New rules on student loans may make it easier for many to qualify for mortgages

iStock_000057384710_Full1458071890

Here’s some good news for home buyers and owners burdened with student-loan debts: Mortgage investor Fannie Mae has just made sweeping rule changes that should make it easier for you to purchase a first home or do what is called a cash-out refinancing to pay off your student debt.

Fannie’s new policies could be game-changers for large numbers of consumers. Roughly 43 million Americans are carrying student debt — $1.4 trillion worth of it nationwide — according to industry estimates. These loans not only are a drag on borrowers’ ability to save money but also are a key reason that so many young, would-be home buyers remain renters — or are camped out in their parents’ homes.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s