Effective May 23rd 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):
- Personal bank statement loans with spousal co-mingled statements now permitted
- Interest Only now to $3MM with restrictions*
- Properties recently listed for sale on Cash Out – reduced to 3-month removal of the listing from application date, and the LTV reduction of 5% only applies to properties listed in the last 6 months
- Properties recently listed for sale on Rate/Term - reduced to 1 month removal of the listing from application date, value based on lesser of list price or appraised value when listed within the last 6 months
- Updated Declining markets to no reduction in LTV if =<65%, and LTV adjustments >65% in some cases are reduced
- Added ineligible states for Prepayment Penalties
(*Non-Delegated Only, Delegated loan maximum remains $1 million)
If you have any questions, please contact your Correspondent Specialist, Sales Executive/Correspondent Sales Representative 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!
