PHH Mortgage Mortgage Review 2020
By Erik J. Martin
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Bankrate Score
3.2
0.0
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
PHH Mortgage is a non-bank lender that has been providing mortgages since 1984. Today, PHH Mortgage is a wholly-owned subsidiary of Ocwen Financial Corp, which acquired its parent company in 2018. PHH Mortgage provides a variety of mortgage options and loans for homebuyers, including:- Conventional fixed-rate and adjustable-rate mortgages (ARMs)
- FHA and VA loans
- Jumbo mortgages
Nationwide availability
Available in all U.S. states
Minimum credit score
PHH Mortgage didn’t respond to requests for information. According to its website, “a credit score that falls between 680 and 850 is considered more favorable and a lesser credit risk.”
Loan types
Conventional fixed-rate and adjustable-rate mortgages, FHA and VA fixed-rate loans and jumbo fixed-rate loans refinancing options include rate-and-term refinancing and cash-out refinancing
Pros
- Offers a variety of loans available throughout the country
- Provides financing for investment and vacation properties
- Has homeowners assistance programs for eligible borrowers
- Website offers helpful resources like calculators, checklists and educational articles
Cons
- Doesn’t offer USDA loans
- Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
- Loans only available online or by phone; there are no physical branches
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PHH Mortgage overview
Loan types
- Conventional fixed-rate and adjustable-rate mortgages
- FHA and VA fixed-rate loans
- Jumbo fixed-rate loans
- Refinancing including rate-and-term refinancing and cash-out refinancing
Lender fees
PHH Mortgage lender fees vary by loan type.
Minimum borrower requirements
PHH Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3.5 percent is required (zero down for VA loans).