FAQs

Is DU/LP refer the same as declined?
Absolutely not! AFR is an FHA, common-sense, manual underwrite lender. A loan typically receives a refer status because it is slightly higher risk than an automated approval loan. We pride ourselves on getting good loans to the table.

Can I get a pre-approval before I submit the file?
Yes, just fax or e-mail the 1003 & credit report to your wholesale loan consultant. You will receive an answer back promptly.

Do I need to run the file through LP or DU prior to submitting the file to underwriting?
FHA now requires that all loans be run through an automated system. Please include findings with your submission.

Do you have leveled pricing or large adjustments for Refer files?
We do not believe in levels or tiered pricing.

What are the fees due to AFR?

The commitment fee is $995 for Portfolio and Standard loans and $595 for Premium Loans.
Flood Cert $13.
Documentation preparation for all manufactured homes is $135.
For TX only, documentation preparation purchases: $210.00, refinances: $135.00
For LA only, document preparation fee $135

Do you lend on manufactured homes?
While others are abandoning the manufactured home market, AFR is committed to this segment of the market. However, the property must have a certification label and a permanent foundation.

Must meet all FHA requirements per Mortgagee Letter 09-16.

Does AFR do 203K loans?
Not currently. We look forward to bringing this program back, once the secondary market adjusts.

What is the standard lock period?
30 day locks are standard.

Can I submit a file without being approved with AFR?
At the current time, you need to be approved in order to submit a loan.

How long does it take to get approved with AFR?
Approximately 2-3 weeks. Of course, the more complete the initial package is, the faster the approval process will go.

Does AFR sponsor brokers to get their mini eagle?
Yes, we would be happy to sponsor you as well as provide training for your Loan Officer's and staff.

What are some advantages for my borrower with FHA?
Not FICO driven, common sense loans, high ltv's available, extremely competitive rates, damaged credit is ok.

Does it take longer to process an FHA loan?
Absolutely not! FHA loans are processed as quickly as conforming loans. In order to expedite the process, please make sure to have all FHA disclosures completed ASAP. The more complete your submission, the quicker to close.

How do I check the FHA limits?
Loan limits are available at https://entp.hud.gov/idapp/html/hicostlook.cfm.