Effective January 27th PHH will begin accepting locks for Agency products with 2-1 or 1-0 Temporary Buydown options. All loans must meet FNMA and/or FHMLC guidelines to be eligible for purchase. Government loans (FHA, VA, USDA) with Temporary Buydowns are currently not eligible for sale.
The following exclusions apply and will be ineligible for purchase:
- 3-2-1
- Manufactured Housing
- Investment properties
- Cash Out
- Buydown Agreements allowing reserve funds to cure delinquencies
Reminder: Mandatory Bids require the Buydown Type for eligibility, if a Buydown Flag or “Buydown” is presented for Type, the loan will not be eligible. Please provide 3-2-1, 2-1, or 1-0 to determine eligibility.
For additional information, reference the below:
Agency Guides: Fannie Mae Single Family
B2-1.4-04, Temporary Interest Rate Buydowns (07/29/2014)
Agency Guides: Freddie Mac
Section 4204.4, Temporary Subsidy Buydown Plans (10/01/2021)
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!
