Loan Programs

The following is a partial list of programs offered by PHH Home Loans with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 952-844-6800.

 

Conventional

Traditional loan programs that usually require 5% down and offer competitive interest rates. Documentation and fair-to-good credit are necessary.

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Flex 97%

Similar to FHA, but without maximum mortgage amount limitations. Must be a single family, owner occupied home and borrower must have a credit score of over 680.

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FHA Mortgage

Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down payment – and they can even finance “allowable” closing costs. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs.

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Investor Loans

Used to finance 1-4 family properties that will be for investment with as little as a 20% down payment. Aggressively priced, these programs have many variations. Program may not be available in some states.

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Second Mortgage Loans

Subordinate to the first mortgage, these loans offer the borrower the ability to get money for home improvement, debt consolidation, or many other reasons without disturbing their first mortgage. Convenient when you have a low interest first mortgage.

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Jumbo Loans

Offers 30 and 15 year fixed rate mortgages and competitive ARM products with full documentation.

Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.

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VA Mortgages

Backed by the Veterans Administration and the federal government, it is similar to FHA except that you have to be a qualified Veteran or military person.

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PHH Home Loans, LLC, 1 Mortgage Way, 3rd floor, Mt. Laurel, NJ 08054. NMLS ID #4256 (www.nmlsconsumeraccess.org) Arizona Residential Mortgage Licensee #BK 0907270; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Regulated by the Colorado Division of Real Estate; Illinois Residential Mortgage Licensee #MB.6759865; 100 W. Randolph, 9th floor, Chicago, IL 60601, 800-532-8785; Minnesota - This is not an offer to enter an interest rate lock-in agreement; Licensed Mortgage Banker - NYS Banking Department; Equal Housing Lender.      
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