American Financial Resources Inc. (AFR)
has added its USDA Renovation program to its suite of specialty loan programs, allowing eligible borrowers in designated rural communities to combine the purchase of a home with any necessary renovations into a single loan.
“USDA Renovation allows borrowers the flexibility to purchase a home they love, even if it needs some renovations to fit their family’s needs,” said Bill Packer, executive vice president and chief operations officer for American Financial Resources. “And, they may be able to finance up to 100 percent based upon the ‘as-improved’ value, and even include the guarantee fee, better enabling hard-working citizens to improve the housing stock in the communities where they live and work.”
Eligible homebuyers can combine the purchase of a home with the cost of renovations, in a single closing with a fixed interest rate. This provides an opportunity to make needed repairs, to help correct problems in the home, or simply bring the home up-to-date. And, the USDA Renovation program provides up to 100 percent financing (of the as-improved value, plus guarantee fee) for eligible borrowers. The home must be a one-unit primary residence and located within an USDA-eligible territory.
“We’ve seen tremendous success in small and mid-sized communities with our various renovation and down payment assistance programs, and expect the addition of the USDA Renovation program to be another way AFR is able to support these communities and our brokers, correspondents, community banks and credit union business partners who specialize in these areas,” said Packer, “always striving to help them bring more families home.”