AmeriFunds Updates Note Buying Parameters
Changes Will Allow More Deals To Qualify For Purchase

AmeriFunds Diversified Funding recently announced the hiring of our new Director of Acquisitions, Edward Loew.  In conjunction with that announcement, we would like to republish our purchasing parameters for the benefit of all our business partners.  Please notice we have added the option of keeping servicing in place (on a case-by-case basis) on outside-serviced deals going forward:

• No sub-600 credit (all three scores on a tri-merge report) on any payor(s) listed on the note.  We will buy corporate notes with no personal guarantee.
• No notes secured by single land lots, development, or speculative (spec) land.
• Notes on rehabbed or flipped properties must have a minimum of twelve (12) months seasoning from the current payor.
• Notes on mobile homes with land must have a minimum of 20% cash down payment or twelve (12) months seasoning and a minimum credit score of 630.
• All notes must have a minimum of three (3) months actual seasoning.  If less than 5% cash was put down at the time of purchase, then a minimum of twelve (12) months seasoning is required.
• We will not buy a full purchase on any interest-only note.  We will only consider purchasing the payments leading up to the balloon.
• All notes must be in first lien position and be current on their payments.
• All Contracts for Deed must be converted at or prior to closing, and all underlying liens must be paid off.
• Leaving the servicing in place with regard to outside-serviced accounts will be considered on a case-by-case basis. 
   

Submission Package
Please provide copies of the following documents with every accepted deal

• Completed AmeriFunds Note Submission Worksheet
• Signed Purchase Agreement / Option Agreement between broker and note holder
• Original quote request with AmeriFunds' pricing
• Recorded Mortgage / Deed of Trust
• Promissory Note
• Hazard insurance declaration page with seller listed as mortgagee
• Closing Statement / HUD-1
• Lender's Title Policy (if one was obtained at closing)
• Pay history for last twelve (12) months
  

We at AmeriFunds look forward to helping you on your drive to success!