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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.