AFR Expands its One-Time Close Program

Apr 30, 2019

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.

About the author

NationalMortgageProfessional.com

Link copied

Published

Apr 30, 2019

Courts

LoanSnap Officially Loses Connecticut License

The AI mortgage startup formerly faced a cease and desist and a consent order from the State of Connecticut.

LoanSnap, Inc., an AI-powered mortgage startup, has had its license to operate revoked in Connecticut, according to a new Consent Order executed by the State's Banking Commissioner, Jorge Perez, on Oct. 2. The news follows LoanSnap's violation of a previous order, enacted in...

Analysis and Data

Mortgage Applications Fall After Rate-Jump

Refinance applications still 159% higher on an annual basis, reflecting last year's record lows

In the wake of a positive jobs report and subsequent rise in mortgage rates, more prospective borrowers held back this past week. Mortgage applications fell by 5.1% the week ending October 4, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applicati...