For loans purchased after August 19th, PHH will accept FNMA loans locked as a Buydown for Manufactured Housing. All loans must meet FNMA guidelines and have Approve/Eligible findings.
Temporary Buydown options:
3-2-1, 2-1, 1-1, 1-0
The following exclusions apply and will be ineligible:
- Investment properties
- Cash Out
- FHMLC – Buydowns on Manufactured Homes
- 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, 1-1, or 1-0 to determine eligibility.
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!
