Borrowers With Student Loan Debt Can Qualify For Home Loan

Dated: 05/09/2017

Views: 96

Fannie Mae announced new policies that aim to help potential borrowers with student loan debt qualify for a home loan and combat the negative effect that student loan debt has had on the housing market. What does this mean for your buyers? As you know, applicants with student loan debt are often rejected from being able to obtain a home mortgage loan due to their debt-to-income ratio. Read more about this news on my website, but two big changes are:

Student Debt Payment Calculation – This option allows lenders to view and consider student loan payment information on credit reports. By allowing this, it makes borrowers with student loan debt more likely to qualify for a loan because their situation can be analyzed in its entirety.

Debt Paid by Others – This option will increase the borrower’s eligibility by eliminating non-mortgage debt (e.g., credit cards, auto loan and/or student loan) that is paid by someone other than the borrower.

Do you have someone looking to buy their first home and student debt was their roadblock? I would be happy to talk with them about how they can afford to buy!

Latest Blog Posts

6 LANDSCAPING RENOVATIONS TO SELL YOUR HOME

Your home’s landscape and exterior space is the first thing that potential buyers notice. As they pull up to view your home, it is important that you are giving them a great first impression. 

Read More

Gardening Tips And What To Plant With Children

Gardening with children:  Gardening Tips and What to Plant  Cultivating a home garden is a great way to teach your children where their food comes from while fostering a sense of

Read More

My WHY As For WHY I Do REAL ESTATE

A Time of Self Reflection.  As the events of Wednesday afternoon, February 14, 2018 began to unfold on TV at Stoneman Douglas High School in Parkland, Florida, I

Read More

MY STORY A Move To The Texas Gulf Coast

I’m Jerri Sutherland, a realtor in Galveston, TX and new to this thing called “blogging”.  I decided in late 2016 to make this journal go “live” and to stop procrastinating as I need

Read More