PARSIPPANY, N.J., March 18, 2021 /PRNewswire/ -- American Financial Resources, Inc. (AFR) announces an enhancement to their One-Time Close Construction-to-Permanent (OTC) program — increasing the maximum amount of initial disbursement for land acquisition or payoff to $150,000, doubling the prior initial disbursement limit.
"AFR has a long history of introducing and evolving programs to address the needs of the current housing market," says Bill Packer, executive vice president and chief operations officer, American Financial Resources, Inc. "We are proud to offer a full suite of One-Time Close products to our partners, and this disbursement increase provides yet another opportunity to help more borrowers who are looking to build their homes."
AFR's OTC program is an all-in-one financing option that allows eligible borrowers to combine the construction financing, lot purchase or land payoff, and permanent mortgage loan into a single closing. OTC simplifies the financing process with one loan, shorter approval times, faster turnarounds, lower fees and a single closing.
OTC loans are available for manufactured homes, modular homes, and site-built homes; and AFR offers a variety of programs for eligible borrowers including FHA, VA, USDA and Conventional OTC programs.
"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. "With more than a decade of experience in simplifying the OTC lending process, we continue to fulfill our mission of bringing families home."
About American Financial Resources, Inc. American Financial Resources, Inc. (AFR) is a leading FHA 203(k) lender for sponsored originations and an innovator in construction and renovation lending, as well as being 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. American Financial Resources, Inc. is an Equal Housing Lender: Lender NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.afrwholesale.com.