For the housing market, 2020 will go down in the record books as a time of fast-paced sales fueled by some of the lowest mortgage rates we’ve seen.
But it also will be remembered as a year when lending guidelines tightened and shut out many prospective homebuyers from realizing the American dream.
That’s where Southern Loan Servicing steps in to help. We are the premier administrator of owner-financed loans, an innovative solution for homebuyers who face challenges when it comes to qualifying for traditional financing.
We’re passionate about our work and make major life milestones a reality every day for our customers. Owner-financing is a solution for sellers and buyers who might have faced closed door after closed door before coming to us.
There is no crystal ball for the future, but we know this for sure: Mortgages won’t magically become easier to get in 2021.
Consider these red flags:
- Industry experts anticipate lending standards to remain tight, especially for home loans geared toward lower-income and first-time buyers.
- Credit availability is falling to levels not seen since 2014. A spike in mortgage delinquency rates and ongoing economic uncertainty is making lenders cautious, said Joel Kan with the Mortgage Bankers Association.
- While the share of mortgages in forbearance is down, a significant number of homeowners (2.9 million) still have active plans.
That’s why you can count on Southern Loan Servicing. We empower the buyer and seller to meet the terms of their agreement through our transparent, online administration portal. We specialize in the fine print of owner-financed loans, so our customers can worry less and enjoy their new home more!
For more information call our number.