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Matthew Royer
NMLS #:366970
Mortgage Consultant, CMC
HOMES MORTGAGE, LLC
Phone: (651) 770-0637
mroyer@homesmortgage.net
www.MattRoyer.com
 
Fannie Mae Eases Student Debt Policy

Great news for homebuyers and homeowners with student loan debt!

Fannie Mae has announced new policies to help borrowers with student debt qualify for a home purchase or refinance loan.

The new rules provide three flexible solutions to current and future homeowners, while allowing lenders to serve more borrowers. These solutions 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 or refinancing has just gotten easier!

If you or someone you know is interested in this opportunity, I'd be happy to help investigate options.

Sincerely,

Matthew Royer
HOMES MORTGAGE, LLC
mroyer@homesmortgage.net

Source: Fannie Mae


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