Product Number | ARM Index | ARM Lookback | ARM Margin | ARM Cap Structure |
---|---|---|---|---|---|---|
Conforming Fixed - FNMA/FHLMC |
30 yr Fixed | 100 | N/A | N/A | N/A | N/A |
25 yr Fixed | 125 | N/A | N/A | N/A | N/A | |
20 yr Fixed | 120 | N/A | N/A | N/A | N/A | |
15 yr Fixed | 200 | N/A | N/A | N/A | N/A | |
10 yr Fixed | 110 | N/A | N/A | N/A | N/A | |
Conforming High Balance Fixed - FNMA/FHLMC | 15 yr Fixed | R01 | N/A | N/A | N/A | N/A |
30 yr Fixed | R02 | N/A | N/A | N/A | N/A | |
HomeReady Fixed - FNMA | 30 yr Fixed | 651 | N/A | N/A | N/A | N/A |
HomePossible Fixed - FHLMC | 30 yr Fixed | 681 | N/A | N/A | N/A | N/A |
Product Type | Geographic Restructions | Overlay |
---|---|---|
All | Gaum, US Virgin Islands and Puerto Rico | Not Permitted |
Product Type | Product | Overlay |
All | NY CEMA | Not Permitted |
All | Co-ops | Not Permitted |
All | One Time Close | Not Permitted |
All | Secondary Financing/DPA with Shared Appreciation | Not Permitted |
Conventional | RefiNow (FNMA) | Not Permitted |
Conventional | Homestyle Renovation (FNMA) | Not Permitted |
Conventional | Homestyle Energy (FNMA) | Not Permitted |
Conventional | HFA Advantage Loans (FHLMC) | Not Permitted |
Conventional | HFA Preferred Loans (FNMA) | Not Permitted |
Conventional | HomePath Loans | Not Permitted |
Conventional | Choice Renovation Mortgage (FHLMC) | Not Permitted |
Conventional | Refi Possible (FHLMC) | Not Permitted |
Conventional | Buydowns on Manufactured Homes (FHLMC) | Not Permitted |
Conventional | Manufactured Home Condo Projects | Not Permitted |
Conventional | MH Advantage | Not Permitted |
Product Type | Documentation Requirements | Overlay |
All | Fraud report | All loan participants must be run through fraud tool |
Conventional | UCDP-CU Score and LCA Score | CU and/or LCA Score = 5 are not permitted |
Conventional | UCDP-CU Score and LCA Score | PHH will run AVM on loans with CU/LCA scrores of 4.0-4.9 Addl documentation may be requested if value is not supported |
Occupancy | Loan Purpose | Property type | Minimum FICO |
---|---|---|---|
All(Subject to Agency Eligibility) | Purchase | 1-4 Unit | 620 |
Manufactured | 620 | ||
Cash Out/Refi | 1-4 Unit | 620 | |
Manufactured | 620 | ||
Rate and Term/Refi | 1-4 Unit | 620 | |
Manufactured | 620 |
Product Type | Topic | Overlay |
---|---|---|
All | Tax transcripts | Self-employed borrowers most recent 1 year personal tax transcripts as applicable when tax returns are used to qualify (Business transcripts required if income is not validated on personal returns) |
All | Manual UW/Downgrade |
All Agency loans require an Approve/Eligible or Accept/Accept findings. |
All | Resident Immigration Status | See Guide for more information. |
All | Tribal Lands |
Properties that are located on indian reservation or Native American tribal goverance requirements are ineligible. |
All | Housing Choice Voucher Payments |
Section 8 Homeownership Vouchers must go directly to the borrower. Payments to the servicer with a voucher are ineligible. |
All | Land Trusts |
Community Land Trusts/all other Land Trusts are ineligible for purchase. |
All | Income/Asset Source and Use of Property |
Income or Assets derived from Marijuana related businesses are not allowed (regardlessif they are used for qualifying purposes), and property cannot be used for Marijuana related activies. |
All | No FICO Score |
Loans with "0" FICO Score will be ineligible for purchase |
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