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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!