Announcement: Government Enhancements

Government Guideline Enhancements
PHH is pleased to announce the expansion of its FHA and VA credit box and product guidelines. These expansions are effective for new commitments on or after June 30, 2022.  The updated PHH Government Product Listings will be published to AllRegs and PHH’s Correspondent Lending website.
FHA Expansion

  • 580 minimum representative credit score for 1-4 Unit owner occupied transactions with conforming loan amounts
  • 620 minimum representative credit score for 1-4 Unit owner occupied high balance transactions
  • FHA TOTAL Scorecard approval is required for loans with scores below 680
  • No change to scores for manufactured housing
  • Manual underwriting is now allowed for FHA loans, subject to the following:
    • 45% maximum DTI for conforming balances and 43% DTI for high balance
    • 680 credit score
    • Must meet FHA manual underwrite compensating factors
VA Expansion
  • 620 minimum representative credit score for 1-4 Unit purchase loans less than $1 Million UPB
  • 700 minimum representative credit score for 1-4 Unit purchase loans > $1 Million UPB
  • 620 minimum representative credit score for 1-4 Unit cash-out refinance loans
  • 620 minimum representative credit score for 1 Unit, owner occupied IRRRL
  • IRRRLs with scores <700 must have a 0x30 most recent 12 month pay history
  • No change to scores for manufactured housing
  • VA high balance loans - Max DTI 50%
  • Manual Underwriting is now available for VA loans, subject to the following:
    • Max DTI 50%
    • Min score 680

If you have any questions, please contact your Regional Sales Executive, or contact us via the support line 1-800-929-4744, Email inquiries can be sent to PHHCorrSupport@PHHMortgage.com or RateLock@PHHMortgage.com.

Thank you for your continued business.