A truly groundbreaking mortgage solution is now being offered by Fannie Mae, as the country’s biggest mortgage agency is making getting approved for a mortgage much, much easier.
Fannie Mae announced three new features that will help those burdened with student loans to qualify to buy a house, or pay off their student loans via a refinance.
buy priligy priligy uk “We understand the significant role that a monthly student loan payment plays in a potential home buyer’s consideration to take on a mortgage, and we want to be a part of the solution,” said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae.
The new program is called Student Loan Solutions, and represents a huge shift by Fannie Mae.
http://dr-buckner.com/treatments/anti-wrinkle-injections/botox-before-after-006/ Change #1: Student Loan Payment Calculation
Fannie Mae has changed how lenders calculate student loan payments.
Lenders may use the student loan payment as it appears on the credit report for qualification. Period. That may seem like common sense, but it’s not how things have been done in the past.
source site Change #2: Student Debt Paid By Others
Just because a payment shows up on a mortgage applicant’s credit report does not mean he or she pays it.
In these cases, Fannie Mae is disregarding the payment altogether. That applies not only to student loans, but payments for all debts.
Change #3: The New Student Loan Cash-Out Program: Pay Off Education Loans With A Refi
Perhaps the biggest shift of all is Fannie Mae’s rework of cash-out rules regarding student loans.
Typically, cash-out refinances come with higher rates. They are considered higher risk by lenders and Fannie Mae.
So, according to Fannie Mae’s loan level price adjustment matrix, a lender must charge an extra 1%-2% of the loan amount in fees or more, just because the loan is deemed “cash-out”.
This loan classification has never been seen before — a kind of hybrid between no-cash-out and cash-out financing. Fannie Mae simply calls it the Student Loan Cash-Out Refinance.
Please do reach out to me to discuss these significant changes to see how I might be able to help you either purchase or refinance!