Company launches eCASH program
American Financial Resources has become the latest mortgage lender to launch an all-cash offer program. The company joins the growing list of companies that have announced similar programs, including HUNT Mortgage and New American Funding.
AFR said that the new program, eCASH Home Financing, 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 eCASH program has 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.
“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 AFR chief operations officer Bill Packer. “By introducing this eCASH program, we reinforce our vow to make closing on a dream home possible.”
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The program is initially available for brokers via AFR Wholesale and its consumer-facing brand, eLEND, in New Jersey, Florida, and Texas. Through eLEND, buyers will connect with an approved mortgage professional and realtor before being pre-approved for their mortgage. Then, after 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 from AFR.
The company said it plans to expand the program nationwide.
