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PHH Mortgage Product Listing Correspondent Forward Lending
Effective Date: December 18, 2023
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Conforming Products - Fixed
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
Overall 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
Conventional RefiNow (FNMA) Not Permitted
Conventional Homestyle Renovation (FNMA) Not Permitted
Conventional Homestyle Energy (FNMA) Not Permitted
Conventional HFA Advantage Loans (FNMA) Not Permitted
Conventional HomePath Loans Not Permitted
Conventional Choice Renovation Mortgage (FHLMC) Not Permitted
Conventional Buydowns on Manufactured Homes (FHMLC) Not Permitted
Conventional Manufactured Home Condo Projects Not Permitted
Conventional Freddie Mac Refi Possible Not Permitted
Product Type Documentation Requirements Overlay
All Fraud report All loan participants must be run through fraud tool
Conventional Appraisal Alternative: Automated Collateral Evaluation (ACE) & Property Data Report (PDR); Value Acceptance & Property Data Report (PDR) Not Permitted
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 Purchase 1-4 Unit/Manufactured Home 620
Cash Out/Refi 1-4 Unit/Manufactured Home 620
Rate and Term/Refi 1-4 Unit/Manufactured Home 620
PHH Additional Limitations
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
(unless loan receives a valid AUS recommendation)

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