Announcement - Temporary Buydowns

Effective April 26^th 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.