American Financial Resources (AFR) has announced its new 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.
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 for 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.