AFR is Piloting Its New All-Cash Offer Program in New Jersey, Florida, and Texas Before a National Rollout
PARSIPPANY, N.J., April 12, 2022 — American Financial Resources, Inc. (AFR) is pleased to announce its newest program, eCASH Home Financing, which aims to give borrowers the buying power of an essentially all-cash offer in today’s competitive market and help create equal opportunity for traditional and first-time homebuyers currently searching for their dream home. The program is initially available for brokers via AFR Wholesale and realtors and consumers via eLEND in New Jersey, Florida, and Texas, with plans to expand nationwide.
Buyers who use the eCASH program benefit from 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 and that the seller will receive the approved purchase price regardless of the appraised value. This is made possible through AFR’s substantial technology and personnel investments
“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,” says Bill Packer, Executive Vice President and Chief Operations Officer, American Financial Resources, Inc. “By introducing this eCASH program, we reinforce our vow to make closing on a dream home possible.”
To ensure this program reaches borrowers and traditional home buyers during a time when housing inventory is at an all-time low and cash offers are crowding out traditional financing, AFR Wholesale and the consumer-facing brand, eLEND, have made the process simple for brokers, realtors, and consumers. 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 that the program partner will close on the deal if a covered circumstance arises.
For mortgage brokers looking to learn more about this program or express interest in trialing it in another state, visit https://info.afrwholesale.com/ecash.html. Realtors or consumers looking for more information can visit https://info.elend.com/ecash.html.
About American Financial Resources, Inc.
American Financial Resources, Inc. (AFR) offers a comprehensive array of residential mortgage products to meet a variety of financing needs. AFR is a leading FHA 203(k) lender for sponsored originations and an innovator in construction and renovation lending. AFR utilizes the latest technology and delivers educational resources to correspondent lenders, mortgage brokers, loan originators and consumers. American Financial Resources, Inc. is an Equal Housing Lender and Equal Opportunity Employer. Lender NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.afrcorp.com.
SOURCE American Financial Resources, Inc.