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PHH Mortgage Product Listing Correspondent Forward Lending
Effective Date: February 1, 2024
Goverment Products - Fixed
Product Category Description Product Amortization Product Number ARM Index ARM Lookback ARM Margin ARM Cap Structure
FHA Fixed
Standard, High Balance, FHA $100 Down, Good Neighbor Next Door and Streamline
30 yr Fixed 880 N/A N/A N/A N/A
25 yr Fixed 825 N/A N/A N/A N/A
20 yr Fixed 820 N/A N/A N/A N/A
15 yr Fixed 885 N/A N/A N/A N/A
VA Fixed
Standard, High Balance and IRRRL
30 yr Fixed 990 N/A N/A N/A N/A
25 yr Fixed 925 N/A N/A N/A N/A
20 yr Fixed 920 N/A N/A N/A N/A
15 yr Fixed 995 N/A N/A N/A N/A
USDA Fixed
Rural Development Guaranteed Loan
30 yr Fixed 971 N/A N/A N/A N/A
General PHH Product Limitation
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 eNote Not Permitted
All Manufactured Housing Condo Projects (MHCP) Not Permitted
All Mortgage Credit Certificates (MCC) Not Permitted
FHA FHA Title II Multifamily Accelerated Processing Not Permitted
FHA FHA Home Equity Conversion Mortgage (HECM or Reverse) Please contact your Account Executive for details
FHA Energy Efficient Mortgage Not Permitted
FHA 247 Hawaiian Home Lands Not Permitted
FHA 203K Not Permitted
VA VA Supplemental Loans (ex. VA Reno) Not Permitted
VA Energy Efficient Mortgage Not Permitted
FHA, VA Buydowns on Manufactured Housing Not Permitted
USDA Streamline Refinances Not Permitted
Product Type Documentation Requirements Overlay
All Fraud report All loan participants must be run through fraud tool
FHA Fixed
Occupancy Loan Purpose Property type Max LTV/CLTV Minimum FICO
Owner Occupied Purchase 1-4 Unit 96.5/105 580, HB 620
Manufactured 96.5/105 640
Rate Term 1-4 Unit 97.75/97.75 580, HB 620
Manufactured 97.75/97.75 640
Streamline 1-4 Unit FHA calc/105 580, HB 620
Manufactured FHA calc/105 640
Simple 1-4 Unit 97.75/97.75 580, HB 620
Manufactured 97.75/97.75 640
Cash Out 1-4 Unit 80/80 580, HB 620
Manufactured 80/80 640
Second Home Streamline 1 Unit / Manufactured FHA calc/105 640
Investment Streamline 1 Unit / Manufactured FHA calc/105 640
VA Fixed
Occupancy Loan Purpose Property type Max LTV/CLTV Max Loan Amount Minimum FICO
Owner Occupied Purchase 1-4 Unit 100+FF $1,000,000 620
$2,000,000 700
$2,500,000 720
Manufactured 100+FF $1,000,000 640
Cash Out 1-4 Unit 90/90 $1,000,000 620
$2,000,000 700
$2,500,000 720
Manufactured 90/90 $1,000,000 640
IRRRL 1 Unit 100+FF $1,000,000 620
$2,000,000 700
$2,500,000 720
Manufactured 100+FF $1,000,000 700
Second Home IRRRL 1 Unit 100+FF $2,000,000 700
$2,500,000 720
Manufactured 100+FF $1,000,000 700
Investment IRRRL 1 Unit 100+FF $2,000,000 700
$2,500,000 720
Manufactured 100+FF $1,000,000 700
USDA Fixed
Occupancy Loan Purpose Property type Max LTV/CLTV Minimum FICO
Owner Occupied Purchase 1 Unit / Manufactured 101.01/101.01 640
Non-Streamlined 1 Unit / Manufactured 101.01/101.01 640
PHH Additional Government Limitations
Product Type Topic Overlay
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 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 Land Trusts

Community Land Trusts/all other Land Trusts are ineligible for purchase.

All Mixed-use Properties

Mixed-use properties are ineligible for purchase

All No FICO Score

Loans with "0" FICO Score are ineligible for purchase

All Seasoning Requirements

On refinance transactions, when paying off a loan, the borrower must have made 6 consecutive payments on the loan being paid off and the first payment due date of the new loan must be at least 210 days after the first payment due date of the refinanced loan (Note: for modified loans the date is counted from the first payment date of the loan after modification)

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 Resident Immigration Status See Guide for more information.
All 248 Tribal Lands

Properties that are located on Indian reservations or Native American tribal lands that are also subject to tribal governance requirements are ineligible.

All Water Purification Systems

Water Purification Systems that require an account to be held for ongoing maintenance and managing contracts are ineligible.

FHA Manual UW/Downgrade
(non-streamline)
Max DTI 45%, HB Max DTI 43%
Min score 680, comp factors per FHA Guidelines apply
FHA FHA $100 Program: AUS Scorecard or Manual UW Loan must score Approve/Eligible or Approve/Ineligible OR
Manual UW - min 680 FICO, max DTI 45%
Purchase contract must be on HUD form 9548 & reflect Owner Occupied
  • 203b checked or 203b checked with escrow repair
  • If 203b is checked - confirm all repairs have been completed and escrow released
VA Manual UW/Downgrade
(non-IRRRL)
Max DTI 50%
Min score 680
USDA Manual UW/Downgrade

Not Allowed

VA Escrows

All VA loans require escrows, no waivers will be given.

VA High Balance

Max DTI 50%
See LTV grid for minimum credit score
Must meet all VA requirements including residual income. AUS approval is required.

VA IRRRL Value

Value to be determined by one of the following:

  • Previous full appraisal completed within 12 months of note date
  • Freddie Mac HVE, Home Value Explorer, with a confidence level of "H"
  • CoreLogic GeoAVM Core or Collateral Analytics AVM with an FSD not exceeding 15
  • Drive-By or Full appraisal
Credit

Subject Mortgage History not to exceed: 0X30 in the most recent 6 months and a max of 1X30 in the most recent 7-12 months. Scores <700 must have max 0X30 in the most recent 12 months.

Employment

A two-year employment history is required on the residential application (1003), but income verification is not required.*

  • Employed borrowers require a Verbal VOE
  • Self-employed borrowers require a verification of the business through 3rd party sources.
  • Borrowers of retirement age do not require a VVOE
*State Law, Higher Priced Mortgage Loans (HPML) and Qualified Mortgage (QM) requirements still apply and may require income verification.

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