AFR Doubles Disbursement Limit For One-Time Close – NMP Skip to main content

AFR Doubles Disbursement Limit For One-Time Close

Navi Persaud
Mar 18, 2021
AFR Logo

American Financial Resources, Inc. enhanced its One-Time Close Construction-to-Permanent program by increasing the maximum amount of initial disbursement for land acquisition or payoff to $150,000, double its prior limit, according to a press release.

"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.

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, according to the release. 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," said Packer. 

 
Published
Mar 18, 2021
Scathing Report Critiques The Appraisal Industry's Governance Issue

The report took issue with the Appraisal Foundation for its lack of inclusivity and diversity enforcement. 

Industry News
Jan 27, 2022
UWM Offers No-Cost Appraisals

UWM is crediting borrowers up to $600 for appraisal costs on all conventional, government and jumbo purchase loans for primary homes.

Industry News
Jan 27, 2022
CrossCountry Mortgage Hires Award-Winning Broker

Kathryn Pedersen, Yampa Valley's top-rated mortgage broker, joined CrossCountry Mortgage as the originating branch manager for its office located in the Fox Creek Business Park, 169 Hilltop Parkway, Suite 206B, in Steamboat Springs, CO.

Community
Jan 27, 2022
Revolution Mortgage Opens New Texas Branch

Ohio-based Revolution Mortgage opened up a new location in Lewisville, TX, led by branch manager Christina Luna.

Industry News
Jan 27, 2022
Fintech Startup Tomo Doubles Mortgage Footprint

Adds Colorado, Connecticut & Florida; now serves nearly a quarter of the U.S. market.

Industry News
Jan 27, 2022
Ginnie Mae Exits The Stone Age And Embraces Blockchain

'Some of the procurement stuff that we do, maybe it’s archaic, maybe it needs to be innovated.'

Industry News
Jan 26, 2022