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Cash is king these days and American Financial Resources Inc. knows it. That’s why it’s offering borrowers a chance to make an all-cash offer in today’s competitive market.
The program is available to brokers via AFR Wholesale and consumers via eLEND in New Jersey, Florida, and Texas, with plans to expand nationwide.
How does it work?
Buyers who use the eCASH program will receive a contract addendum that ensures AFR’s program partner will buy the house if the buyer is unable to close due to a covered reason. The seller will receive the approved purchase price regardless of the appraised value.
Buyers will connect with an approved mortgage professional and Realtor before being pre-approved for their mortgage. Once they find their dream home, make an offer, and have that offer approved by an AFR program partner, they will receive an addendum to the purchase contract, which includes the proof of funds that certifies the program partner will close on the deal if a covered circumstance arises.
"We close the loan and treat the loan the same as a traditional purchase at closing and over the life of the loan. Our program partner (Cash Backstop) provides the addendum to the purchase contract which includes the proof of funds," said Lauren Blackburn, AFR's director of marketing.
Cash Backstop will guarantee the no mortgage contingency offer to the seller. The offer, according to the third-party vendor, will stand out to the seller because the company will close on the home even if the buyer can't and the seller will receive their full purchase price.
"AFR's mission has always been to enable qualified applicants to own their own home, and when low inventory and low interest rates were combined with more Americans wanting to move to the suburbs than ever before, our team knew that new programs like this one would need to be created to continue to make our mission a reality," said Executive Vice President and COO Bill Packer. "By introducing this eCASH program, we reinforce our vow to make closing on a dream home possible."