Updates have been made to our Non-Agency Gold products and are reflected below for reference.
Pre-Payment Penalty Guide
- Removal of the Illinois restriction for individual borrowers
Gold – Full Doc
- Updated the Cash out definition
- Additional language regarding credit inquiries and borrowers living rent free
- Confirmed maximum exposure is $3MM or 10 loans per borrower
- Updated allowable percentages for source of funds
Gold - Debt Service Coverage Ratio (DSCR)
- Clarification of property ownership and management history required
- Confirmed maximum exposure is $3MM or 10 loans per borrower
- Rent free requirements added for clarification
- Continuity of ownership clarification added
Gold – Alt Doc & Bank Statement
- Confirmed maximum exposure is $3MM or 10 loans per borrower
- Continuity of ownership clarification added
- Clarified that mortgage must be current at closing
- Updated allowable percentages for source of funds and for Asset Utilization for securities and 401k
- Clarification when a signed Business Purpose and Occupancy Affidavit is required
If you have any questions, 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!
