|Picture this: A buyer finds their dream home, but the fairytale is derailed by a financing nightmare. It’s not hard to imagine, especially now. Though the housing market is bouncing back from the initial shock of the COVID-19 pandemic, buyers are facing tougher requirements in securing a mortgage.|
increasingly, mortgage companies are requiring higher credit scores, larger down payments and longer track records of financial stability from hopeful buyers than before COVID-19. Adding to their concerns, buyers who fall short of these strict guidelines could find themselves facing higher interest rates or delays in traditional lenders processing their application. Not even government-backed loans, which are typically great options for first-time homebuyers, are immune to these types of mortgage overlays.
This new reality makes owner financing a great and innovative option for eager buyers and sellers. They decide a repayment process that is feasible for both parties, not the bank, and can skip the arbitrary lending requirements. That means they can get to the closing table faster and go on living life. Read more here.