If there was ever any doubt of the popularity of renovation loans, a bit of good news out of AmeriFirst Home Mortgage should put those doubts to rest.
Earlier this month, Inc. Magazine announced AmeriFirst earned the position of 2,192 in its 2014 Inc. 5000 list. This identifies AmeriFirst among some of the fastest-growing companies in America, with the average company this year growing at a rate of 516%.
This honor is a big deal for AmeriFirst, which recorded its best month ever in July. In an article published by Mortgage Professional America Magazine, Dan Moyle, AmeriFirst’s Creative Director of Marketing and Communication, shed some light on the numbers that drove this growth. AmeriFirst closed 625 units in July compared to its 550 monthly average. The company is on track to close nearly 700 in August, Moyle said.
One of the reasons for AmeriFirst’s growth is its niche offering of renovation loans. Speaking as a part of the AmeriFirst team, a majority of the business we do revolves around renovation loans, including the FHA 203k loan, HomeStyle loans, and HomePath loans. From our perspective, these loan types have been taking off, particularly among first-time homebuyers who may not be able to put 20% down on a home with a conventional mortgage. Here in Boardman, our success with renovation lending has been very exciting, and I’m proud to say that our office leads AmeriFirst in both renovation lending loan volume and loans closed YTD for 2014.
As the housing market in our area rebounds, no doubt those numbers will continue to climb as we continue to provide the best service to homebuyers in our community. More importantly, we will continue to help put credit-worthy customers in homes that they love.
As always, thanks for reading. Talk again soon…