Effective February 13th for new and existing locks, PHH is pleased to announce the following updates to our Delegated & Non-Delegated Non-Agency Products.
Full Document, Alt Document Options, Debt Service Coverage Ratio (DSCR):
- Debt to Income ratio has increased to 50% across all programs
- Cash back on Rate/Term Refinances will now be the lesser of $5,000 or 2%
- Cash Out amount is now unlimited up to $3 million* loan amount when the LTV is <65%
- Reserve requirements have been lowered for most products and LTV’s (see matrix in product descriptions)
- Assets seasoning has been adjusted from 60 days to 30 days
- Declining Market reduction for Purchase and Rate/Term refinances has been lowered from 10% to 5%
- Modular homes are now an acceptable property type
- Adverse Credit seasoning has been adjusted from 48 months to 36 months
(*Non-Delegated Only, Delegated maximum $1 million)
If you have any questions, please contact your your Correspondent Specialist, Sales Executive, or contact us via the support line at
800-929-4744.
Thank you for your continued business.
Coming soon – PHH Mortgage is changing its name!
