Effective for new and existing locks, PHH is pleased to announce the following updates to our Delegated & Non-Delegated Non-Agency Products.
Full Document
- Allow up to 85% LTV (loan to value) with Min 720 FICO
- Limiting >45 DTI (Debt to Income) to max LTV of 75%
- Allow Investor LTV up to 80% with 740+ FICO
Debt Service Coverage Ratio (DSCR)
- Allow up to 80% LTV with 740+ FICO
- Allow up to 75% LTV with 700+ FICO
- DSCR minimum is 1.00
- Cash Out loan amount adjustments changed based on LTV
- Higher of the 1007 market rents may be used if it is not more than 20% of the current lease
- All first-time investors maxed at 75% LTV
All Products – Full Document, Alt Document, DSCR
- LTV adjustment for Declining markets – 10% regardless of transaction type
- Loan Amounts => $2MM require 2 appraisals
- Will allow up to 20 acres for Rural Properties
- LLC (Limited Liability Company) is now an eligible vesting type for Full and Alt Doc options
- Business purpose on investment properties may close in the name of an Entity
- Allow waiver of contingent and business paid liabilities with 6 months proof of payment
- Hazard deductible updated to 5% of property insurance coverage
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!
