Relief For Homebuyers With Student Loan Debt

Relief For Homebuyers With Student Loan Debt

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One of the statements relayed to me when working with buyers, "I think my student loan debt will be the reason I'm unable to attain a home loan." Large student debt has been a big dis-qualifier for buyers looking to obtain a new home loan, as their debt-to-income ratios sky rocket. To address this issue, Fannie Mae to the rescue? Fannie Mae, the large quasi-government agency, may have just opened the door for many homeowners who are drowning in student loan debt. Fannie Mae is adopting new procedures that can, hopefully, assist borrowers with student loan debt to qualify for a home loan. According to Goodspeed (2017), "Beginning immediately, Fannie Mae is expanding cash-out refinances that let borrowers use the lower interest rate equity in their home to pay off higher interest rate student debt. The refi program should help not just students who borrowed money for themselves, but also parents who cosigned for them" (para. 2).

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Phone: 813-494-5735
Dated: August 2nd 2017
Views: 260
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