Effective April 26th PHH will accept locks for Agency & GNMA products with a 1-1 Temporary Buydown option. All loans must meet their respective agency requirements to be eligible for purchase.
With the addition of 1-1, PHH now accepts locks with Temporary Buydown options of 3-2-1, 2-1, 1-1, and 1-0.
The following exclusions apply and will be ineligible:
- Manufactured Housing
- Investment properties
- Second Homes (FHA, VA)
- Cash Out
- Buydown Agreements allowing reserve funds to cure delinquencies
- USDA
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, 1-1, or 1-0 to determine eligibility.
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!
