PARSIPPANY, N.J., April 30, 2019 /PRNewswire/ -- American Financial Resources, Inc. announces it will now offer a Conventional One-Time Close (OTC) program – in both its wholesale (AFR Wholesale) and retail (eLEND®) channels – which provides permanent financing for a new stick-built or manufactured home, that converts to a standard conventional mortgage once construction is completed. This offering rounds out the mortgage lender's existing single-close construction financing suite of products and features.
With the AFR Conventional OTC program, qualified homebuyers are able to secure loans to finance the home and the lot, as well as any needed site improvements. Other program highlights include fewer limits on eligible property types, and expanded credit and income document expiration.
"The AFR Conventional OTC program has a number of advantages compared to other single-close construction-to-permanent loan programs," said Bill Packer, executive vice president and chief operating officer, American Financial Resources. "AFR is proud to add to our growing roster of differentiated programs."
The AFR Conventional OTC program can be used with: 15-, 20-, or 30-year fixed mortgages; super conforming mortgages originated using higher-maximum loan limits permitted in designated high-cost areas; plus, such programs as the Freddie Mac Home Possible® program.
"Traditional construction loans usually require a second round of borrower credit, asset and income qualification, as well as a second closing when the home is ready to be occupied; this generally results in higher costs to the consumer as well as interest rate uncertainty, take-out financing risk for the builder, and a more complex transaction overall," says Packer. "We've applied our decade of experience in simplifying the lending process to focus on our newly updated Conventional OTC program, un-complicating the process for consumers as well as our lending partners, while continuing to fulfill our mission of bringing families home."
About American Financial Resources
American Financial Resources, Inc. (AFR), the leading FHA 203(k) lender for sponsored originations in the country and an innovator in the construction and renovation lending area, is ranked among the nation's leading mortgage lenders. AFR utilizes the latest technology and delivers educational resources to mortgage brokers, loan originators and their customers. For more information, visit www.afrcorp.com.
SOURCE American Financial Resources, Inc.