The sale of a home can be a stressful time, or it can be exciting. Here are some points to think about when considering selling your home. Have you thought about questions you want to?
CHANGES TO STUDENT LOANS WITH FANNIE MAE
Fannie Mae has just announced some new policies to help potential buyers with student debt qualify for a home purchase.
The new rules provide three flexible solutions to current and future homeowners, while allowing opening the door to serve more borrowers.
These solutions can include:
⦁Student Loan Cash-Out Refinance: Offers homeowners the opportunity to pay off high interest rate student debt while potentially refinancing to a lower home loan rate.
⦁Debt Paid by Others: Excludes non-mortgage debt (such as credit cards, auto loans and student loans) paid by someone else from the borrower's debt-to-income ratio, expanding borrower eligibility to qualify for a home loan.
⦁Student Debt Repayment Calculation: Allows lenders to accept student loan payment information on credit reports, increasing the likelihood that borrowers with student debt could qualify for a loan.
The bottom line is that if you currently carry student loan debt, buying a home may have just gotten easier!