PHH has made updates to our Pre-Payment Penalty Guide for all Non-Agency Products, and to our Gold Products as summarized below.
- Updated the loan amounts for Ohio and Pennsylvania for 2025 Pre-payment eligibility
- Clarified that wage earners employed in the Cannabis industry are eligible
- For Cash out transactions – reduced the acceptable time for a property listed for salefrom 3 months to 1 month prior to the loan application
- Added an overlay for no housing history on Full Doc loans – limited to Primaryresidence, 6 months reserves, 10% minimum borrower contribution, and 45% DTI
- Business Verification – changed from 20 business days to 120 calendar days
- Updated the maximum cash out to the borrower only reflects cash in hand
- A signed Business Purpose and Occupancy Affidavit is required on all Entity for BusinessPurpose Investment Loans
- For DSCR qualifying rent calculations, removed the 20% cap for using the higher of the1007 or current lease
If you have any questions or would like to learn more, please contact your Correspondent Specialist, Sales Executive, or contact us via the support line at 1-800-929-4744.
Thank you for your continued business.
Coming soon – PHH Mortgage is changing its name!
