Effective March 23rd PHH will begin accepting locks for Agency products with 3-2-1 Temporary Buydown options. All loans must meet FNMA and/or FHMLC guidelines to be eligible for purchase.
In addition, Temporary Buydown options will now be available for Government loans (FHA, VA) with 3-2-1, 2-1, 1-0 options. All loans must meet FHA or VA guidelines to be eligible for purchase.
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, 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!
