How to Apply
Requirements
To apply with PHH Mortgage, you must reside in a state where the company does business. These states are Minnesota, Montana, New Hampshire, New Jersey, New York, Ohio, Oregon, Rhode Island, Delaware, Georgia, Illinois, Kansas, Massachusetts, California, Colorado, Alaska, and Arizona.
PHH does not disclose its minimum credit score or other eligibility requirements. It follows the conforming loan standards for mortgages certified by Fannie Mae and Freddie Mac and those under by the Department of Veterans Affairs (VA) and the Federal Housing Administration (FHA). Critical conditions for conventional loans include strong credit (typically a FICO score of 620 or higher) and a good debt-to-income ratio. FHA mortgage loans need a 3.5% down payment, whereas VA mortgage loans do not.
Application details
PHH Mortgage customer service is available from Monday to Friday, 9:00 am to 8:00 pm (EST). The documentation requirements differ from state to state and depend on several aspects. The following is a list of some of the most common documents that you will be required to have:
An agreement of sale for the property being purchased has been entirely executed.
Statements of your financial accounts, including your bank and brokerage accounts
a HUD-1 settlement statement for the property that you are selling
A photocopy of the most recent pay stub you've received
Previous W-2s.
A homeowners' insurance policy.
A flood insurance policy, if applicable.
Statements for your main home or a copy of your rental agreement.
Analyze your options and figure out how much you can afford;
Complete the online application;
Organize your data and documents;
Request pre-approval;
Call your PHH Mortgage loan officer to discuss your loan program options for rates, terms, points, and other specifics;
Sign the appropriate application materials. Your PHH Mortgage loan officer will be able to walk you through the process;
Prepare for a conclusion.
