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Fannie Mae Changes Help Homebuyers With Student Debt
August 4, 2017 /It’s tough out there for students. Take it from me, a millennial who has collected a bachelor’s degree and a master's degree, as well as a bit of debt along the way. Recent surveys have shown that the average college graduate has more debt than ever before, and that this increased debt makes it harder for graduates to save money and therefore more hesitant to buy homes. What’s more, millennials aren’t the only ones who carry this burden--about 43 million Americans, including millennials, Gen Xers, and even some baby boomers, are currently drowning in student debt. However, luckily for us former students, the mortgage investor Fannie Mae has introduced three new changes that will make it much easier for individuals with student debt to purchase homes. Here are three situations in which these new rules will help. 1. If Someone Else Makes Your Student Loan Payments Many employers now offer their employees student loan repayment benefits. In the past, this system has made it more difficult for individuals looking to buy homes; when calculating a homebuyer’s debt-to-income required for mortgages, mortgage lenders did not take into account that the potential homebuyer did not have to make their student loan payments…Read more
