PHH Mortgage Product Listing Correspondent Forward Lending
Effective Date: June 9, 2021
Government Products - Fixed
Product Category Description |
Product Amortization |
Product Number |
ARM Index |
ARM Lookback |
ARM Margin |
ARM Cap Structure |
FHA Fixed -Standard, High Balance, $100 Down and Good Neighbor Next Door and Streamline |
30 yr Fixed |
880 |
N/A |
N/A |
N/A |
N/A |
25 yr Fixed |
825 |
N/A |
N/A |
N/A |
N/A |
20 yr Fixed |
820 |
N/A |
N/A |
N/A |
N/A |
15 yr Fixed |
885 |
N/A |
N/A |
N/A |
N/A |
VA Fixed - Standard, High Balance and IRRRL |
30 yr Fixed |
990 |
N/A |
N/A |
N/A |
N/A |
25 yr Fixed |
925 |
N/A |
N/A |
N/A |
N/A |
20 yr Fixed |
920 |
N/A |
N/A |
N/A |
N/A |
15 yr Fixed |
995 |
N/A |
N/A |
N/A |
N/A |
USDA Fixed-Rural Development Guaranteed Loan |
30 yr Fixed |
971 |
N/A |
N/A |
N/A |
N/A |
Overall PHH Product Limitation
Product Type |
Geographic Restructions |
Overlay |
All |
Guam, US Virgin Islands and Puerto Rico |
Not Permiited |
All |
NY CEMA |
Not Permiited |
All |
Co-ops |
Not Permiited |
FHA |
FHA Title II Multifamily Accelerated Processing Authority |
Not Permiited |
All |
FHA Home Equity Conversion Mortgage (HECM or Reverse) |
Please contact your Account Executive for details |
All |
203K |
Not Permiited |
All |
Fraud report |
All loan participants must be run through fraud tool |
FHA Fixed
Occupancy |
Loan Purpose |
Property type |
Minimum FICO |
Owner Occupied |
Purchase |
1 Unit |
96.5/105 (640 cs) |
Man Home |
96.5/105 (640 cs) |
2-4 Units |
96.5/105 (640 cs) |
Rate Term |
1-4 Unit |
97.75/97.75 (640 cs) |
Man Home |
97.75/97.75 (640 cs) |
2-4 Units |
97.75/97.75 (640 cs) |
Streamline |
1-4 Unit |
FHA calc/105 (640 cs) |
Man Home |
FHA calc/105 (640 cs) |
2-4 Units |
FHA calc/105 (640 cs) |
Simple |
1-4 Unit |
97.75/97.75 (640 cs) |
Man Home |
97.75/97.75 (640 cs) |
2-4 Units |
97.75/97.75 (640 cs) |
Cash Out |
1-4 Unit |
80/80 (640 cs) |
Man Home |
80/80 (640 cs) |
2-4 Units |
80/80 (640 cs) |
Second Home |
Streamline |
1 Unit |
FHA calc/105 (640 cs) |
Man Home |
FHA calc/105 (640 cs) |
Investment |
Streamline |
1 Unit |
FHA calc/105 (640 cs) |
Man Home |
FHA calc/105 (640 cs) |
VA Fixed
Occupancy |
Loan Purpose |
Property type |
Minimum FICO |
Owner Occupied |
Purchase |
1-4 Unit |
100+FF (640 cs) |
Man Home |
100+FF (640 cs) |
Cash Out |
1-4 Unit |
90/90 (640 cs) |
Man Home |
90/90 (640 cs) |
IRRRL |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
Second Home |
Purchase |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
Cash Out |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
IRRRL |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
Investment |
Purchase |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
Cash Out |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
IRRRL |
1-4 Unit |
100+FF (700cs) |
Man Home |
100+FF (700cs) |
USDA Fixed
Occupancy |
Loan Purpose |
Property Type |
Minimum FICO |
Owner Occupied |
Purchase |
1-4 Unit |
101.01/101.01 (640 cs) |
Man Home |
101.01/101.01 (640 cs) |
Non-Streamlined |
1-4 Unit |
101.01/101.01 (640 cs) |
Man Home |
101.01/101.01 (640 cs) |
PHH Additional Limitations
Product Type |
Topic |
Overlay |
All |
Tax transcripts |
Self-employed borrowers most recent 1 year personal and business tax transcripts as applicable when tax returns are used to qualify. |
All |
Tribal Lands |
Properties that are located on Indian reservation or Native American tribal goverance requirements are ineligible. |
All |
Housing Choice Voucher Payments |
Section 8 Homeownership Vouchers must go directly to the borrower. Payments to the servicer with a voucher are ineligible. |
VA IRRRL |
Value |
Value to be determined by one of the following:
- Previous full appraisal completed within 12 months of note date
- Freddie Mac HVE, Home Value Explorer, with a confidence level of "H"
- CoreLogic GeoAVM Core or Collateral Analytics AVM with an FSD not exceeding 15
- Drive-By or Full appraisal
|
Credit |
Subject Mortgage History not to exceed: 0X30 in the most recent 6 months and a max of 1X30 in the most recent 7-12 months |
Employment |
A two-year employment history is required on the residential application (1003), but income verification is not required.*
- Employed borrowers require a Verbal VOE
- Self-employed borrowers require a verification of the business through 3rd party sources.
- Borrowers of retirement age do not require a VVOE
* State Law, Higher Priced Mortgage Loans (HPML) and Qualified Mortgage (QM) requirements still apply and may require income verification. |
FHA, VA, USDA |
Water Purification Systems |
Water Purification Systems that require an account to be held for ongoing maintenance and managing contracts are ineligible. |
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