PHH Mortgage review
Conventional and government-backed home loans with monthly mortgage payment assistance.
PHH Mortgage is a good option for first-time homebuyers. Its low down payment loan options and homeowners assistance programs can help new borrowers take the plunge to become first-time homeowners. But you may struggle to get someone on the phone.
|Loan types||Conventional, Refinance, Jumbo, FHA, VA|
|Other minimum credits||FHA: 580 (some lenders accept 500+)|
|Other fees||Closing costs cover the fees to transfer ownership|
|Available States||AK, AZ, CA, CO, DE, GA, IL, KS, MA, MN, MS, MT, NH, NJ, NY, OH, OR, RI|
- Offers rate locks
- Mortgage payment assistance
- Low down payment options
- No home equity options
- Can’t fully apply online
- No branch locations
PHH Mortgage recently settled with the government on allegations of improperly serviced mortgage loans from 2009 through 2012. Borrowers who experienced PHH foreclosures are entitled to part of the $45 million settlement.
What types of loans does PHH Mortgage offer?
- Conventional. 15-, 20-, 25- and 30-year fixed-rate options. PHH Mortgage also offers 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages.
- FHA. Down payments as low as 3.5% with more flexible underwriting guidelines than conventional loans.
- VA. This government-guaranteed loan is for qualified military personnel, veterans and surviving spouses. PHH recommends a down payment of at least 3.5% of the purchase price, but it offers no-down payment options.
- Jumbo. Home loans that are higher than conforming loan limits set by government agencies.
Other loans offered by PHH Mortgage
- Refinance. Refinance options, with cash-out options as high as 90% of the appraised value of your home.
PHH Mortgage fees
Closing costs cover the fees to transfer ownership. Other common fees include:
- Escrow payments
- Title Insurance
PHH Mortgage works with borrowers having trouble making their monthly mortgage payments. These programs can help homeowners keep their houses and lower their monthly payments.
- Repayment. For temporary short-term hardships, a repayment plan can help bring your mortgage current without changing your loan term.
- Forbearance. Reduces or suspends your monthly payment after an illness, unemployment or disaster.
- Natural disaster. Get help paying your mortgage after a natural disaster.
- Loan modification. Changes your loan terms, rate or defer principal payments that can lower your monthly payment.
- Hardest Hit Fund Program. Programs in 18 states and Washington DC designed to help homeowners struggling with loan modification and other assistance programs.
Credit score minimums vary from lender to lender. PHH Mortgage suggests a credit score between 680 and 850 and uses a credit score of 760 for its mortgage calculators.
FHA loans generally require a minimum credit score of 580. Some lenders accept credit scores between 500 and 579 but limit the borrower to a loan-to-value ratio of 90% for FHA loans.
VA loans don’t require a minimum credit score, maximum debt ratio or maximum loan amount. But the lender must review the entire loan profile and weigh additional factors if the borrower’s debt-to-income DTI is more than 41%.
Here’s a list of the most common documents you’ll need to provide to complete your loan transaction.
- Financial statements for your bank and investment accounts
- Most recent pay stubs
- Previous W-2
- A fully executed purchase contract
- A homeowners insurance policy
- A flood insurance policy, if required
How to get a home loan with PHH Mortgage
While you can’t complete the entire loan application online, you can start the process and finish up with a loan officer.
- Go to PHH Mortgage’s homepage.
- Click Apply now on the banner.
- Enter your first and last name. Click Continue.
- Input your phone number and email address. Click Continue.
- Choose what you’re looking to do — for example, make a purchase, refinance or cash-out refinance.
- Select your state. Click Continue.
- Answer how much you want to borrow. Click Continue and then Submit. A loan officer contacts you to complete your application.
Pros and cons of PHH Mortgage
- Offers rate locks. Lock in your interest rate within 90 days of closing.
- Mortgage payment assistance. PHH Mortgage offers programs to help after unemployment, illness or other hardships.
- Low down payment options. PHH Mortgage offers government-backed loans that accept a minimum 3.5% down payment.
- No home equity options. Look elsewhere for a loan to access equity in your home.
- Can’t fully apply online. Without branch locations, customers found it tedious to call to complete the application, often experiencing long wait times.
- No branch locations. Although PHH is headquartered in New Jersey, there are no branch locations to sit down with a loan officer.
What is PHH Mortgage?
PHH Mortgage is a non-bank mortgage company that began in 1979. It became a subsidiary of Ocwen Financial Corporation in 2018. PHH Mortgage offers new purchase loans, refinance products and insurance.
Frequently asked questions
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
PHH offers both conventional and government-insured loan options. While its homeowners’ assistance programs are helpful to have, customers report having a negative experience with PHH Mortgage when it comes to reaching customer service. Hold times on the phone are long, sometimes over an hour. And even if you have an agent’s extension, you still might not get in contact. Since there are no physical locations and all customer service is handled by phone, you may want to consider other lenders for a speedier process and better customer service.