Effective April 8th PHH is pleased to announce the following updates to our Delegated & Non-Delegated Non-Agency Gold DSCR program to reflect changes in seasoning terms for recent purchases and properties listed for sale. These changes impact both Rate and Term and Cash Out refinances and are effective immediately:
Gold Debt Service Coverage Ratio (DSCR):
Rate and Term:
- Properties NOT listed for sale: use current appraised value, no seasoning requirement when paying off the present first lien or seasoned (in place for 12 months) non-first lien mortgage (HELOC or closed end second), otherwise the transaction must be treated as cash out.
- Properties Listed for sale: Properties must be removed from listing for at least 1 month prior to application. If the property has been listed in the last 3 months (reduced from 6 months) value will be based on the lesser of the original purchase price plus improvements or current appraised value.
Cash Out:
- Properties NOT for sale: a 5% reduction to Max LTV is required when owned for less than 6 months and will be based on the lesser of the original purchase price plus improvements or current appraised value.
- Properties listed for sale: must be removed from listing for at least 1 month prior to application, if listed within the last 6 months the LTV will be based on the lesser of the list price or appraised value.
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!
